Phantom brings Kalshi markets to US users with $0.02 contract fees

Phantom has opened access to Kalshi prediction markets for eligible US users through its mobile wallet, with its help center listing a combined trading fee of $0.02 per contract.

Phantom’s US trading guide says customers can enter event markets through the app’s Predict tab, covering sports, politics, economics, and culture. Its documentation describes funding through a Cash balance or Solana tokens, with money deposited at Kalshi before contracts are purchased.

The guide lists a one-cent Phantom platform charge and a one-cent Kalshi exchange charge for each contract traded. A separate network charge varies, and users see the quote and fees before confirming an order.

Phantom prediction markets use Kalshi accounts

Before placing a first trade, customers must create or connect a Kalshi account and complete the exchange’s identity checks, Phantom’s verification instructions say. The process starts inside the wallet with a US phone number and a verification code.

Depending on the checks required, Kalshi may request a legal name, date of birth, residential address, Social Security number, email, verified phone number, and government-issued identification. Phantom says Kalshi may use verification provider Socure for an ID check or live selfie.

Existing customers can connect their accounts using a one-time code sent to their registered Kalshi contact. The instructions warn that linking accounts does not merge balances or make funds in Kalshi’s own app appear in Phantom.

“Funds used for Kalshi predictions in Phantom aren’t visible in the Kalshi app or on kalshi.com,” the verification page states.

A Kalshi account can connect to only one Phantom account at a time, according to the same instructions.

CFTC relief covers an interface and custodial trading

The CFTC’s Market Participants Division announced Phantom’s conditional no-action position on March 17. Its announcement says staff would not recommend enforcement for failing to register as an introducing broker, or an associated person, solely for the specified software activities.

Letter 26-09 describes an interface through which users submit orders directly to registered partners. The document permits transaction-based fees and revenue-sharing arrangements while requiring disclosures about relationships and potential conflicts, including fees.

The letter’s proposed model places funds securing derivatives positions with a clearing organization or a participating futures commission merchant. Phantom itself would not hold customer assets or exercise discretion over order routing or execution.

In its separate explanation of the relief, Phantom says the arrangement applies to a custodial model with a registered exchange partner. The company explicitly excludes DeFi derivatives and tokenized prediction markets from that explanation.

The letter requires users to retain independent access to the relevant partner and conditions the relief on compliance with its terms. Its stated duration runs until applicable Commission rulemaking or guidance takes effect.

Funding and cash-outs involve separate steps

Phantom’s troubleshooting instructions distinguish depositing money from successfully buying a contract. A deposit can reach Kalshi before an order fails, including when prices change, and the purchase quote expires during processing.

Available money then returns automatically, although the transfer may take time to appear, the support page says. Amounts below $1 can remain at Kalshi because they fall below its withdrawal minimum.

The same instructions warn that a displayed profit does not guarantee an immediate exit. Cashing out requires another buyer, and limited demand can leave users without a quote or with a lower sale price than expected.

Customers with an unresolved return are directed to check their trading history, Cash activity, and the Kalshi sub-account associated with Phantom. The page directs market-resolution disputes and account restrictions to Kalshi, while other problems go to Phantom support.

Kalshi sets the market rules, executes trades, and determines outcomes, Phantom’s trading guide says. Winning proceeds return to the Cash account through Stripe after settlement. The guide says a return usually takes seconds to minutes, so a recorded sale or win may appear in trading history before the payment arrives.

CASH predates the new integration. As crypto.news reported in September 2025, Phantom launched its dollar-backed stablecoin on Solana using the Open Issuance platform from Stripe’s Bridge unit.

Utah litigation challenges Kalshi’s state access

Separate reporting published Oct. 21 described Utah’s civil lawsuit seeking up to $61.2 million in allegedly unlawful fees from Kalshi and other defendants. Attorney General Derek Brown’s complaint targets event contracts the state considers illegal gambling.

The reported recovery range of $30.6 million to $61.2 million represents the state’s estimates, not damages established by a court. Kalshi disputes the state’s position and maintains that federal derivatives oversight governs its markets.

A Sept. 8 report detailed the Tenth Circuit’s refusal to grant Kalshi emergency protection from Utah enforcement during its appeal. The denial concerned temporary relief and did not decide the appeal’s final merits.

According to the October coverage, Utah’s complaint seeks court-approved geolocation controls to block residents from disputed markets. The requested restrictions cover contracts tied to sports, elections, politics, culture, and mentions.

The same coverage says New Jersey has petitioned the Supreme Court over the federal-versus-state jurisdiction question. Kalshi’s response is due Nov. 9, and the justices have not agreed to hear the case.