Kalshi Midterm Election Markets Generate $2.5 Billion in Trading Volume

Kalshi reported more than $2.5 billion in total notional trading volume across its election markets during the 2026 U.S. midterm cycle, nearly doubling the $1.3 billion recorded during the 2024 presidential election. The figures, released on November 4, 2026, underscore the rapid expansion of regulated prediction markets as a venue for political forecasting and signal a structural shift in how market participants price electoral outcomes. Record Volume Across Election Contracts The $2.5 billion figure represents aggregate trading across Kalshi’s full suite of midterm-related contracts, including markets on House and Senate control, individual races, and state-level outcomes.