CME’s fight with Kalshi spreads to oil as Phantom opens a new door for the prediction market

Phantom, a crypto wallet, has added trading in event contracts from Kalshi, a prediction-market platform, for US customers; trades use Phantom’s dollar-pegged CASH stablecoin and are settled by Kalshi, with a two-cent-per-contract fee plus a small network fee. The service, announced Thursday, October 22, withholds certain market categories from users in Michigan, Nevada and Washington, where Kalshi faces lawsuits over its claim that federal oversight shields its contracts from state gambling laws. Separately, Kalshi asked the CFTC, a federal regulator, on October 20 to approve WTIPERP, a cash-settled, never-expiring WTI crude contract, as CME Group, which owns NYMEX, contests Kalshi’s perpetual products in court and before regulators. Kalshi reported more than $291 billion in volume this year.