Phantom wallet now lets eligible U.S. users trade Kalshi prediction markets — and the headline grabber is a tiny per-contract fee: $0.02 total.
What’s new
- Phantom’s mobile wallet has added a Predict tab that grants eligible U.S. customers access to Kalshi markets covering sports, politics, economics and culture.
- Phantom’s help pages show a combined trading fee of $0.02 per contract: $0.01 platform fee to Phantom + $0.01 exchange fee to Kalshi. A separate network fee also applies and users see the full quote and fees before confirming orders.
- Funding can come from Phantom Cash (a dollar-backed stablecoin Phantom launched on Solana) or Solana tokens; deposits are placed with Kalshi before contracts are purchased.
Onboarding and identity checks
- To trade, users must create or connect a Kalshi account and complete Kalshi’s identity verification. The process begins inside Phantom using a U.S. phone number and verification code.
- Depending on required checks, Kalshi may request legal name, DOB, residential address, Social Security number, email, verified phone number and government-issued ID. Kalshi may use Socure for ID and live selfie checks.
- Existing Kalshi customers can link accounts via a one-time code, but linking does not merge balances nor make funds held in Kalshi visible in Phantom. A Kalshi account can only be connected to one Phantom account at a time.
How orders, custody and fees are handled
- Phantom’s documentation clarifies that Kalshi sets market rules, executes trades and determines outcomes. Winning proceeds are returned to Phantom Cash via Stripe after settlement; payout typically appears within seconds to minutes, though a recorded win may show in trading history before the payment lands.
- Phantom’s support material cautions that depositing money and successfully buying a contract are separate steps: a deposit can reach Kalshi while an order fails (e.g., quote expiration), and refunds may take time to appear. Small balances under $1 might remain on Kalshi because they fall below its withdrawal minimum.
- Cashing out requires a buyer; displayed unrealized profit doesn’t guarantee an immediate exit at that price if demand is limited.
Regulatory backdrop: CFTC no-action letter
- On March 17, the CFTC’s Market Participants Division issued a conditional no-action letter (Letter 26-09) covering Phantom’s software activities. The staff said it would not recommend enforcement solely for failing to register as an introducing broker or associated person for the specified interface that routes user orders directly to registered partners.
- The letter allows transaction-based fees and revenue-sharing arrangements provided the relationships and potential conflicts — including fees — are disclosed. It requires that funds securing derivatives positions be held with a clearing organization or a participating futures commission merchant; under the model Phantom would not custody customer assets or exercise order-routing/execution discretion.
- The relief is limited to a custodial model with a registered exchange partner and explicitly excludes DeFi derivatives and tokenized prediction markets. It also conditions the relief on users retaining independent access to the registered partner and lasts until any CFTC rulemaking or guidance supersedes it.
Troubleshooting and support
- For unresolved returns, Phantom directs users to check trading history, Cash activity and the Kalshi sub-account tied to Phantom. Market-resolution disputes and account restrictions are handled by Kalshi; other issues go to Phantom support.
Legal risk to Kalshi
- Kalshi faces legal challenges in some states. Reporting on Oct. 21 covered a Utah civil suit seeking up to $61.2 million in allegedly unlawful fees tied to event contracts the state deems illegal gambling; the complaint was filed by Utah Attorney General Derek Brown. Utah’s estimated recovery range ($30.6M–$61.2M) reflects the state’s estimate, not court-adjudicated damages. Kalshi disputes Utah’s position and maintains that federal derivatives oversight applies.
- Earlier coverage (Sept. 8) said the Tenth Circuit declined to grant Kalshi emergency protection from Utah enforcement while appeals proceed. Utah’s complaint also seeks court-ordered geolocation controls to block residents from disputed markets covering sports, elections, politics, culture and more.
- New Jersey has separately petitioned the U.S. Supreme Court over the federal-versus-state jurisdiction question; Kalshi’s response was due Nov. 9 and the court has not yet agreed to hear the case.
Bottom line
Phantom’s integration brings Kalshi’s regulated prediction markets to eligible U.S. users inside a popular Solana wallet with a stated micro-fee of $0.02 per contract. The setup leans on a CFTC no-action letter that limits Phantom’s role and requires custody and execution through registered partners — but Kalshi’s broader legal battles in state courts remain an active overhang for users and providers alike.
What’s new
- Phantom’s mobile wallet has added a Predict tab that grants eligible U.S. customers access to Kalshi markets covering sports, politics, economics and culture.
- Phantom’s help pages show a combined trading fee of $0.02 per contract: $0.01 platform fee to Phantom + $0.01 exchange fee to Kalshi. A separate network fee also applies and users see the full quote and fees before confirming orders.
- Funding can come from Phantom Cash (a dollar-backed stablecoin Phantom launched on Solana) or Solana tokens; deposits are placed with Kalshi before contracts are purchased.
Onboarding and identity checks
- To trade, users must create or connect a Kalshi account and complete Kalshi’s identity verification. The process begins inside Phantom using a U.S. phone number and verification code.
- Depending on required checks, Kalshi may request legal name, DOB, residential address, Social Security number, email, verified phone number and government-issued ID. Kalshi may use Socure for ID and live selfie checks.
- Existing Kalshi customers can link accounts via a one-time code, but linking does not merge balances nor make funds held in Kalshi visible in Phantom. A Kalshi account can only be connected to one Phantom account at a time.
How orders, custody and fees are handled
- Phantom’s documentation clarifies that Kalshi sets market rules, executes trades and determines outcomes. Winning proceeds are returned to Phantom Cash via Stripe after settlement; payout typically appears within seconds to minutes, though a recorded win may show in trading history before the payment lands.
- Phantom’s support material cautions that depositing money and successfully buying a contract are separate steps: a deposit can reach Kalshi while an order fails (e.g., quote expiration), and refunds may take time to appear. Small balances under $1 might remain on Kalshi because they fall below its withdrawal minimum.
- Cashing out requires a buyer; displayed unrealized profit doesn’t guarantee an immediate exit at that price if demand is limited.
Regulatory backdrop: CFTC no-action letter
- On March 17, the CFTC’s Market Participants Division issued a conditional no-action letter (Letter 26-09) covering Phantom’s software activities. The staff said it would not recommend enforcement solely for failing to register as an introducing broker or associated person for the specified interface that routes user orders directly to registered partners.
- The letter allows transaction-based fees and revenue-sharing arrangements provided the relationships and potential conflicts — including fees — are disclosed. It requires that funds securing derivatives positions be held with a clearing organization or a participating futures commission merchant; under the model Phantom would not custody customer assets or exercise order-routing/execution discretion.
- The relief is limited to a custodial model with a registered exchange partner and explicitly excludes DeFi derivatives and tokenized prediction markets. It also conditions the relief on users retaining independent access to the registered partner and lasts until any CFTC rulemaking or guidance supersedes it.
Troubleshooting and support
- For unresolved returns, Phantom directs users to check trading history, Cash activity and the Kalshi sub-account tied to Phantom. Market-resolution disputes and account restrictions are handled by Kalshi; other issues go to Phantom support.
Legal risk to Kalshi
- Kalshi faces legal challenges in some states. Reporting on Oct. 21 covered a Utah civil suit seeking up to $61.2 million in allegedly unlawful fees tied to event contracts the state deems illegal gambling; the complaint was filed by Utah Attorney General Derek Brown. Utah’s estimated recovery range ($30.6M–$61.2M) reflects the state’s estimate, not court-adjudicated damages. Kalshi disputes Utah’s position and maintains that federal derivatives oversight applies.
- Earlier coverage (Sept. 8) said the Tenth Circuit declined to grant Kalshi emergency protection from Utah enforcement while appeals proceed. Utah’s complaint also seeks court-ordered geolocation controls to block residents from disputed markets covering sports, elections, politics, culture and more.
- New Jersey has separately petitioned the U.S. Supreme Court over the federal-versus-state jurisdiction question; Kalshi’s response was due Nov. 9 and the court has not yet agreed to hear the case.
Bottom line
Phantom’s integration brings Kalshi’s regulated prediction markets to eligible U.S. users inside a popular Solana wallet with a stated micro-fee of $0.02 per contract. The setup leans on a CFTC no-action letter that limits Phantom’s role and requires custody and execution through registered partners — but Kalshi’s broader legal battles in state courts remain an active overhang for users and providers alike.