Phantom Integrates Kalshi Prediction Markets With $0.02 Per-Contract Fee

Phantom now offers eligible U.S. users access to Kalshi prediction markets through its mobile wallet. The main selling point is a micro fee of $0.02 per contract. What is new: Phantom has added a Predict tab for eligible U.S. customers, covering sports, politics, economics, and culture. Its help pages list a combined trading fee of $0.02 per contract: $0.01 to Phantom as a platform fee and $0.01 to Kalshi as an exchange fee. A separate network fee also applies. Users see the full quote and fees before confirming an order. Funding can come from Phantom Cash, a dollar-backed stablecoin that Phantom launched on Solana, or from 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 identity verification. The process starts inside Phantom with a U.S. phone number and a verification code. Kalshi may request legal name, date of birth, residential address, Social Security number, email, verified phone number, and government-issued ID. It may use Socure for ID and live selfie checks. Existing Kalshi customers can link accounts with a one-time code. Linking does not merge balances or make funds held at Kalshi visible in Phantom. A Kalshi account can be connected to only one Phantom account at a time. Orders, custody, and fees: Phantom documentation states that Kalshi sets market rules, executes trades, and determines outcomes. Winning proceeds return to Phantom Cash through Stripe after settlement. Payouts typically appear within seconds to minutes, though a recorded win may show in trading history before payment arrives. Phantom support warns that depositing money and buying a contract are separate steps. A deposit can reach Kalshi while an order fails, such as from quote expiration, and refunds may take time. Balances under $1 may remain on Kalshi because they fall below its withdrawal minimum. Cashing out requires a buyer. Displayed unrealized profit does not guarantee an immediate exit at that price if demand is limited. Regulatory backdrop: CFTC no-action letter: On March 17, the CFTC Market Participants Division issued a conditional no-action letter, Letter 2609, covering Phantom software activities. 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 permits transaction-based fees and revenue-sharing arrangements if relationships and potential conflicts, including fees, are disclosed. It requires funds securing derivatives positions to 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 or execution discretion. The relief is limited to a custodial model with a registered exchange partner and expressly excludes DeFi derivatives and tokenized prediction markets. It also conditions relief on users retaining independent access to the registered partner and lasts until CFTC rulemaking or guidance supersedes it. Troubleshooting and support: For unresolved returns, Phantom directs users to check trading history, Cash activity, and the Kalshi subaccount 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. Utah Attorney General Derek Brown filed the complaint. The estimated recovery range for Utah of $30.6 million to $61.2 million reflects the state estimate, not court-adjudicated damages. Kalshi disputes the Utah position and maintains federal derivatives oversight applies. Earlier coverage on Sept. 8 said the Tenth Circuit declined to grant Kalshi emergency protection from Utah enforcement while appeals proceed. The Utah 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. The Kalshi response was due Nov. 9, and the court has not agreed to hear the case. Bottom line: The Phantom integration brings the regulated prediction markets of Kalshi to eligible U.S. users inside a popular Solana wallet at a stated micro fee of $0.02 per contract. The setup relies on a CFTC no-action letter that limits the role of Phantom and requires custody and execution through registered partners. The broader legal battles facing Kalshi in state courts remain an active overhang for users and providers.