Polymarket’s volume slid for the first time in eight months in April while rival Kalshi set another record, widening a gap that has flipped from near-parity in early March to 59-41 in Kalshi’s favor.
Monthly notional volume on Polymarket’s offshore exchange and US app slipped roughly 9% to $10.3 billion in April, per Bloomberg. Kalshi’s volume rose 13% to a record $14.8 billion.
Kalshi has pulled further ahead since, capturing 72.1% of combined weekly volume in the week ending May 4, per DeFi Rate.
Active Traders Walked Out The Door
Polymarket’s active trader count dropped from roughly 733,000 in March to about 643,000 in April, per data from The Block.
The 12% user decline tracks closely with the volume drop and suggests the slide is not purely a technical artifact.
A Polymarket spokesperson attributed the dip to …
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