Analysts: On-chain prediction market fees are undervalued; Kalshi's reported $110 million in revenue over the past 30 days is highly likely true.

According to Odaily Planet Daily, crypto analyst dash, in an article published on the X platform, stated that Kalshi's data is highly likely accurate, based on its fee structure and publicly available taker transactions. Based on these figures, its fees are estimated at approximately $118 million. If transactions are conducted through Robinhood, a 1% notional amount estimate is more accurate, with Kalshi's notional trading volume over the past 30 days reaching $11 billion. Furthermore, on-chain prediction market fees are often underestimated. Currently, platforms like DefiLlama primarily track USD or stablecoin fees, ignoring fees denominated in shares. Including this portion of fees would result in higher actual fees for platforms like Polymarket, predict.fun, and Limitless, with Predict.fun's fees being approximately 40% higher and Polymarket's approximately 80% higher.