Eligible customers in the United States can now reach Kalshi event markets through Phantom’s wallet, leaving the exchange responsible for trade execution and payout settlement.
Phantom’s U.S. terms, updated Oct. 22, describe a commercial partnership with KalshiEX LLC, registered with the Commodity Futures Trading Commission (CFTC) as a designated contract market, and Kalshi Klear LLC, a registered derivatives clearing organization. People who enroll through Phantom become Kalshi members after the exchange’s review and must complete identity verification before trading.
Phantom’s guide assigns Kalshi responsibility for administering the markets, processing orders, confirming outcomes and settling winning contracts. Purchase payments go to Kalshi; Stripe routes sale proceeds and winning settlements to users’ Phantom Cash accounts.
Phantom’s help page lists a Cash balance or any token on Solana as ways to fund trades. It sets a $0.02 fee per contract, divided into $0.01 for Phantom and $0.01 for Kalshi, in addition to a variable network fee. The Block reported that users would initially fund trades with Phantom’s CASH stablecoin. Phantom’s terms say Kalshi shares some exchange fees from trades made through its interface. The company also discloses: “Because Phantom earns revenue from your trading activity, we have a financial incentive for you to trade more.”
The terms limit access to eligible U.S. jurisdictions. Phantom warns buyers could lose the full amount committed to a contract and that thin trading in some markets may make a position hard to sell.
In Staff Letter No. 26-09, issued March 17, the CFTC’s Market Participants Division said its staff would not recommend enforcement against Phantom for failing to register as an introducing broker solely for the activities described in the letter, subject to conditions. The letter says it reflects the Division’s view and does not bind the Commission.
The Block reported that Phantom began the rollout Friday, Oct. 23, and plans to widen access over the coming weeks. It also reported market-specific restrictions in Michigan, Nevada and Washington.
