Parlays Drive Kalshi’s $3.9 Billion Trading Days, Analysis Finds

The headline number says less about Kalshi's user base than about how its volume is now structured: parlay-style combinations, not single-event contracts, are carrying weekend notional. That matters because notional contract volume and cash at risk are different things, so the figure can inflate apparent activity without implying a comparable rise in deposits or participants. The open question is whether this concentration reflects durable demand for combined exposure or a volume mix that shifts as fast as it formed.