Robinhood Drives Over Half Kalshi Volume

Robinhood is doing for Kalshi what App Store distribution did for mobile apps, it turns a regulated exchange into a mass retail product overnight. Kalshi supplies the exchange, matching, and compliance stack, while Robinhood supplies millions of brokerage users inside an app they already open to trade stocks, options, and crypto. That is why one partner can drive more than half of volume, and also why Robinhood is now building its own venue.

• Robinhood launched its prediction markets hub through Kalshi’s regulated exchange, so every Robinhood customer order routed there directly deepened Kalshi liquidity and fee generation without Kalshi needing to acquire those users one by one.
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• This fits the broader market structure. Prediction markets are becoming a venue business where exchanges win by capturing order flow from distributors. That is why Kalshi has also added partners like PrizePicks and Coinbase linked infrastructure, not just its own direct app.
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• Robinhood’s November 25, 2025 move to launch a joint venture with Susquehanna and acquire MIAXdx shows the logical next step. Once a distributor proves customer demand on a partner exchange, it can pull trading, clearing, and economics in house while still keeping outside venues available.
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The category is heading toward a split between consumer apps that own the customer and exchanges that own licenses and liquidity. Kalshi has shown that a regulated venue can scale fastest through partnerships, but Robinhood’s vertical move means the biggest distributors will increasingly want their own rails, pushing Kalshi to become even more of a multi partner liquidity network.