Kalshi says five people watched its midterm election markets for every person who traded, with most spectators not even holding an account. The platform reported more than $2.5 billion in notional trading volume for its midterm markets, compared with $1.3 billion during the 2024 election cycle, without specifying comparable measurement periods. Its interface allowed users to follow congressional race maps and the odds of House and Senate control in real time alongside polls, fundraising figures, and campaign news. Price movements can reflect new information as well as trader behavior and interpretations of existing evidence, meaning that watching the market does not necessarily provide independent information. During the 2026 midterm night, Kalshi’s markets reached 99% for Democratic House control and passed that level for the Senate before television networks made their calls, although those prices did not constitute official election certification.
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