This year’s prediction market space was dominated by Kalshi and Polymarket. However, recent developments indicate that new challengers are emerging. One of them is Opinion Labs, a prediction platform said to be backed by Yzi Labs, the investment arm of Binance.
The platform reportedly became The third prediction market with weekly trading volume of over $700 million.
Market players are calling for an arms race for supremacy, even though the Carsi-Polimarket duo currently has a head start.
Opinion Labs became the only prediction market other than Calci and Polymarket to reach $700 million in weekly trading volume. Source: Messari
Opinion Labs is third choice after Kalshi and Polymarket
There is no doubt that Kalshi and Polymarket are the current undisputed leaders in the prediction market space, but rivals have already emerged to compete for a share of the fast-growing market.
Opinion Labs raised $748.8 million in notional principal for the week ending October 27, 2025. Kalsi earned $1.26 billion and Polymarket collected $1.11 billion. This is no mean feat considering Opinion opened its prediction markets to the public on November 4th. Previously, users needed an invitation code to join.
Austin Weiler, a research analyst on Messari’s Protocol Services team, said Opinion’s entry into the prediction market game represents excitement about another “potentially large” player entering the prediction market space with the volume to back up its operations.
Another similar candidate is the Limitless platform currently thriving at Base. Decentralized prediction markets, a small but fast-growing “Polymarket clone” that’s making headlines, are touted with the promise of lower fees and easier adoption for retail users.
October was a great month for prediction market platforms Kalshi and Polymarket
Prediction markets are here to stay, and Calci and Polymarket are the current leaders in this growing market. According to Austin Weiler, who shared a thread about their performance last month, Polymarket recorded The notional principal amount is $1.9 billion and the calci amount is $1.8 billion, both of which are growing at an annual rate of over $45 billion as of October 22nd.
Kalsi and Polimarket recorded identical trading volume statistics in October. Source: Messari
Analysts hinted that this performance was the result of a battle for supremacy among prediction platforms, with attempts to outdo each other driving improvements in real-world products and drawing attention to prediction markets outside of cryptocurrencies.
Karshi and Polimarket are also leading in terms of financing. According to Weiler’s thread, both teams have raised crazy amounts of money, with Kalsi raising $185 million in June and another $300 million in October, and Polymarket closing a $2 billion round from ICE last month.
The NHL also signed licensing agreements with both Calci and Polymarket, making it the first major league in the U.S. to endorse prediction markets. The partnership will allow Calci and Polimarket to operate NHL-branded markets and gain recognition during league broadcasts.
This means that millions of viewers, many of whom have never heard of prediction markets, will see prediction markets not only on CT, but also on television. All of this is expected to lead to increased interest in prediction markets, and when that happens, platforms such as Kalshi and Polymarket already have the infrastructure in place to provide their services.
Of course, as the field grows, they also have to worry about emerging competitors.
