Kalshi reached a monthly trading volume of $4.4 billion in October, surpassing Polymarket. According to data from The Block, the number of monthly active traders on Polymarket climbed to 477,850 in October, setting a new all-time high and exceeding the previous peak of 462,600 recorded in January.

This marks the platform’s recovery from a year-long decline in monthly active traders—back in August, the number had dropped to a low of 227,420. The number of active traders in October increased by 93.7% compared to September, when Polymarket reported 246,610 monthly active users.

From February to August, Polymarket’s monthly trading volume consistently remained below $1 billion or hovered around $1 billion, but last month the platform’s monthly trading volume rebounded to $3.02 billion, setting a new record. In addition, Polymarket added 38,270 new markets in October, nearly three times the number of new markets added in August.