Kalshi’s monthly commodity trading volume has surpassed $400 million, seven months after launching contracts on oil, gas and metals. The figure is four times the volume reached by its crypto markets at the same stage, while Kalshi now regularly records more than $10 billion in total monthly trading volume. Co-founder Tarek Mansour attributed the growth primarily to improved liquidity, which can tighten spreads, speed execution and support the launch of additional market categories. Kalshi is expanding into West Texas Intermediate crude oil, equity indexes and more metals, while exploring cross-asset perpetual futures under its U.S. regulatory framework. Founded by MIT graduates Tarek Mansour and Luana Lopes Lara, Kalshi is valued at approximately $22 billion after funding rounds in 2025 and 2026.