---
type: source
title: "Prediction Markets Hit Record in April 2026 — Kalshi Takes Lead at $14.8B Notional, Polymarket $9B; HIP-4 $26M Week 1"
author: "CryptoTimes / Bitcoin News / DefiRate"
url: https://www.cryptotimes.io/2026/05/01/prediction-markets-hit-record-highs-in-april-2026-kalshi-takes-the-lead/
date: 2026-05-02
domain: internet-finance
secondary_domains: []
format: article
status: null-result
priority: medium
tags: [prediction-markets, kalshi, polymarket, hyperliquid, hip-4, volume, market-data]
intake_tier: research-task
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

Prediction market volume data for April 2026 and early May 2026.

**April 2026 volume:**
- Total taker volume: $8.6B (record)
- Kalshi taker volume: $5.42B (first time leading Polymarket on taker metric)
- Polymarket taker volume: $1.99B
- Kalshi notional volume: $14.8B
- Polymarket notional volume: $9B (Polymarket U.S. via QCEX acquisition: additional $1.26B)
- Total taker + notional difference: "notional" includes both sides of trades; "taker" counts only aggressive orders

**Historical context:**
- March 2026: $26.5B notional (or $25.7B per some sources — likely methodology difference)
- April 2026: $29.8B notional (record, per Session 40 source)
- Lifetime combined Kalshi + Polymarket: $150B as of April 2026
- Full year 2026 projected: $200B+ (Fortune)

**Open interest (May 1, 2026):**
- Total: $1.11B
- Kalshi: $630.7M
- Polymarket: $449.9M

**HIP-4 (Hyperliquid Prediction Markets):**
- Launched May 2, 2026
- Day 1 volume: $6.05M (6.05M contracts)
- Week 1 volume: $26M weekly
- Current market: BTC daily binary contracts; politics/sports/macro expansion planned
- Competitive context: 0.3% of Polymarket monthly volume in Week 1
- Zero-fee opening trades; settlement charges only
- $1M HYPE staking for builder slots (accountability mechanism)

**Market structure note:** The taker vs. notional discrepancy matters for claims about market size. Session 40's "$29.8B" figure appears to be notional; "$8.6B" is the taker figure. Different metrics tell different stories about market depth.

## Agent Notes
**Why this matters:** Provides the volume data context for HIP-4 calibration (Day 8 → Day 11 as of this session). Also clarifies the taker vs. notional discrepancy that appeared across multiple sessions. The $150B lifetime combined figure contextualizes where the industry is in its development relative to traditional financial markets.

**What surprised me:** Kalshi took the taker volume lead for the first time. This suggests the Kalshi user base is more actively trading (placing market orders) while Polymarket has more passive liquidity. The QCEX acquisition giving Polymarket a US platform adds ~$1.26B/month.

**What I expected but didn't find:** HIP-4 volume data for Days 2-11 (only Day 1 = $6M and Week 1 = $26M available). Without daily data, calibration is rough. Week 1 at $26M suggests relatively steady daily volume after the launch spike.

**KB connections:**
- [[Polymarket vindicated prediction markets over polling in 2024 US election]] — The $150B lifetime volume and $200B projected 2026 volume shows how far prediction markets have scaled since the 2024 election validation
- HIP-4 is the first credible competitor to Kalshi/Polymarket with a novel incentive structure (HYPE staking)

**Extraction hints:**
- HIP-4 Week 1 calibration data: $26M/week ≈ 0.3% of Polymarket. Too early to assess competitive trajectory. Note for June 1 calibration target.
- Volume data may be worth a new claim about prediction market industry scale, but only after year-end data is available

**Context:** Multiple sources corroborate these figures. CryptoTimes and Bitcoin News both reported the April records. DefiRate maintains ongoing volume aggregation. The HIP-4 data is from Yogonet and ainvest.

## Curator Notes (structured handoff for extractor)
PRIMARY CONNECTION: [[Polymarket vindicated prediction markets over polling in 2024 US election]]
WHY ARCHIVED: Volume data necessary for ongoing HIP-4 calibration and for contextualizing the prediction market industry's growth trajectory. The taker vs. notional distinction is important for accurate claims about market size.
EXTRACTION HINT: Use volume data to enrich the Polymarket validation claim with scale data. Don't extract a new claim from volume alone — wait for year-end data. Flag the taker/notional distinction for any existing claims that use volume figures without specifying metric.
