The supplied current report says Phantom began rolling out Kalshi prediction-market access to U.S. users on October 23, allowing users to trade event contracts within the Phantom app. Under the reported arrangement, users must still complete KYC with Kalshi, fund trades using CASH held in Phantom Cash accounts, and comply with category-specific restrictions in Michigan, Nevada, and Washington.

How Phantom's Kalshi trading flow works for U.S. users

The supplied report says Phantom has begun a phased U.S. rollout that enables users to place Kalshi event contracts inside the Phantom app. Users must still complete Kalshi KYC before they can trade. Access is expected to expand gradually over the coming weeks, indicating that the rollout is staged rather than immediately available nationwide.

For funding, the report describes a specific process: users begin with the U.S. dollar stablecoin CASH in their Phantom Cash accounts, transfer those funds to Kalshi, and the funds are converted into fiat currency for trading on the platform. Trading proceeds and profits are then reportedly returned to users' Phantom Cash accounts.

The report also says Phantom charges $0.02 per contract, plus a small network fee for transferring funds to Kalshi. This should not be interpreted as the full cost of trading, because a Kalshi fee-schedule excerpt hosted by the Commodity Futures Trading Commission indicates that Kalshi maintains its own trading-fee schedule. A Kalshi FAQ excerpt further states that identity verification is required before a user can become a member and make a deposit, consistent with the reported KYC requirement in this integration.

Within the reported arrangement, Phantom appears to function as the app interface and funding gateway, while Kalshi remains the venue for identity verification and market participation. The available materials do not establish the precise custody, conversion, or settlement responsibilities of each party at every stage.

What Phantom says is restricted and why the legal basis matters

The current report describes category-specific restrictions rather than a nationwide suspension. According to the report, Phantom will block sports markets in Michigan; sports, election, political, and entertainment markets in Nevada; and those categories plus cultural, scientific and technological, mentions, and geopolitical markets in Washington.

The report adds that these restrictions may be adjusted depending on the progress of lawsuits in each state. This suggests a conditional access model: the product is being rolled out, but the list of available markets differs by state.

At the federal level, Phantom's general counsel said the CFTC's jurisdiction over these products is clear and that Phantom's participation is consistent with a no-action position it has received. A March 17, 2026 CFTC release excerpt identifies a no-action position issued in response to a request from Phantom Technologies concerning proposed software and marketing that facilitate trading with registered futures commission merchants, introducing brokers, and designated contract markets, subject to conditions.

This distinction is important. The CFTC excerpt supports the view that Phantom received staff relief related to its software-facilitation role, but it does not independently establish that every aspect of the October 23 Kalshi integration is covered in the same manner, including the reported CASH-to-fiat transfer process or Phantom's fee collection. The available materials also do not establish that Phantom's state-level category blocks exactly reflect any single court order or regulatory directive.

What U.S. users can take from the rollout right now

The practical takeaway is straightforward: Phantom's reported Kalshi integration does not bypass exchange onboarding, nor does it offer a uniform product menu across the United States. Users reportedly receive in-app access, but they must still pass Kalshi verification, fund trades through Phantom Cash using CASH that is converted for trading, and accept that some contract categories are restricted depending on their state.

Equally important, Phantom's reported $0.02 per-contract charge should be viewed as an integration-layer fee rather than automatically as the only fee associated with a trade. The broader regulatory claim also has limits: the cited no-action position relates to Phantom's software role within registered market infrastructure, rather than providing a blanket resolution of state disputes or every operational detail of the rollout.