Kalshi Pro Launches as Robinhood Plans to Go Its Own Way

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The prediction market released Kalshi Pro which is designed for advanced, active traders on the platform, according to a memo provided to CNBC. Although the product is still in beta testing, the launch is directly aimed at Coinbase and Robinhood, which offer similar trading terminals.

Kalshi Pro was built to make CEO Tarek Mansour's plan to "financialize everything," a reality.

The platform will let users track multiple markets at once — similar to Robinhood's equities terminal — and will provide a continuous feed of all public trades. Its real-time scanner tracks roughly 2,000 active markets simultaneously, showing where traders stand on any given day. It will also offer more order-book data on individual contracts, deeper analysis of multi-leg trades, the ability to place resting orders, and U.S.-regulated perps — a product Kalshi recently beat Coinbase and Robinhood to with help from the CFTC. Kalshi also leaned into users' desire to customize their trading dashboard, including a "canvas" layout, all on a single desktop screen.

Though Kalshi doesn't publicly disclose its exact number of active traders or users, its trading volume reportedly reached $31.5–$33 billion in notional terms in June alone. That figure reflects how Kalshi tracks volume — by contracts traded — meaning it hit roughly 31.5 to 33 billion contracts. Robinhood reports 5.2 billion contracts traded. As a result, given that trades are routed directly into Kalshi's system, Robinhood users generated roughly 16% of Kalshi's record-breaking monthly traffic.

Kalshi Pro, for all its prediction-market bells and whistles, is really a means to an end with Robinhood — one Kalshi set in motion in November of last year.

Most people don't realize Robinhood doesn't clear or process trades on its own network. It's a storefront. When an everyday investor places a trade in the app, Robinhood's backend routes it straight to Kalshi's CFTC-regulated exchange and clearinghouse. Robinhood pockets $0.01 as a broker commission for finding the user. Kalshi charges a $0.01 exchange fee for clearing and settling trades, then brags to Wall Street about the volume it's racking up during big events like the World Cup. The problem for Kalshi is it doesn't get to keep the user. Robinhood does.

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But Robinhood doesn't need Kalshi at all. It partnered with Susquehanna International Group (SIG), acquired a fully CFTC-licensed derivatives exchange and clearinghouse, MIAXdx, and rebranded it as Rothera Exchange. In other words, CEO Vlad Tenev and Co. are about to take the users, the volume, and the extra penny with them.

Remember, Robinhood's factory includes everything from equities and options to crypto trading, membership perks, a new savings account, and now prediction markets. With one of the world's largest quantitative trading and market-making firms serving as the "day-one liquidity provider" for Rothera, Robinhood learned everything it needed from Kalshi — and is now pulling out to do its own thing.

Worse for Kalshi, Robinhood is following the same pricing strategy it used with stock trading: hard-capping the commission at a maximum of 1 cent ($0.01) per contract for any prediction, no matter how heavily favored or not. Kalshi has its own fee model, but it fluctuates based on predictions, with native fees as high as 1.75 cents per contract.

So Robinhood will offer the same product and actions at a lower price, all within the same app users already use for stocks, crypto, and savings — with no incentive to leave.

Culturally, it's everywhere: Timothée Chalamet campaigning alongside pro golfer Bryson DeChambeau, ads blanketing the World Cup, its own name turned into a verb ("Kalshi it"). That's real momentum, and Kalshi Pro's launch is a bid to keep it going: satisfy hardcore prediction-market traders while dangling sharper tools to draw in new ones.

The problem is it may not be enough. Every first-mover edge eventually wears off, and eventually the bigger, more diversified players offer the same product for less. Robinhood, flush with longtime users, is making that clear. Users generally drift toward the cheaper option, the way they ditched taxis for Uber and Snapchat for Instagram, unless Kalshi, in this instance, can convince them otherwise.

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