Kalshi tops $5M daily fees but opaque volume clouds lead

Kalshi is being put far ahead on fees, but the numbers are running into a transparency problem. Artemis pegs $5M daily fees on average, about 4.25x Polymarket and 3.2x Hyperliquid, with a 7-day estimate around $5.1M versus $1.2M and $1.6M. That makes Kalshi look dominant in the current prediction market race. The pushback is about what sits under those totals. Polymarket activity is publicly auditable. Kalshi does not show who generates its volume, where liquidity comes from, or how much is driven by market makers. The lead exists on paper, but the inputs behind it are not visible, so the comparison is being treated as incomplete.