Kalshi launched US stock perps, the first regulated US venue with this product. On launch day, Nov 5, it traded $880M and went straight to #3 in the market.

Only on-chain venues are ahead: trade xyz on Hyperliquid did $8.2B the same day, 9x more. Variational is second with $1.2B.

The launch hit a sell-off: Nasdaq fell 5.5% on Nov 5. Memory chips and SpaceX traded most: Micron, SanDisk, SK Hynix. For scale, trade xyz did $24M on its first day a year ago.