Polymarket International Platform's May Trading Volume Drops to $7.1 Billion, Declining for Second Consecutive Month
Alina Collins
Polymarket's international platform handled $7.1 billion in May, down a third from its March peak; rival Kalshi processed over $17.9 billion in the same month, signaling a fast-shifting competitive landscape in prediction markets.
Two months of decline — how steep is the drop?
Polymarket's international volume fell from a $10.5 billion March peak to $9 billion in April and $7.1 billion in May — roughly a one-third decline in two months.
This means → the 850%-plus growth streak from August last year through March has stalled, and the platform has entered a correction phase.
Monthly active users tracked the same curve: over 780,000 in March, below 650,000 in May.
The U.S. platform is growing — so why is the total still falling?
U.S. platform volume hit $1.77 billion in May, up 40% from April's $1.26 billion; new users grew 86% and active new traders grew 73% in the 30 days through June 3.
In plain terms = the U.S. side is accelerating, but it is still small — $1.77 billion is roughly a quarter of the international platform's $7.1 billion, not enough to offset the decline.
This reflects Polymarket's heavy dependence on its international user base; U.S. growth cannot yet compensate for the global pullback.
How does the platform explain the slide?
A Polymarket spokesperson cited spring technical maintenance as a factor in the volume drop.
The platform also migrated to a new token, Polymarket USD, creating a transition period — all international trades settle in crypto, so switching the settlement token adds friction.
This means → the official narrative frames the decline as a deliberate adjustment, not weakening demand — but two consecutive months of falling volume and shrinking users make that a hard sell.
What are the competitors doing?
Chief rival Kalshi processed over $17.9 billion in May — 2.5 times Polymarket's international volume.
In plain terms = Polymarket's volume is falling while the broader prediction-market industry keeps growing — the problem is platform-specific, not sector-wide.
This reflects a competitive landscape shifting fast; Polymarket's first-mover advantage is eroding.
Negative headlines are piling up — how much do they matter?
Recent issues include a The Information report questioning U.S. management, two insider-trading cases linked to the platform, and concerns over unclear settlement rules for some open-ended markets.
This means → trust issues have moved from niche crypto-community debate to mainstream media scrutiny — for a platform built on user trust, reputational damage may be harder to repair than any technical upgrade.
Can June bring a rebound?
The international platform processed $1.9 billion in the first week of June — the highest single-week figure since late April.
The spokesperson said the end of maintenance and rising engagement around the FIFA World Cup should help drive volume back up.
In plain terms = early June data shows a warm-up, but whether it can reverse the two-month slide and close the gap with Kalshi will depend on the full month's numbers.
Content is for reference only, not financial advice.