Kalshi set back-to-back daily volume records over the weekend, at $3.91 billion on Saturday and $3.96 billion on Sunday. Parlay-style combos made up about 70% of both days, most of them long shots priced below 1 cent.

Kalshi’s daily market data , which runs on U.S. Eastern days, shows $3.91 billion in notional volume on Saturday, Oct. 10, and $3.96 billion on Sunday, Oct. 11, both above the previous high of $3.68 billion set on Sunday, Oct. 4. Notional volume counts each contract at its full $1 payout, which the buyer and seller fund between them according to the price.

Both days were about 61% above the corresponding days of the NFL’s opening weekend, when Kalshi set consecutive daily records at under $2.5 billion each . It has now passed $3 billion on seven days, all of them since Sept. 19.

Combos, Kalshi’s parlay-style contracts that bundle several outcomes into one, accounted for $2.80 billion of Saturday’s volume, or 71.6%, and $2.75 billion of Sunday’s, or 69.4%. They also supplied most of the week-over-week growth. Saturday’s total was $459 million higher than on Oct. 3, with combos up $400 million, and Sunday’s was $279 million higher than on Oct. 4, with combos up $218 million.

Much of that combo volume came from long-shot parlays. About 1.9 billion of Saturday’s 2.8 billion combo contracts, and 1.6 billion of Sunday’s 2.75 billion, were in combos whose Yes side never traded at 1 cent or more that day. In those trades, the parlay buyer paid a fraction of a cent per contract and the other side put up the rest of the $1. The rise in those contracts alone accounted for about three-quarters of Saturday’s increase over the previous Saturday and 86% of Sunday’s. One 13-leg combo on NFL winners traded 12.1 million contracts on Sunday at Yes prices between 0.01 cent and 0.44 cent. Parlay buyers paid about $13,800 for them, and the other side put up about $12.1 million. The parlay lost.

Outside combos, college football markets traded $428 million on Saturday, against $17 million for the NFL, which had no games that day. On Sunday, NFL markets traded $572 million, up 18% from a week earlier, and college football $21 million. Kalshi’s 15-minute bitcoin markets traded $229 million on Saturday and $234 million on Sunday, the most of any non-combo series after college football and NFL game markets, respectively.

Separately, Kalshi told the CFTC in a Sept. 28 filing that it would end its Volume Incentive Program no earlier than Oct. 13 , nearly a year before its scheduled Oct. 1, 2027, end. The program pays traders a share of per-market rewards, capped at half a cent per contract. For event contracts, only order-book trades at prices between 3 and 97 cents qualify, so the sub-cent combos behind most of the weekend’s growth did not. The filing gave no reason, and it came as the CFTC was reviewing prediction market incentive programs , after an August staff advisory warned that volume-based rewards with steep tiers or threshold bonuses can encourage wash trading.

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