Combined monthly trading volume, Kalshi + Polymarket, Feb 2026
$18.3B
KUEST PROTOCOL · SEED ROUND OPEN
Polymarket proved the model.We're turning it into infrastructure.
Kuest is a white-label prediction market protocol - the layer that lets any financial institution, media company, or creator launch their own branded market, share liquidity, and earn trading fees. Built on the same smart contract architecture that processed billions in volume. Ready today.
MVP OPERATIONAL · SEED ROUND OPEN · OPEN SOURCE
THE OPPORTUNITY
A $20 billion industry forming in real time - and 95% of the world hasn't accessed it yet.
Visits to Polymarket in 3 months. The US accounts for only 20% of traffic.
96.7M
Kalshi trading volume growth in the past 12 months
200x
Target valuation for both Kalshi and Polymarket in current fundraising rounds
$20B
Two platforms currently dominate this sector. Kalshi, the regulated US exchange, recently crossed a $1-1.5B annualized revenue run rate. Polymarket, running on Polygon, draws over 32 million monthly visits globally. Together, they've demonstrated that prediction markets are not a niche - they are a new financial primitive. The problem: both are closed platforms. You trade on them. You do not build with them.
WHY NOW
The XP + Kalshi deal just confirmed what we already built for.
On March 9, 2026, Kalshi announced its first-ever strategic partnership with a financial institution outside the United States: XP International, one of Brazil's largest brokerages, with over 4.7 million active clients and R$1.8 trillion under management.
Under the arrangement, XP manages local distribution and client relationships, while Kalshi provides the trading technology and market design - a model for exporting prediction market infrastructure through local financial platforms.
Brazil still lacks specific regulation for prediction markets, but platforms like Kalshi and Polymarket already host contracts related to the country. B3 also plans to enter this market, and the Ministry of Finance is closely monitoring the sector. Kalshi's co-founder called Brazil "the way the US was years ago with prediction markets."
Kalshi needed XP because they are a platform, not infrastructure. They can only expand one country at a time, one institutional deal at a time. Kuest is the layer that makes every XP-equivalent in every market a potential prediction market operator - without waiting for Kalshi's partnership queue.
It makes sense for us to go through these international partners. They already have the customers and the brand.
That's exactly what Kuest enables - at protocol scale, not deal by deal.
THE PROTOCOL
We are not a prediction market. We are the infrastructure that launches them.
01
Platform vs. Protocol
Polymarket is a single venue. Kalshi is a single venue. Kuest is the layer underneath - any operator can deploy their own frontend, their own brand, their own markets, and share liquidity with every other Kuest-powered site from day one.
Own frontendOwn brandShared liquidity
02
The Shopify Analogy
Shopify did not compete with Amazon. They enabled millions of stores that could not exist otherwise. Kuest does not compete with Polymarket. We enable the next 1,000 prediction market operators - media companies, brokerages, community platforms, creators - to exist.
OperatorsDistributionNetwork scale
03
What's Already Built
CLOB engine, relayer, smart contracts, Polymarket-compatible APIs, Vercel + Supabase deployment stack, shared liquidity layer, SDK, bots infrastructure, market maker integrations, and a multi-language frontend. Live demo at demo.kuest.com.
SDKBotsAPIMainnet
WHY THIS ARCHITECTURE
A strategic decision, not a shortcut.
Kuest's smart contracts are derived from Polymarket's CLOB architecture - the same design that has processed billions in verified trading volume. The core contracts carry OpenZeppelin's audit validation as their foundation. We adapted them to support shared liquidity across multiple operator frontends, which is the architectural primitive that makes the protocol model possible.
The choice of Polygon was equally deliberate. Most existing prediction market liquidity already sits on Polygon. Traders already hold USDC balances there. Market-making bots already operate in this environment. Building on a different chain would mean asking every liquidity provider to start over. We focused our innovation on distribution and infrastructure - not on reinventing a trading engine that already works at scale.
The result is a protocol that is immediately compatible with existing trading strategies, bot infrastructure, and market maker tooling - dramatically lowering the barrier to liquidity bootstrapping for new operator deployments.
Polymarket proved the model. We're turning that infrastructure into a protocol so anyone can launch markets that share liquidity.
HOW THE PROTOCOL MAKES MONEY
Three revenue layers. One infrastructure stack.
01
Operator Fees
Operators set their own trading fee, typically 0.5%-3%. A small protocol fee is retained by Kuest on each trade across the network. As the number of operators scales, this becomes a volume-aggregated revenue stream independent of any single operator's performance.
0.5%-3% operator feeProtocol take rate
02
Infrastructure
Launch is free. Production infrastructure is usage-based - operators pay when they scale. Server costs, gas management, settlement infrastructure, and scalability are handled by Kuest. Operators focus on distribution. We run the stack.
Free launchUsage-based
03
Liquidity Services
Market makers who provide liquidity across the Kuest network earn spreads. Kuest facilitates this matching and captures value at the infrastructure layer. As the operator network grows, liquidity efficiency increases - a compounding network effect.
Spread captureNetwork effects
Currently, infrastructure costs are manageable and predictable. They will scale with volume - but so does protocol revenue, proportionally. The cost structure is not a ceiling; it is a variable that tracks growth.
WHO WE'RE LOOKING FOR
Three types of partners. All necessary. All complementary.
Investors
Seed-stage capital to accelerate operator acquisition, market maker incentive programs, and protocol hardening. The prediction market sector is moving from experimental to institutional quickly. We are at the inflection point where infrastructure layer plays are valued, not after the fact.
Market Makers
The cold-start problem for new prediction markets is liquidity. We solve it through shared liquidity across the operator network - but we need initial market maker partnerships to seed depth on new deployments. If you run bots or provide liquidity on Polymarket or Kalshi, you already have what you need to operate on Kuest. Estimated APY is strategy- and volume-dependent, but on cloned Polymarket-style markets the spread-and-turnover profile can exceed passive stablecoin yield for desks that recycle inventory efficiently.
Institutional Operators
The XP + Kalshi deal demonstrates the model: a financial institution wants prediction market access but needs a local, branded, controlled environment. Kuest provides that without requiring a bilateral deal with Kalshi. Banks, brokerages, investment platforms, and media groups with financial audiences can use Kuest as their infrastructure layer. Brazil is specifically primed for this: B3 is preparing for the category, XP has the Kalshi partnership, and the Ministry of Finance is watching the sector closely. The window for early operator positioning is open.
THE STRATEGIC QUESTION ANSWERED
Why won't Polymarket just do this?
They are focused on being the best prediction market platform in the world. That is a different company from one focused on being the best prediction market infrastructure layer in the world. Polymarket has a $9B branded consumer product to protect. They do not build the SDK that powers their competitors.
Application layer
Platform companies optimize for destination traffic.
Polymarket and Kalshi win by concentrating users, protecting brand, and deepening liquidity on their own venues.
Consumer brand: core asset is the venue itself
Unit economics: tied to their own order flow
Expansion: one partnership at a time
Protocol layer
Infrastructure companies optimize for operator scale.
Kuest wins by letting thousands of operators launch markets that share liquidity while Kuest runs the underlying stack.
Operator network: every brand becomes a distribution node
Economics: protocol fees across aggregated volume
Scale: many deployments simultaneously
This is not a new dynamic. Uniswap enabled thousands of token markets without competing with every project listed on it. AWS enabled millions of businesses without trying to be all of them. The XP + Kalshi deal validates demand, but it also reveals the bottleneck: Kalshi can do one institutional partnership at a time. Kuest can do thousands simultaneously, because we are the protocol - not the counterparty.
WHERE WE ARE TODAY
MVP live. Protocol operational. Looking for the right partners to scale.
Smart contracts deployed
Polygon mainnet, OpenZeppelin-validated architecture
CLOB engine + relayer operational
Core trading stack is already running
Polymarket-compatible API
Cross-platform liquidity from day one
White-label frontend
Deploy in under 15 minutes with no code
SDK + bot infrastructure
Available for operator and market maker integrations
Live demo
demo.kuest.com
Open source
github.com/kuestcom/prediction-market
Market maker program
Active recruitment
Seed round
Open
The infrastructure layer for prediction markets is being built right now.
We'd rather have the right partners at the right moment than move fast without alignment. If you're an investor, market maker, or institutional operator - let's talk.