Prediction market Kalshi has launched a new Commodities Hub that offers betting on oil, gold (TVC: $GOLD), lithium, and other commodities and their related events.
Kalshi has tapped crypto oracle protocol Pyth as a data provider for its new Commodities Hub, which is essentially an interface for the prediction markets.
The Commodities Hub is taking bets on how high or low commodities like crude oil, lithium, and soybeans will go.
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The new markets focused on commodities and their price movements comes amid surging interest in prediction markets, which are being used to bet on all manner of real-world events.
Historically, commodities trading has been restricted to exchanges like the Chicago Mercantile (NASDAQ: $CME) and operated during normal business hours.
Prediction markets such as Kalshi are now enabling traders to gain indirect exposure to commodity price movements around the clock.
The partnership with Pyth allows Kalshi to provide commodities trading 24 hours a day, seven days a week.
The new Commodities Hub is also being launched as Kalshi is locked in a fierce competition with Polymarket to win market share and dominate prediction markets.
Kalshi was most recently valued at $22 billion U.S., while Polymarket has been valued at $15 billion U.S.
Kalshi and Polymarket are each privately held and their stocks do not trade on public exchanges.