8/ That creates a clear structural divergence:
Polymarket has the larger total crypto OI: $38.57M vs $25.63M.
But Kalshi dominates short-duration turnover: $2.76B vs $227.94M over Sept. 1–21.
In other words:
Kalshi’s crypto market-share advantage is being driven heavily by short-duration turnover that does not remain in open interest after settlement.
Polymarket, by contrast, carries more outstanding crypto exposure while generating materially less short-duration flow.
Aggregate OI and volume establish that divergence.
They do not, by themselves, determine whether the excess turnover is organic, incentive-driven, or wash activity.