XO Market vs Phantom
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 21 differences
| Line | XO Market | Phantom |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | Wallet or appWorld, Kalshi |
| Taker fee | Edge3% at 50¢Takers pay shares × base rate × p × (1 − p). The base rate is 6% on Pulse rounds, so 100 contracts at 50¢ cost $1.50; other markets set their own. Makers pay nothing and receive 35% of the taker fee on eligible markets. Creating a market costs $1 plus a seed order of at least $10. | 4–5% at 50¢Outside the US, each trade pays 0.1 × p × (1 − p) per contract: 100 contracts at 50¢ cost $2.50. In the US, Kalshi markets cost $0.02 a contract, $0.01 to Phantom and $0.01 to Kalshi: $2.00 for 100 contracts at any price. Funding from the Cash account is gasless; other tokens need SOL for network fees. |
| 30-day volume | Edge$66M | Not tracked |
| New-user perk | None documented | Edge10% of your own trading fees back for three months, when you sign up on mobile with a code |
| Custody | Self-custody smart wallet | Self-custody outside the US; funds at Kalshi in the US |
| Identity check (KYC) | No KYCNo identity check to open an account or trade; contest and referral payouts may require verification. | Not documentedIn the US, Kalshi verifies your identity before any trade. Phantom's help page for World markets describes no identity check. |
| Excluded countries | 8Its terms exclude the US, the UK, France, Singapore and Ontario, plus Cuba, Iran, North Korea and Syria. No date is shown on the page. | 2Phantom's help center excludes the UK and Germany, plus jurisdictions sanctioned by the US, from World prediction markets, which are not offered in the US either. In the US, Kalshi markets have been rolling out since 23 October 2026, and the same page lists them as available except in Michigan, Nevada and Washington. |
| Resolution | AI panel, human appealMODRA, a panel of independent AI agents, drafts the rules and proposes outcomes; when agents disagree or a trader challenges, a court of staked human jurors decides. XO can also void a market. Stories, its multi-leg bets, settle on the data sources in their leg rules, reviewed by XO where required, and XO takes the other side; MODRA applies only if the leg rules say so. | Settled by the source venueOutside the US, World settles each market from the oracle named in its rules, Chainlink in Phantom's disclosures, with a challenge period. In the US, Kalshi decides under its market rules. Phantom says it does not decide results. |
| Settles on | XO rollup (Celestia DA) | Solana (World) · Kalshi Klear (US) |
| Collateral | USDC | CASH |
| Operator | Not documented | Phantom Technologies, Inc. |
| Token | No token | No token |
| Where it runs | Web | iOS, Android |
| Chains | — | EdgeSolanaSolana |
| Documented features | Edge6 of 10 | 1 of 10 |
| Order book | Yes | No |
| Anyone can create a market | Yes | No |
| Combos / parlays | Yes | Not documented |
| Maker rebates | Yes | Not documented |
| Yield on collateral | Not documented | Not documented |
| Trading API | Yes | No |
| Mobile app | Not documented | Yes |
| Telegram bot | Not documented | Not documented |
| Own token | No | Not documented |
| Points program | Yes | Not documented |
Which one should you pick?
Pick XO Market if
You want to create your own markets and earn 20% of their lifetime trading fees.
The most open venue in the series: anyone can create a market for $1 plus a $10 seed, and a panel of AI agents resolves it, with staked human jurors on appeal. No company is named behind it, and its taker fee depends on the market: 3% at 50¢ on Pulse rounds.
Read the XO Market reviewAffiliate link in eligible countries
Pick Phantom if
You already use Phantom on your phone and want to trade events without leaving the wallet.
A predictions tab inside the Phantom app rather than a venue: outside the US it trades World markets on Solana, settled in Phantom's CASH stablecoin, and since 23 October 2026 US users outside Michigan, Nevada and Washington get Kalshi markets after an identity check. The fee is steep: 5% at 50¢ outside the US, more than most venues charge directly.
Read the Phantom reviewphantom.com
