In the lead-up to the 2024 U.S. election between former President Donald Trump and Vice President Kamala Harris, Polymarket’s trading activity has spiked dramatically. Data shows that while Polymarket recorded $503.88 million in September, October has already reached a whopping $1.612 billion as of Oct. 26, 2024.

This places October’s trading volume at 3.2 times last month’s tally, even with five days left to go. Polymarket’s monthly active traders have shattered last month’s record, climbing to 163,140 in October from September’s 80,514.

Oct. 24 set new highs for daily volume and active traders on the platform. With open interest also hitting an all-time peak of over $287 million as of Oct. 26, Polymarket is seeing its busiest month yet.

New Polymarket accounts are also up this month. What’s sparking this spike in activity? The election, of course! A striking 76% to 91% of all trading volume is election-related, with election bettors making up 76% of weekly users.

Yet, non-election volume also hit a high on Oct. 7, hinting at some diversification among traders. Polymarket’s current momentum is likely to carry on until the election, but come Nov. 5, the landscape might shift quickly.

Fueled by the upcoming U.S. election, Polymarket is solidifying its place as a go-to hub for political betting. With Election Day fast approaching, activity may reach even greater heights.

It’ll be interesting to watch whether prediction markets continue to attract interest as other major global events unfold. The post-election phase will be a revealing test of how enduring Polymarket’s momentum proves to be.

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