This round’s prediction market is really intense, but the 57 trillion volume of 0DTE is still a dimensionality-reduction strike—retail investors’ ultimate joy is always the expiry-date options.

Barclays analysts say prediction markets are threatening other speculative tools and could even become a strong rival to leveraged ETPs. Since the 2024 election, trading activity on prediction platforms has been brisk; Kalshi and Polymarket combined for total nominal trading volume of more than $240 billion in April, up significantly from a year earlier. The craze is driven by viral spread among younger generations, with nearly one-third of Gen Z and Millennials participating in or considering participating in prediction markets and sports betting. But for now, prediction markets still have a hard time surpassing retail flagship products such as 0DTE; the S&P 0DTE’s March trading volume reached $57 trillion.