Underdog’s UDX Hits $1.2M Day, About 5% of Estimated Companywide Flow

Present clients give UDX a head begin

Underdog’s newly launched UDX prediction trade recorded a reported $1.2 million in notional buying and selling quantity on Monday, July 27, in response to figures revealed on the trade’s market-data feed and first reported by InGame. The milestone got here 10 days after UDX processed its first take a look at trades July 17 and 9 days after Underdog publicly introduced the launch of its wholly owned trade.

Notional quantity counts either side of each commerce, so the determine just isn’t equal to buyer deal with, the quantity merchants truly stake. The opening efficiency advances the launch described from the center of July when, UDX had self-certified its first seven baseball and basketball contract templates with the Commodity Futures Buying and selling Fee, however the filings established solely a deliberate launch date and didn’t affirm that public buying and selling had begun.

The $1.2 million day is significant for a venue that had been working for lower than two weeks, though it represents solely a small portion of Underdog’s wider prediction-market enterprise. CEO Jeremy Levine introduced $4.4 billion in companywide prediction-market quantity for 2026 throughout a July 17 CNBC interview, equal to a median of roughly $22.2 million per calendar day by way of that date. On that foundation, UDX’s July 27 quantity was roughly 5.4% of Underdog’s common each day exercise.

That calculation is an estimate reasonably than a direct measure of July 27 routing, and its two major distortions run in reverse instructions. Underdog’s precise late-July move might be greater than the annual common, since Levine described the World Cup as a serious driver, which might push UDX’s actual share under 5.4%. Working the opposite method, UDX’s opening trades have been concentrated in Main League Baseball straight contracts, whereas the companywide determine consists of third-party venues the place mixture merchandise are already out there. A exact market-share determine would require Underdog’s July 27 buyer quantity damaged down amongst UDX, Kalshi and Crypto.com’s Derivatives North America trade, also called Nadex.

Underdog entered the trade enterprise with infrastructure and distribution that the majority new buying and selling venues lack, having already spent months giving clients entry to prediction markets by way of Crypto.com and Kalshi earlier than it acquired Aristotle Change’s designated contract market and clearinghouse from PredictIt in March. Underdog additionally operates a registered futures fee service provider, permitting it to hold buyer accounts and route orders inside the identical company construction.

That setup seems to have helped UDX keep away from launching with an empty order ebook. The trade established a market-maker program earlier than opening, whereas Underdog may place its new venue inside an app already utilized by prediction-market clients. UDX, subsequently, confronted much less of the same old drawback by which a brand new trade wants merchants to create liquidity however wants liquidity to draw merchants. The CFTC licensed the preliminary market-maker program on July 2.

Underdog has not, nonetheless, changed its exterior trade relationships: its present buyer guidelines discuss with UDX, Kalshi, and Crypto.com/Nadex as separate suppliers and state that settlement can rely on which trade lists a contract. The documentation helps a multivenue mannequin by which Underdog controls some listings whereas persevering with to route different clients or merchandise elsewhere.

That distinction additionally limits how Underdog’s bigger quantity claims ought to be interpreted. Levine stated the corporate had processed $6.49 billion in prediction-market move since getting into the class in September 2025, however nearly all of that exercise predates UDX’s launch and was routed to third-party exchanges. The determine measures Underdog’s attain as an middleman, not buying and selling carried out by itself trade.

The self-certified parlay contracts for UDX on July 28, in a CFTC submission dated the day gone by, point out mixture markets may start itemizing as quickly as July 29. Such merchandise already account for an estimated 30% to 40% of Kalshi’s each day quantity, so their arrival would elevate UDX totals for compositional causes in addition to any real migration of buyer move – making subsequent single-day figures troublesome to check in opposition to this one.

Underdog is following a path Draftkings took in June, when it launched DKeX on a CFTC license obtained by way of its Railbird Applied sciences acquisition and ended its reliance on CME Group and Crypto.com. Polymarket US self-certified its personal parlay-style contracts in Could, and each DraftKings and Robinhood elevated the share of quantity working by way of their in-house venues throughout their opening weeks. The bigger industrial take a look at for Underdog is whether or not the corporate can transfer a significant portion of its estimated $20 million-plus common each day move away from exterior venues.