Polymarket launches 15-minute ‘Up or Down’ contracts for the price of gold, plans to add stock and forex

Polymarket, a prediction market platform, has launched 15-minute "Up or Down" contracts for the price of gold and silver. This move signifies the platform's expansion beyond cryptocurrency assets to include widely traded commodities. The new contracts are available on Polymarket's main competitor, Kalshi as well.

These short-duration bets, similar to crypto markets, have already seen $11 billion in trading volume on Polymarket. They are highly popular among hardcore speculators, who describe them as addictive due to their swift conclusion. The platform currently enables users to bet on three major cryptocurrencies, including Bitcoin, Ethereum, and XRP, as well as Solana.

Both Polymarket and Kalshi depend on a third-party data provider, Chainlink, to validate the outcome of bets. Chainlink is serving as the oracle for the gold, silver, forex, and stock contracts. The firm has a strict zero-tolerance policy against illegal contracts and customers those who violate these rules.

The ultra-short duration of these contracts raises questions about potential misuse for insider trading. However, Polymarket and Kalshi have consistently maintained their zero-tolerance stance against such activities.