{
  "sourceWorkbook": "JX UpDown — Consolidated Calculations.xlsx",
  "sourceSheets": [
    "ALL_MARKET_MONTHLY",
    "CROSS_ASSET_MIX",
    "METRICS"
  ],
  "sourceRanges": {
    "monthly": "ALL_MARKET_MONTHLY!A2:K24",
    "septemberMix": "CROSS_ASSET_MIX!A2:G5"
  },
  "sampleStart": "2024-11",
  "sampleEnd": "2026-09",
  "asOf": "2026-09-30",
  "notionalDefinition": "Matched contract quantity multiplied by $1 payout face; one side counted once. Not premium paid, capital at risk, or underlying-asset notional.",
  "coverage": "Covered financial-price Up/Down contracts on Kalshi, Polymarket International, Polymarket US and identified partial Limitless non-crypto CLOB. No Limitless crypto included. Non-crypto coverage before October 2025 is unavailable. Not a global market total.",
  "monthly": [
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      "polymarketInternationalCrypto": 0.0,
      "polymarketUsCrypto": 0.0,
      "crypto": 22329.0,
      "commodities": null,
      "equities": null,
      "fx": null,
      "nonCrypto": null,
      "total": 22329.0,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2024-12",
      "kalshiCrypto": 1802.0,
      "polymarketInternationalCrypto": 0.0,
      "polymarketUsCrypto": 0.0,
      "crypto": 1802.0,
      "commodities": null,
      "equities": null,
      "fx": null,
      "nonCrypto": null,
      "total": 1802.0,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-01",
      "kalshiCrypto": 24584.0,
      "polymarketInternationalCrypto": 0.0,
      "polymarketUsCrypto": 0.0,
      "crypto": 24584.0,
      "commodities": null,
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      "fx": null,
      "nonCrypto": null,
      "total": 24584.0,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-02",
      "kalshiCrypto": 17501.0,
      "polymarketInternationalCrypto": 0.0,
      "polymarketUsCrypto": 0.0,
      "crypto": 17501.0,
      "commodities": null,
      "equities": null,
      "fx": null,
      "nonCrypto": null,
      "total": 17501.0,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-03",
      "kalshiCrypto": 17419.0,
      "polymarketInternationalCrypto": 7099620.102985,
      "polymarketUsCrypto": 0.0,
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      "fx": null,
      "nonCrypto": null,
      "total": 7117039.102985,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-04",
      "kalshiCrypto": 11808.0,
      "polymarketInternationalCrypto": 31845520.57848017,
      "polymarketUsCrypto": 0.0,
      "crypto": 31857328.57848017,
      "commodities": null,
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      "nonCrypto": null,
      "total": 31857328.57848017,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-05",
      "kalshiCrypto": 15631.0,
      "polymarketInternationalCrypto": 69131016.61565158,
      "polymarketUsCrypto": 0.0,
      "crypto": 69146647.61565158,
      "commodities": null,
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      "nonCrypto": null,
      "total": 69146647.61565158,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-06",
      "kalshiCrypto": 2250.0,
      "polymarketInternationalCrypto": 102954500.529975,
      "polymarketUsCrypto": 0.0,
      "crypto": 102956750.529975,
      "commodities": null,
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      "nonCrypto": null,
      "total": 102956750.529975,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-07",
      "kalshiCrypto": 57704.0,
      "polymarketInternationalCrypto": 113732458.7716042,
      "polymarketUsCrypto": 0.0,
      "crypto": 113790162.7716042,
      "commodities": null,
      "equities": null,
      "fx": null,
      "nonCrypto": null,
      "total": 113790162.7716042,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-08",
      "kalshiCrypto": 55244.0,
      "polymarketInternationalCrypto": 137357869.3332146,
      "polymarketUsCrypto": 0.0,
      "crypto": 137413113.3332146,
      "commodities": null,
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      "fx": null,
      "nonCrypto": null,
      "total": 137413113.3332146,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-09",
      "kalshiCrypto": 32050.0,
      "polymarketInternationalCrypto": 117585213.9858316,
      "polymarketUsCrypto": 0.0,
      "crypto": 117617263.9858316,
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      "total": 117617263.9858316,
      "coverageStatus": "Unknown NC; crypto-only known subtotal"
    },
    {
      "month": "2025-10",
      "kalshiCrypto": 95324.0,
      "polymarketInternationalCrypto": 365570396.1124596,
      "polymarketUsCrypto": 0.0,
      "crypto": 365665720.1124596,
      "commodities": 23094.671087,
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      "nonCrypto": 1318218.713806,
      "total": 366983938.8262656,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2025-11",
      "kalshiCrypto": 210927.0,
      "polymarketInternationalCrypto": 485706183.6640635,
      "polymarketUsCrypto": 0.0,
      "crypto": 485917110.6640635,
      "commodities": 34484.322002,
      "equities": 4101836.152627001,
      "fx": 0.0,
      "nonCrypto": 4136320.474629001,
      "total": 490053431.1386925,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2025-12",
      "kalshiCrypto": 3444756.0,
      "polymarketInternationalCrypto": 791591275.8125767,
      "polymarketUsCrypto": 0.0,
      "crypto": 795036031.8125767,
      "commodities": 182856.77476399997,
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      "coverageStatus": "Captured identified subset"
    },
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      "coverageStatus": "Captured identified subset"
    },
    {
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      "polymarketInternationalCrypto": 1805928348.684051,
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      "commodities": 379869.6570079999,
      "equities": 22472646.808984,
      "fx": 82849.00855499998,
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      "total": 2130651535.158598,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-03",
      "kalshiCrypto": 613429173.24,
      "polymarketInternationalCrypto": 2339386038.060506,
      "polymarketUsCrypto": 0.0,
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      "commodities": 1882644.1471470003,
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      "fx": 42655.87066,
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      "total": 2973249213.3732057,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-04",
      "kalshiCrypto": 742583450.8099996,
      "polymarketInternationalCrypto": 1474528144.994772,
      "polymarketUsCrypto": 0.0,
      "crypto": 2217111595.8047714,
      "commodities": 1632480.5581959998,
      "equities": 13181979.044819998,
      "fx": 0.0,
      "nonCrypto": 14814459.603015997,
      "total": 2231926055.4077873,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-05",
      "kalshiCrypto": 1194378638.04,
      "polymarketInternationalCrypto": 1061305025.531023,
      "polymarketUsCrypto": 0.0,
      "crypto": 2255683663.571023,
      "commodities": 3629011.8271069997,
      "equities": 14919149.937814996,
      "fx": 0.0,
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      "total": 2274231825.335945,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-06",
      "kalshiCrypto": 2651066691.220001,
      "polymarketInternationalCrypto": 1050172466.855222,
      "polymarketUsCrypto": 0.0,
      "crypto": 3701239158.075223,
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      "equities": 38011838.142607,
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      "total": 3745283383.764593,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-07",
      "kalshiCrypto": 4815980132.400001,
      "polymarketInternationalCrypto": 991317504.6449131,
      "polymarketUsCrypto": 0.0,
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      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-08",
      "kalshiCrypto": 6229222892.260001,
      "polymarketInternationalCrypto": 705649330.9921274,
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      "equities": 18571113.535556003,
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      "total": 7324949284.504708,
      "coverageStatus": "Captured identified subset"
    },
    {
      "month": "2026-09",
      "kalshiCrypto": 7631037297.95,
      "polymarketInternationalCrypto": 619200019.9737586,
      "polymarketUsCrypto": 138259935.50999993,
      "crypto": 8388497253.433759,
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      "coverageStatus": "Captured identified subset"
    }
  ],
  "comparisons": {
    "december2025Total": 800283475.8408146,
    "septemberVsDecemberMultiple": 11.598374336898416,
    "september2025Crypto": 117617263.9858316,
    "cryptoOnlyYoyMultiple": 71.32028895387545,
    "mixedCoverageYoyMultiple": 78.91687847418466,
    "mixedCoverageYoyNote": "Expanded September 2026 numerator divided by a crypto-only September 2025 baseline. Not a comparable total-market YoY multiple; retained for review of the supplied draft copy."
  }
}