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

Underdog’s in-house UDX exchange recorded a reported $1.2 million in July 27 trading volume, reaching its first million-dollar day ten days after initial test trades. The result suggests Underdog avoided the usual cold-start problem for a new exchange, but UDX appears to be handling only a small fraction of the company’s broader prediction-market activity.

That calculation is an estimate rather than a direct measure of July 27 routing, and its two main distortions run in opposite directions. Underdog’s actual late-July flow is probably higher than the annual average, since Levine described the World Cup as a major driver, which would push UDX’s real share below 5.4%. Working the other way, UDX’s opening trades were concentrated in Major League Baseball straight contracts, while the companywide figure includes third-party venues where combination products are already available. A precise market-share figure would require Underdog’s July 27 customer volume broken down among UDX, Kalshi and Crypto.com’s Derivatives North America exchange, also known as Nadex.

That distinction also limits how Underdog’s larger volume claims should be interpreted. Levine said the company had processed $6.49 billion in prediction-market flow since entering the category in September 2025, but almost all of that activity predates UDX’s launch and was routed to third-party exchanges. The figure measures Underdog’s reach as an intermediary, not trading performed on its own exchange.

The self-certified parlay contracts for UDX on July 28, in a CFTC submission dated the previous day, indicate combination markets could begin listing as soon as July 29. Such products already account for an estimated 30% to 40% of Kalshi’s daily volume, so their arrival would raise UDX totals for compositional reasons as well as any genuine migration of customer flow – making subsequent single-day figures difficult to compare against this one.