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

Underdog’s newly launched UDX prediction exchange recorded a reported $1.2 million in notional trading volume on Monday, July 27, according to figures published on the exchange’s market-data feed and first reported by InGame. The milestone came 10 days after UDX processed its first test trades on July 17 and nine days after Underdog publicly announced the exchange’s launch.

Notional volume counts both sides of every trade, so the figure is not equivalent to customer handle. The opening performance advances the launch described in mid-July when UDX self-certified its first seven baseball and basketball contract templates with the Commodity Futures Trading Commission.

The $1.2 million day is meaningful for a venue operating for less than two weeks, though it represents only a small portion of Underdog’s wider prediction-market business. CEO Jeremy Levine presented $4.4 billion in companywide prediction-market volume for 2026 during a July 17 CNBC interview, equivalent to roughly $22.2 million per calendar day. On that basis, UDX’s July 27 volume was approximately 5.4% of Underdog’s average daily activity.

This estimate is subject to distortions running in opposite directions. Underdog’s actual late-July flow is likely higher than the annual average due to the World Cup, which would push UDX’s real share below 5.4%. Conversely, UDX’s opening trades were concentrated in Major League Baseball straight contracts, while companywide figures include combination products available on third-party venues.

Underdog entered the exchange business with infrastructure most new venues lack, having spent months giving customers access to prediction markets through Crypto.com and Kalshi before acquiring Aristotle Exchange’s designated contract market from PredictIt in March. This setup helped UDX avoid launching with an empty order book, as it established a market-maker program before opening and placed the venue inside an app already used by prediction-market customers.

Underdog has not replaced its outside exchange relationships, however. Customer rules refer to UDX, Kalshi, and Crypto.com/Nadex as separate providers, supporting a multivenue model where Underdog controls some listings while routing other products elsewhere.

Self-certified parlay contracts for UDX on July 28 could begin listing as soon as July 29. Such products already account for 30% to 40% of Kalshi’s daily volume, so their arrival would raise UDX totals for compositional reasons, making subsequent single-day figures difficult to compare against this one.

Source: https://news.bitcoin.com/igaming/underdogs-udx-hits-1-2m-day-about-5-of-estimated-companywide-flow/