Tradeweb Markets Inc. reported total trading volume of $69.7 trillion for June 2026, with average daily volume (ADV) rising 29.5% year-over-year to $3.2 trillion. For the second quarter of 2026, total trading volume reached $194.2 trillion and ADV increased 18.2% year-over-year to $3.0 trillion. The company recorded preliminary average variable fees per million dollars of volume traded of $2.141 and total preliminary fixed fees of $98.6 million for rates, credit, equities, and money markets.

Tradeweb CEO Billy Hult attributed the growth to the performance of the company's all-weather model, strong volume growth in its international client base, and accelerating adoption of Tradeweb AiEX. Hult noted that these factors underscore the diversification of the platform and the long-term trajectory toward greater electronification across markets.

Record Highlights

For June 2026, Tradeweb set a record for ADV in U.S. ETFs. During the second quarter of 2026, records were established for ADV in rates futures, fully electronic U.S. high yield credit, convertibles/swaps/options, and repurchase agreements.

Asset Class Performance

Rates

U.S. government bond ADV increased 20.3% year-over-year to $269.0 billion, while European government bond ADV rose 21.0% year-over-year to $67.3 billion. Mortgage ADV grew 13.5% year-over-year to $257.1 billion. Swaps/swaptions ≥ 1-year ADV surged 45.8% year-over-year to $721.6 billion, and total rates derivatives ADV jumped 58.9% year-over-year to $1.3 trillion.

Credit

Fully electronic U.S. credit ADV increased 29.3% year-over-year to $10.5 billion, and European credit ADV rose 37.5% year-over-year to $3.5 billion. Municipal bonds ADV fell 9.5% year-over-year to $448 million. Credit derivatives ADV climbed 62.3% year-over-year to $19.5 billion.

Equities and Money Markets

Record U.S. ETF ADV rose 83.0% year-over-year to $14.1 billion, and International ETF ADV increased 38.9% year-over-year to $4.5 billion. Repo ADV grew 14.8% year-over-year to $874.2 billion, while Other Money Markets ADV increased 1.0% year-over-year to $278.5 billion.

Tradeweb Markets Inc. has launched a dedicated Kalshi pricing page on its platform, providing U.S. institutional clients with access to real-time market-implied probabilities across political, economic, and global events. This integration allows investors to monitor market expectations and build customized watchlists within their existing Tradeweb workflows. The move aims to help clients navigate market volatility and geopolitical uncertainty by incorporating prediction market data into their analysis and risk management tools.

The launch represents the first phase of a strategic partnership between Tradeweb and Kalshi, which includes Tradeweb taking a minority investment stake in Kalshi. As part of this collaboration, Kalshi’s American Power Index (KPOW) is scheduled to be integrated into the Tradeweb platform in July. KPOW serves as a real-time gauge of U.S. political and policy risk, distilling market-implied probabilities related to the presidency, the House, and the Senate into a single signal.

Strategic Partnership and Future Developments

Tradeweb and Kalshi are exploring further capabilities to expand access to prediction market data. The companies plan to co-develop new institutional-grade analytics that combine Kalshi’s event probabilities with Tradeweb’s pricing, liquidity, and macro-intelligence datasets. These analytics are intended to support new forecasting, risk management, and pricing models for institutional participants.

Additionally, the firms are examining the possibility of creating an institutional-focused platform for event contracts. This potential platform would leverage Tradeweb’s expertise in macro risk trading and market design alongside Kalshi’s depth in macroeconomic and policy outcomes.

Executive Commentary

Troy Dixon, Managing Director and Co-Head of Global Markets at Tradeweb, stated that prediction markets have become a real-time gauge for how investors price risk. He noted that integrating Kalshi’s data places this signal alongside the execution tools clients rely on daily to manage risk.

Andy Ross, Head of Institutional at Kalshi, emphasized that investors want to trade on real events rather than proxies. He described the integration as a significant step toward more accurately pricing the future by bringing prediction market data to a regulated, multi-asset institutional trading platform.