Underdog’s UDX platform hit $1.2 million in notional trading volume on July 27, just ten days after its first test trades on July 17. This milestone indicates a strong debut without the typical slow start new exchanges often face. Despite this, the UDX volume represents only a small slice of Underdog’s overall prediction-market activity.

Notional volume here counts both sides of every trade, so it’s not the same as the actual amount wagered by traders. The day’s $1.2 million is a promising initial figure but stands at roughly 5% of Underdog’s average daily prediction-market flow, which CEO Jeremy Levine pegged at around $22.2 million per day for 2026 during a CNBC interview on July 17. This estimate is based on the company’s projected $4.4 billion annual volume, driven in part by big events like the World Cup, which have likely boosted recent numbers beyond the yearly average.

The UDX exchange self-certified its first seven baseball and basketball contract templates with the Commodity Futures Trading Commission in mid-July, signaling regulatory readiness. However, that filing only outlined the launch plans rather than confirming public trading had started. By July 28, Underdog had also self-certified parlay contracts for UDX, further expanding its offerings.

Early traction among existing Underdog users

UDX’s early adoption seems fueled by Underdog’s existing customer base, providing a jumpstart that many new exchanges lack. While UDX’s current volume is modest in comparison to the companywide handle, it demonstrates strong initial appetite for this owned exchange. This builds on the trend of prediction markets gaining more traction, an arena where other platforms like Robinhood have recently expanded, hitting record revenue with their blockchain and betting ventures.

With the World Cup fueling interest and recent regulatory moves, UDX’s capability to capture a meaningful slice of Underdog’s overall market could grow quickly. The company’s daily average volume across all prediction products remains a useful benchmark to watch as UDX evolves in the coming months.

This content is for informational purposes only and should not be considered financial advice.