ProphetX

What it is

ProphetX is a sports-only event exchange: contracts with a $1.00 notional value, listed between $0.01 and $0.99, that pay $1.00 to the side that is right. Members trade them against each other on an order book, and ProphetX states on its home page that it "provides the exchange infrastructure and does not trade against participants".

It is both the exchange and the clearinghouse. The CFTC's register lists ProphetX LLC as a designated contract market with a designation date of 11 June 2026, and separately as a derivatives clearing organization registered on 10 June 2026, permitted to clear fully collateralised futures, options on futures and swaps. The designation order describes a Delaware company headquartered in New York, trading on an anonymous electronic central limit order book, under a non-intermediated model in which no futures commission merchant may intermediate a trade. Rule 3.1 of the rulebook (version 3.0, effective 29 July 2026) makes every participant a direct self-clearing member.

That makes ProphetX the most vertically integrated venue in this category: the same entity lists the contract, matches the order, holds the collateral and pays out. There is no broker layer and no separate clearing firm. The site's footer names ProphetX, Inc., and the iOS app is published by ProphetX OpCo LLC; how those relate to the LLC is not published.

This is a relaunch. Before June 2026 ProphetX ran a sweepstakes promotion sponsored by Stake Trade, Inc., with Prophet Cash redeemable for prizes and Prophet Points that were not. The terms of use now in force, version 1.0 dated 10 June 2026, state that they supersede and replace all prior terms; the sweepstakes rules article is no longer public. One trace remains: the Android listing's package identifier still reads com.prophetxsweepstake.

Not to be confused with DTN ProphetX, an unrelated commodity and stock market-data terminal — ProphetX's help centre says so itself.

Availability

Nationwide except Nevada, in ProphetX's own words: the home page reads "nationwide" with the footnote "currently not operating in Nevada". There is no published state list beyond that line.

The enforcement is location-based. The help centre states that access "is restricted from certain locations and IP addresses as part of our compliance requirements", that a user who sees "Access Restricted" has been identified as connecting from a restricted location or network, and that ProphetX cannot grant access to anyone connecting from one. It does not say which locations are restricted besides Nevada.

The minimum age is 18, or the age of majority where that is higher, under both the terms of use (section 3.1) and the market participant agreement (section 4.1).

Identity verification is required before you can deposit, trade or withdraw. Most accounts verify automatically; where they do not, the help centre asks for photos of the front and back of an ID, a selfie, and a Social Security number, described as a regulatory requirement under KYC/AML obligations. Deposits and withdrawals must use a financial instrument in your own name, and business accounts are not permitted.

Pricing

Straight trades: nothing on the fill, 2% of net gains at settlement. ProphetX's trading-fee page (version 1.2, updated 1 October 2026) says "All straight trades on site will be charged a 2% trading fee on net gains per market." The self-certified schedule filed with the CFTC on 12 June 2026, effective 29 June, words it as 2% of net proceeds, "calculated on a per-market basis upon settlement". A worked example of what that means: 100 contracts bought at 50¢ cost $50; if they win they pay $100, the net gain is $50 and the fee is $1. If they lose, the fee is nothing. The fee falls on gains, not on volume, which is why it is in other_fees and the per-trade cells read "None" — the same treatment as PredictIt's 10% of profit.

A maker rebate, by monthly volume. The same filing sets up a Make Volume Fee Rebate Program: at month end, a participant's trading fees are rebated at a marginal rate on their resting-order volume — 0% on the first $50,000, 20% to $750,000, 40% to $3 million, 60% to $7.5 million and 80% above. A filing of 14 August 2026 extended it for twelve months, subject to monthly review. At ordinary retail volume the rebate is zero.

Parlays are charged differently. The parlay fee schedule (version 1.2, 24 September 2026) charges the taker only, at a rate per dollar of the trade's cost: F(p) = 0.021 × (1 − p) / (0.25 + p) + 0.004, with a minimum of $0.01 an order. ProphetX's own example: 100 contracts at 65¢ cost $65, the rate at 65¢ is about 1.22% of cost, and the fee is $0.79. At 50¢ the rate is 1.8% of cost, or 0.9¢ a contract. The help centre's "Understanding Fees" article (updated 19 August 2026) still shows an older formula with different parameters charged per contract. Read the schedule linked from the trading-fee page and compute the number yourself.

Deposits start at $10, by debit card, Apple Pay or Google Pay through PayNearMe, cash at retail, EdgeBoost, Aeropay online banking, cryptocurrency through Zerohash, or wire; credit cards are not accepted. Withdrawals go by Aeropay, debit card, paper check or wire, most within 24 hours and up to five business days. Neither article names a fee of ProphetX's own.

Markets & resolution

Sports only, as listed. The help centre names moneyline, spread and total markets on MLB, NHL, NBA, NFL, college football, college basketball, UFC and tennis; winner, spread and total markets on the English, French, Spanish, German and Italian top divisions, MLS, the Champions League and the Europa League; and props and futures on PGA and DP World Tour golf, NASCAR and others. Live trading is available on all of them. Parlays (multi-event contracts) are listed too, through the order book and a request-for-quote system.

ProphetX has self-certified more than it lists. Its filings index includes US election contracts certified on 2 September 2026 — House and Senate control, Senate, House, gubernatorial and mayoral races — alongside oddities such as a contract on Kalshi's monthly event-contract volume. Neither the help centre nor the home page shows anything but sports, and we could not confirm that the election contracts are tradable. The card lists sports only.

Resolution follows the contract's named source. The MLB contract terms certified on 12 June 2026 name the applicable governing body as the primary source, with ESPN and the Associated Press as secondary sources; a July amendment names the league site directly — MLB.com for baseball. Settlement is due no later than one business day after the expiration date. Each contract carries a position accountability level of 25,000 contracts per participant per strike.

Collateral is US dollars under rule 7.4, and positions are fully collateralised.

Integrations

ProphetX publishes a developer documentation site with trading, read-only market-data, parlay, ISV and direct-link APIs over REST and WebSocket, and FIX order entry. Access is by application — the documentation says the team reviews a request and grants access if it is approved — while the terms of use describe programmatic trading through the API as "available to all Users". Market makers are offered zero-fee trading through a high-frequency API. There is no published Python or TypeScript client.

Neither the terms nor the help centre say what tax documents a participant receives, so tax_reporting reads false here rather than claiming a form no page promises.

Limitations

• Sports only in practice, with self-certified election contracts that we could not confirm are listed.
• No published state list beyond Nevada, and an IP and location check whose scope is not stated.
• Two parlay formulas in circulation. The schedule linked from the fee page and the help centre's fee article give different parameters and different bases. Only the straight-trade rate is stated consistently.
• One entity in every role. Exchange, clearinghouse and settlement agent are the same company, designated in June 2026. A dispute about an outcome has nowhere to go but ProphetX.
• API access is reviewed, despite the terms describing it as available to everyone.
• Promotions are part of the pitch — "Trade $50, get $75" sits in the site's header — and their terms are a separate help-centre article from the fee schedule.
• Nobody here has funded an account. Everything above is read from ProphetX's own site, help centre, terms, rulebook and CFTC filings, and from the CFTC's registers, on 3 October 2026, and re-checked on 4 October.

Alternatives

Novig is the closest like-for-like: another sports-only designated exchange that relaunched from a sweepstakes model in mid-2026, but 21+, closed in three states, and charging takers a fee on the fill — on live and futures trades, never pre-game straights — rather than on gains. Kalshi lists sports beside every other category with a fee on every fill. Anyone who wants a broker's app in front of somebody else's exchange is looking for Robinhood.