Joshua Della Vedova

Updated 2026-W25 · week of 2026-06-15

Della Vedova Prediction Market Indices

Traders moved $645 million through Polymarket in the week of 2026-06-15, across 20.6 million individual trades. Algorithmic wallets accounted for 61% of weekly counterparty events (both maker and taker sides counted); everyone else split the remaining 39%. The most-traded market was "Will Oh Se-hoon win the 2026 Seoul Mayoral Election?", pulling in $3 million of volume.

Cumulative since November 2022: +$136M to algorithmic wallets · -$82M from active retail.

Cumulative P&L by trader type, Polymarket since November 2022 Bots have captured +$136M; active retail traders are down -$82M. Zero-sum market: bot gains and retail losses balance to within fees and the smaller wallet types.
Cumulative resolved profit and loss by wallet type since 2022 Line chart of running-sum P&L per wallet type. Bots accumulate positive P&L; active retail accumulates losses. -$50M $0 +$50M +$100M 2024 2025 2026 Bots: +$136M Active retail: -$82M
Source: Della Vedova (2026), “Who Profits from Prediction Markets?” · Updated weekly · Download data

Source: Della Vedova (2026), “Who Profits from Prediction?” · Methodology · Download data · This week’s briefings

Joshua Della Vedova

Joshua Della Vedova

Associate Professor of Finance · Knauss School of Business, University of San Diego

I study why markets behave irrationally and how human psychology shapes financial decisions. My research on prediction markets uses 671M on-chain Polymarket trades to measure who trades, who profits, and where private information appears. The dashboard makes that work continuously visible.

Open to collaboration. I share the full trade-level dataset with academic researchers and welcome coauthorship proposals from PhD students and faculty working on prediction-market questions. I also provide referee-style comments on prediction-market papers in progress. Reach out by email.

Consulting & expert testimony. Available for litigation, regulatory, and compliance engagements involving prediction-market microstructure and informed-trading detection. Schedule a 15-minute intro call →

This week on Polymarket
$2.7M on the biggest market · 6 briefings ready to read
View all 6 briefings →
671M on-chain records
222M resolved trades (study sample)
+$133M bot profits (study sample)
−$79M retail losses (study sample)

Who makes money — and why

Retail traders pick winners more often than bots. They still lose. The gap is timing, not information. Read the paper →

ALGORITHMIC SHARE OF TRADING
78%
Algorithmic wallets account for 78% of all trades (13-week moving average), up from near zero in late 2022. They earn the only positive aggregate return despite below-coin-flip directional accuracy.
Read more →
WHO WON THIS WEEK
Bots
Algorithmic wallets cleared +$6.3M of resolved P&L in week 2026-W22; active retail lost +$88K.
Read more →
Top 30 Polymarket markets, week of 2026-W25 Rectangle area = weekly USD volume. Color = market category. Hover for full market name.
Top Polymarket markets by weekly volume Treemap of the top 30 markets this week. Cell area is proportional to USD volume; cell color encodes market category. Will Oh Se-hoon win the 2026 Seoul Mayoral Election Volume: $2.7M · Trades: 10,347 Implied: n/a Algorithmic share: 44% Category: Politics Will Oh Se-hoon win the2026 Seoul MayoralElection MicroStrategy sells any Bitcoin by June 30, 2026? Volume: $2.5M · Trades: 6,325 Implied: 100% YES Algorithmic share: 52% Category: Crypto MicroStrategy sells anyBitcoin by June 30,2026? 100% YES $2.5M vol Will the Iranian regime fall by June 30? Volume: $2.2M · Trades: 23,214 Implied: 2% YES Algorithmic share: 46% Category: Other Will the Iranian regimefall by June 30? 2% YES $2.2M vol Will the New York Knicks win the 2026 NBA Finals? Volume: $1.7M · Trades: 12,227 Implied: 52% YES Algorithmic share: 49% Category: Sports Will the New York Knickswin the 2026 NBA Finals? 52% YES $1.7M vol Will the San Antonio Spurs win the 2026 NBA Finals? Volume: $1.7M · Trades: 15,960 Implied: n/a Algorithmic share: 52% Category: Sports Will the San AntonioSpurs win the 2026 NBAFinals? Will Spencer Pratt win the 2026 Los Angeles mayoral election? Volume: $1.2M · Trades: 5,238 Implied: n/a Algorithmic share: 57% Category: Politics Will SpencerPratt win the2026 Los Angelesmayoral election? Will Chong Won-oh win the 2026 Seoul Mayoral Election Volume: $1.1M · Trades: 8,555 Implied: n/a Algorithmic share: 52% Category: Politics Will ChongWon-oh win the2026 SeoulMayoral Election Will France win the 2026 FIFA World Cup? Volume: $939K · Trades: 7,174 Implied: 16% YES Algorithmic share: 44% Category: Sports Will Francewin the 2026FIFA World… 16% YES $939K vol Will Abelardo de la Espriella win the 1st round of the 2026 Colombian presidential election? Volume: $893K · Trades: 4,447 Implied: n/a Algorithmic share: 56% Category: Politics Will Abelardode laEspriella win… Will there be no change in Fed interest rates after the June 2026 meeting? Volume: $822K · Trades: 11,963 Implied: 99% YES Algorithmic share: 56% Category: Macro Will there beno change inFed interest… 99% YES $822K vol Will Spain win the 2026 FIFA World Cup? Volume: $733K · Trades: 6,345 Implied: 16% YES Algorithmic share: 43% Category: Sports Will Spainwin the 2026FIFA World… 16% YES $733K vol Will Roberto Sánchez Palomino win the 2026 Peruvian presidential election? Volume: $657K · Trades: 7,388 Implied: n/a Algorithmic share: 45% Category: Politics Will RobertoSánchezPalomino win… Will NVIDIA be the largest company in the world by market cap on June 30? Volume: $649K · Trades: 3,863 Implied: n/a Algorithmic share: 46% Category: Business Will NVIDIA bethe largestcompany in the… US-Iran nuclear deal by June 30? Volume: $619K · Trades: 11,103 Implied: n/a Algorithmic share: 32% Category: Geopolitics US-Iran nucleardeal by June30? Will Abelardo de la Espriella win the 2026 Colombian presidential election? Volume: $584K · Trades: 6,349 Implied: n/a Algorithmic share: 55% Category: Politics Will Abelardode la Espriellawin the 2026… Will Portugal win the 2026 FIFA World Cup? Volume: $580K · Trades: 6,119 Implied: n/a Algorithmic share: 31% Category: Sports Will Portugalwin the 2026FIFA World Cup? Will Keiko Fujimori win the 2026 Peruvian presidential election? Volume: $577K · Trades: 4,228 Implied: n/a Algorithmic share: 53% Category: Politics Will KeikoFujimori winthe 2026… Will England win the 2026 FIFA World Cup? Volume: $493K · Trades: 3,831 Implied: n/a Algorithmic share: 43% Category: Sports WillEnglandwin the… Will Argentina win the 2026 FIFA World Cup? Volume: $466K · Trades: 4,406 Implied: n/a Algorithmic share: 44% Category: Sports WillArgentinawin the… Will the U.S. invade Iran before 2027? Volume: $457K · Trades: 2,683 Implied: 17% YES Algorithmic share: 55% Category: Geopolitics Will theU.S.invade… 17% YES $457K vol Will Brazil win the 2026 FIFA World Cup? Volume: $420K · Trades: 3,648 Implied: n/a Algorithmic share: 39% Category: Sports WillBrazil winthe 2026… Will Iván Cepeda Castro win the 1st round of the 2026 Colombian presidential election? Volume: $413K · Trades: 3,488 Implied: n/a Algorithmic share: 52% Category: Politics Will IvánCepedaCastro win… Will Ivan Cepeda Castro win the 2026 Colombian presidential election? Volume: $406K · Trades: 5,837 Implied: n/a Algorithmic share: 52% Category: Politics Will IvanCepedaCastro win… Will the US confirm that aliens exist before 2027? Volume: $385K · Trades: 2,534 Implied: 14% YES Algorithmic share: 49% Category: Other Will the USconfirm… 14% YES $385K vol Will PSG win the 2025–26 Champions League? Volume: $366K · Trades: 750 Implied: n/a Algorithmic share: 56% Category: Sports Will PSG winthe 2025–26Champions… Will the San Antonio Spurs win the NBA Western Conference Finals? Volume: $343K · Trades: 2,269 Implied: n/a Algorithmic share: 58% Category: Sports Will theSan AntonioSpurs win… Will the Fed decrease interest rates by 50+ bps after the June 2026 meeting? Volume: $332K · Trades: 4,014 Implied: n/a Algorithmic share: 46% Category: Macro Will the Feddecreaseinterest rates… Will Germany win the 2026 FIFA World Cup? Volume: $328K · Trades: 3,488 Implied: n/a Algorithmic share: 37% Category: Sports Will Germany winthe 2026 FIFAWorld Cup? Will Bitcoin hit $150k by June 30, 2026? Volume: $323K · Trades: 1,873 Implied: n/a Algorithmic share: 37% Category: Crypto Will Bitcoinhit $150k byJune 30, 2026? Will China invade Taiwan by June 30, 2026? Volume: $309K · Trades: 9,221 Implied: n/a Algorithmic share: 33% Category: Geopolitics Will Chinainvade Taiwanby June 30,…
Color = category
Politics Crypto Other Sports Macro / Finance Business Geopolitics

Detecting unusual activity

Some wallets are accurate too often, in the right markets, to be luck. See the full analysis →

WALLETS WITH SUSPICIOUS ACCURACY
6,292
Of 483,234 wallets tested, 6,292 (1.30%) show a pattern of accuracy that is statistically unlikely to be chance. Election and policy markets have the highest rates. (Live count, updated weekly; the SSRN paper reports the fixed study-period figures.)
Read more →
FLAG RATE BY MARKET TYPE
2.79%
Vote 2.79%
Action 0.96%
Performance 1.01%
Stochastic 1.20%
Markets where humans control outcomes — votes, policy decisions, award ceremonies — show the highest suspicious-accuracy rates. Crypto price markets show the lowest. The ordering matches theoretical predictions about private information.
Read more →

Six live DV-PMI Surveillance Indices cover the full market integrity picture: informed trading, insider timing, adverse selection, resolution surprise, wash trading, and concentration risk.

How traders price uncertainty

Human traders systematically overestimate long shots and underestimate near-certainties — even in liquid prediction markets. See the calibration data →

PROBABILITY WEIGHTING INDEX
α = 0.664
Traders overweight low-probability outcomes and underweight high-probability ones. The current Prelec parameter of 0.664 is near the classic Kahneman-Tversky experimental value of 0.65 — a behavioral pattern this liquid market has not arbitraged away.
Read more →
MARKET CALIBRATION
R² = 0.987
How well do Polymarket prices predict actual outcomes? Realized win rates match prices closely overall, but long shots win less often than priced and near-certainties win more.
Read more →
Recent commentary
Press appearances, dashboard updates, and research-program notes between weekly refreshes
  1. Jun 15, 2026 POLITICS
    Week of 2026-06-15: Will Oh Se-hoon win the 2026 Seoul Mayoral Election

    Polymarket traders moved $645 million this week, above the 52-week trend, on 20.6 million individual trades. Traders moved $645 million through Polymarket in the week of 2026-06-15, across 20.6 million individual trades. Algorithmic wallets accounted for 61% of weekly counterparty events (both maker and taker sides counted); everyone else split the remaining 39%. The most-traded market was "Will...

    See this week's briefings →
  2. May 22, 2026 MARKETS
    Week of 2026-05-22: Russia x Ukraine ceasefire by June 30, 2026?

    Polymarket traders moved $463 million this week across 12.0 million individual trades. Traders moved $463 million through Polymarket in the week of 2026-05-22, across 12.0 million individual trades. Algorithmic wallets accounted for 66% of weekly counterparty events (both maker and taker sides counted); everyone else split the remaining 34%. The most-traded market was "Russia x Ukraine ceasefire...

    See this week's briefings →
  3. May 11, 2026 MARKETS
    Week of 2026-05-11: Will the U.S. invade Iran before 2027?

    Polymarket traders moved $546 million this week across 23.8 million individual trades. Traders moved $546 million through Polymarket in the week of 2026-05-11, across 23.8 million individual trades. Algorithmic wallets accounted for 73% of weekly counterparty events (both maker and taker sides counted); everyone else split the remaining 27%. The most-traded market was "Will the U.S. invade Iran...

    See this week's briefings →
  4. May 3, 2026 RESEARCH
    Flagged wallets: mostly retail by count, almost entirely bots by dollars.

    Of 6,291 wallets flagged at p<0.01 by the orthogonality test, 62% are active retail, 21% are sophisticated, only 16% are algorithmic. But profitability tells the opposite story: 4,306 (68.4%) of the flagged set were profitable, generating $152.5M in aggregate. The 1,026 flagged bots captured $137.6M of that — 90% of all flagged-wallet gains flow to the algorithmic 16%, with mean PnL of $134K per bot vs $2.2K per retail wallet. The screen catches private information across every wallet class; the dollars accrue almost entirely to the algos who can act on it at scale.

    See the screen →
▶ Featured video · CNBC · May 1, 2026
"Finance Professor Josh Della Vedova talks new report bots are outperforming traders in prediction markets"
Watch on CNBC.com →
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Joshua Della Vedova · Knauss School of Business, University of San Diego Updated weekly · 2026-W25
Cite this dataset Della Vedova, J. (2026). Della Vedova Prediction Market Indices (DV-PMI). https://jdellavedova.com