Prediction Markets: Limitless CEO CJ Hetherington, takeaways & transcript from our call

Research evidence excerpt

Prediction Markets: Limitless CEO CJ Hetherington, takeaways & transcript from our call

17 June 2026

Prediction Markets

Prediction Markets: Limitless CEO CJ Hetherington, takeaways &

transcript from our call

Today, we hosted a call with CJ Hetherington, co-founder and CEO of Limitless Labs, the Ian Moore

+1 917 344 8434 Base-native prediction market platform he co-founded in 2023 and which now clears close

ian.moore@bernsteinsg.com to $2bn in monthly volume. Hetherington walked us through the competitive structure of

the category and why he does not expect a winner-take-all outcome, the shifting role of

Gautam Chhugani broker-dealers and the institutional risk-transfer opportunity, the US regulatory path and

+91 226 842 1416

gautam.chhugani@bernsteinsg.com where he sees the real risk, the convergence of perpetual futures and prediction markets,

and Limitless's own positioning, unit economics. A replay can be found here.

Nosher Ali Khan

+1 917 344 8578 Hetherington's central argument is that the category will mirror the offshore perpetual

nosher-ali.khan@bernsteinsg.com futures market, where Binance's share has drifted down year over year from roughly 50%,

with no operator ever approaching 90%. The reason is structural: professional market

makers and high-frequency traders generate most of the volume and fees, and they multi-

tenant across venues to arbitrage pricing differences, so several exchanges persistently

coexist with comparable open interest and liquidity. He notes the largest traders on rival

platforms are already the largest traders on Limitless, trading purely via API on the back

end.

Most distribution is expected to run through broker-dealers and FCMs, with Coinbase

still distributing Kalshi, Robinhood migrating flow onto its own exchange after previously