Kalshi vs Polymarket
Kalshi and Polymarket are the two prediction markets people ask about most, but they are built differently. Kalshi is an event contract exchange that frames its onboarding around U.S. law and CFTC rules. Polymarket is a peer-to-peer market whose shares settle in the USDC stablecoin.
Neither is “better” across the board. The right choice depends mostly on where you live, how you want to fund an account, and how you trade. Below, every fact links back to the platform’s own documentation.
Facts last verified October 9, 2026
Draft comparison
At a glance
Kalshi
Event contract exchange
- Worth a closer look if you want an exchange-style venue and free order cancellation.
Polymarket
Peer-to-peer prediction market
- Worth a closer look if you are in an eligible jurisdiction, use USDC, and trade as a maker.
Key differences
How fees work
Kalshi charges a transaction fee on a contract’s expected earnings, with exact rates in its Fee Schedule and maker fees on some markets. Polymarket charges takers a published, category-based rate and never charges makers.[1][6]
What you fund with
Polymarket balances and payouts are in USDC, with no Polymarket deposit or withdrawal fee. Kalshi’s funding methods have not yet been verified by MarketAtlas.[6]
Where each is available
Kalshi says it is accessible internationally with some restricted jurisdictions. Polymarket’s international platform is close-only in a published list that includes the U.S., UK and four Canadian provinces.[3][7]
Regulatory framing
Kalshi states its contracts are financial derivatives and that sign-up checks comply with U.S. law and CFTC rules. Polymarket restricts access by jurisdiction to comply with sanctions and local laws.[3][7]
Feature comparison
Rows where verified details differ are highlighted.
Overview
DiffersKalshi
An exchange where traders buy and sell event contracts — financial derivatives that pay out based on the outcome of real-world events.
Polymarket
A prediction market where users trade outcome shares priced between $0 and $1 against each other, settled in the USDC stablecoin.
Market categories
DiffersKalshi
- Politics
- Sports
- Commodities
Polymarket
- Politics
- Sports
- Economics
- Cryptocurrency
- Technology
- Culture & entertainment
- Finance
- Weather
- Geopolitics
- Mentions
Fees
DiffersKalshi
Transaction fee charged on the expected earnings of a contract; exact rates are set out in Kalshi’s Fee Schedule.
Polymarket
Takers pay a category-based fee; makers pay nothing. Geopolitics markets and USDC deposits/withdrawals carry no Polymarket fee.
Geographic availability
DiffersKalshi
Accessible internationally, with some jurisdictions restricted under Section VI of the Kalshi Member Agreement.
Polymarket
Restricted in a published list of jurisdictions. The United States, United Kingdom, France, Germany, Australia and four Canadian provinces are close-only on the international platform.
Regulation
DiffersKalshi
- Kalshi states it collects sign-up information to comply with applicable U.S. laws and CFTC rules and regulations.
- Kalshi contracts trade as financial derivatives based on events.
Polymarket
Polymarket blocks or limits order placement in certain jurisdictions for sanctions and regulatory compliance, including gambling and prediction market laws.
Mobile experience
Kalshi
Not verifiedPolymarket
Not verifiedFunding methods
DiffersKalshi
Not verifiedPolymarket
USDC. No Polymarket deposit fee; third-party on-ramps may charge.
Withdrawal information
DiffersKalshi
Not verifiedPolymarket
USDC. No Polymarket withdrawal fee; intermediaries may charge.
Main advantages
DiffersKalshi
- Revenue comes from transaction fees, not from taking a side on outcomes.
- Cancelling a resting order is free.
- Onboarding is carried out under U.S. law and CFTC rules, with identity checks.
Polymarket
- Makers are never charged fees.
- Geopolitics markets are fee-free.
- No Polymarket fee to deposit or withdraw USDC.
- Positions can be sold at any time before resolution.
Main disadvantages
DiffersKalshi
- Fees can differ between markets, so each market’s fee details need checking before trading.
- Some markets charge maker fees on resting orders once they execute.
- Some international jurisdictions are restricted, and eligibility is the user’s responsibility.
Polymarket
- Taker fees apply in most categories, with the highest rate (0.07) on crypto markets.
- The international platform is close-only in many places, including the U.S., UK and four Canadian provinces.
- Funding requires USDC; third-party on-ramps may add their own fees.
Fees
Kalshi fees
| Charge | Details | Status |
|---|---|---|
| Trading fee basis | A transaction fee based on the expected earnings of the contract.[1] | Verified |
| Exact fee rates | Not yet verified Published in Kalshi’s Fee Schedule; not yet independently recorded by MarketAtlas. | Not verified |
| Maker fees | Some markets charge maker fees on resting orders. They are only charged if the order is eventually executed.[1] | Verified |
| Cancelling an order | No fee for cancelling a resting order.[1] | Verified |
| Special-event markets | Some markets — for example elections, award ceremonies or major championships — may carry different fees.[1] | Verified |
| Deposit fees | Not yet verified | Not verified |
| Withdrawal fees | Not yet verified | Not verified |
Polymarket fees
| Charge | Details | Status |
|---|---|---|
| Fee formula | fee = shares × fee rate × p × (1 − p), where p is the share price.[6] | Verified |
| Crypto taker rate | 0.07[6] | Verified |
| Sports, Economics, Culture, Weather, Other | 0.05 taker rate[6] | Verified |
| Finance, Politics, Mentions, Tech | 0.04 taker rate[6] | Verified |
| Geopolitics | No fee[6] | Verified |
| Maker fee | None — only takers pay fees.[6] | Verified |
| Example | 100 Politics shares bought at $0.50 cost $1.00 in fees. Fees peak at a 50¢ price and fall toward 1¢ and 99¢.[6] | Verified |
| Deposits & withdrawals (USDC) | No Polymarket fee. Intermediaries such as Coinbase or MoonPay may charge their own.[6] | Verified |
Geographic availability
Kalshi
United States
Not yet verified
U.S. state-level availability has not yet been verified by MarketAtlas.
Canada
Not yet verified
United Kingdom
Not yet verified
International
Partially available[3]
Respect regional restrictions
Pros and cons
Kalshi
Pros
Polymarket
Pros
FAQs
Which is cheaper, Kalshi or Polymarket?
It depends on the market and how you trade. Polymarket publishes exact taker rates and charges makers nothing. Kalshi publishes its formula in a Fee Schedule that MarketAtlas has not yet independently recorded, so we cannot yet give a like-for-like figure.
Can I use both platforms?
Only if you are eligible for each in your jurisdiction. Check Kalshi’s Member Agreement and Polymarket’s restricted-jurisdiction list. Do not use tools to get around regional restrictions.
Are Kalshi and Polymarket sportsbooks?
No. Both match users against each other rather than setting odds and taking the other side, which is how a sportsbook works. Different rules and protections apply.
Read the full reviews
Sources
- [1]
- [2]
- [3]
Signing Up as an Individual — Kalshi Help Center
help.kalshi.com/en/articles/13823778-what-countries-is-kalshi-available-in (opens in a new tab)Accessed October 9, 2026
- [4]
How does Kalshi make money? — Kalshi Help Center
help.kalshi.com/en/articles/13823767-where-is-kalshi-available (opens in a new tab)Accessed October 9, 2026
- [5]
- [6]
Fees — Polymarket Docs
docs.polymarket.com/polymarket-learn/trading/fees (opens in a new tab)Accessed October 9, 2026
- [7]
Geographic Restrictions — Polymarket Docs
docs.polymarket.com/developers/CLOB/geoblock (opens in a new tab)Accessed October 9, 2026
- [8]
What is Polymarket — Polymarket Docs
docs.polymarket.com/polymarket-learn/get-started/what-is-polymarket (opens in a new tab)Accessed October 9, 2026