Kalshi overview
Kalshi lists event contracts — financial derivatives whose value depends on whether a real-world event happens. Traders buy and sell these contracts with each other on an order book, and Kalshi charges a transaction fee on each trade.
What distinguishes Kalshi from a sportsbook is its role: it describes itself as a neutral exchange with no financial stake in the outcome, and it frames its onboarding around U.S. law and CFTC rules. That makes the experience closer to a regulated trading venue than to a betting site — but it also means the rules, risks and protections are different from both.
Key features
Neutral exchange model
Kalshi says it has no financial stake in event outcomes; revenue comes from transaction fees rather than positions.[4]
Order book with resting orders
Orders that are not matched immediately rest on the order book and can be cancelled without a fee.[1]
Identity-verified accounts
Users must be 18+ and may be asked to verify their identity with a document.[3]
International access
Kalshi is accessible internationally, though some jurisdictions remain restricted.[3]
Pros and cons
Pros
Supported market categories
Politics
Elections, legislation, appointments and other political outcomes.
Sports
Results and season outcomes across professional sports.
Commodities
Prices of commodities such as metals and energy.
Category list confirmed from official documentation.[5] Categories observed on the Kalshi homepage; the full catalogue may be broader.
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 |
Geographic availability
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
Security and regulation
Regulation
- U.S. regulatory framework
- Kalshi states it collects sign-up information to comply with applicable U.S. laws and CFTC rules and regulations.[3]
- Product type
- Kalshi contracts trade as financial derivatives based on events.[3]
- CFTC designation
- Not yet verifiedNot yet confirmed by MarketAtlas against the CFTC’s official records.
Understand the risks
User experience
From desk research
- Kalshi’s help centre explains that fees for an order can be viewed before buying, via an information icon next to the order summary.
- Orders that are not filled immediately rest on the order book; cancelling them is free, and maker fees on some markets are only charged if the order executes.
- Sign-up asks for basic personal information and may require document verification before an account is approved.
Hands-on testing
Not yet carried out. We will not describe first-hand use of Kalshi until it has actually happened.
Kalshi alternatives
| Kalshi | Polymarket | |
|---|---|---|
| Type | Event contract exchange | Peer-to-peer prediction market |
| Fees | Transaction fee charged on the expected earnings of a contract; exact rates are set out in Kalshi’s Fee Schedule. | Takers pay a category-based fee; makers pay nothing. Geopolitics markets and USDC deposits/withdrawals carry no Polymarket fee. |
| Availability | Accessible internationally, with some jurisdictions restricted under Section VI of the Kalshi Member Agreement. | 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. |
| Funding | Not yet verified | USDC. No Polymarket deposit fee; third-party on-ramps may charge. |
Our verdict
Kalshi’s documentation is clear on how it makes money and on the basic structure of its fees, and its exchange model avoids the “house edge” conflict that comes with a sportsbook.
Before opening an account, check the exact fee for the specific market you want to trade, and confirm in Kalshi’s Member Agreement that your jurisdiction is not restricted. We will add a full assessment once hands-on testing and fee-rate verification are complete.
May suit you if
- People who want to trade event outcomes on an exchange rather than bet against a bookmaker
- Traders who use resting limit orders, since cancelling is free
Consider first
- Fees vary between markets — check each market’s fee before trading
- Eligibility depends on where you live and is your responsibility to confirm
No numerical score is shown. Scores will only appear once our scoring methodology is published.
Tools for Kalshi Traders
Kalshi FAQs
How does Kalshi make money?
Kalshi says it charges a transaction fee on the expected earnings of a contract, and that it has no financial stake in event outcomes. The exact formula is published in its Fee Schedule.
Does Kalshi charge a fee to cancel an order?
No. According to Kalshi’s help centre, there is no fee for cancelling a resting order. Maker fees on some markets are only charged when an order actually executes.
Is Kalshi available outside the United States?
Kalshi states it is accessible internationally, with some jurisdictions restricted under Section VI of its Member Agreement. It is each user’s responsibility to confirm their own eligibility.
Is Kalshi the same as a sportsbook?
No. Kalshi contracts trade as financial derivatives between users on an exchange. A sportsbook sets odds and takes the other side of your bet. Different rules and protections apply to each.
Sources and methodology
- [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]