Kalshi vs. Polymarket: Which Prediction Market Is Better in 2026?
Short answer: Polymarket US charges less per trade. Kalshi offers far more markets, deeper liquidity, and faster cash-outs than most traders expect. On a 50¢ contract, Kalshi’s taker fee is about 3.5% of your stake, compared with about 2.5% on Polymarket US. Kalshi had over 5,100 live markets across every major category in our testing, and a withdrawal request cleared in about five minutes.
That’s a different comparison than most guides describe. Until 2025, US traders couldn’t legally use Polymarket. Now both run CFTC-regulated exchanges, both take dollars, and neither requires a crypto wallet. Below are the real fees on the same trade, what liquidity actually costs you, state access, and the results from our hands-on testing.
Kalshi vs. Polymarket at a Glance
| Lineups rating | 4.2/5 | 4.1/5 |
|---|---|---|
| Regulation | CFTC-designated exchange since 2020 | CFTC-designated exchange (via QCX acquisition) |
| US availability | 46 states plus DC by Kalshi’s count; sports contracts blocked in several | Most states; paused in Nevada |
| Minimum age | 18 | 18 |
| Taker fee at 50¢ | ~1.75¢ per contract | ~1.25¢ per contract |
| Limit order (maker) fees | Free on most standard markets | Makers earn a rebate |
| Live markets | 5,100+ in our testing, all major categories | Sports-first, still expanding US categories |
| Funding methods | 8, including bank, card, wire, crypto, Apple Pay, Venmo, PayPal, Cash App Pay | Bank transfer, card, crypto, PayPal |
| Withdrawal speed | ~5 minutes to transferable balance (tested) | Varies by method |
| Interest on idle cash | ~3.5% | Not offered on the US app |
| New-user offer | Trade $25, get $25 (code VAULTLU) | $25 trading credit on a $10 deposit (code LINEUPS) |
| Best for | Breadth, banking, and US liquidity | Lowest per-trade cost on popular sports markets |
First, Know Which Polymarket You’re Using
There are two Polymarkets, and confusing them is the most common mistake in this comparison.
Polymarket International is the original crypto-based platform. It’s the largest prediction market in the world by volume, settles on the blockchain, funds in USDC, and lists a huge range of global markets. US residents can’t open accounts there.
Polymarket US is the regulated version. Polymarket bought QCX, a CFTC-licensed exchange, in 2025, opened its US app to a waitlist in December 2025, and dropped the waitlist in May 2026. It takes dollars, requires identity verification, and operates under the same federal framework as Kalshi.
The two run on separate systems. Balances don’t transfer, and the US app doesn’t carry the International catalog. On this page, “Polymarket” means Polymarket US unless noted.
Fees: Kalshi vs. Polymarket on the Same Trade
Both platforms charge a taker fee when your order fills against one that’s already posted. Both use a formula that scales with price, so fees peak at 50¢ and shrink toward the extremes. Polymarket US’s rate is lower at every price.
Kalshi: 0.07 × contracts × price × (1 − price), rounded up to the next cent.
Polymarket US: 0.05 × contracts × price × (1 − price).
Taker fees per 100 contracts
| Contract price | Cost of 100 contracts | Kalshi fee | Polymarket US fee | Kalshi as % of stake | Polymarket as % of stake |
|---|---|---|---|---|---|
| 10¢ | $10 | $0.63 | $0.45 | 6.3% | 4.5% |
| 25¢ | $25 | $1.31 | $0.94 | 5.3% | 3.8% |
| 50¢ | $50 | $1.75 | $1.25 | 3.5% | 2.5% |
| 75¢ | $75 | $1.31 | $0.94 | 1.8% | 1.3% |
| 90¢ | $90 | $0.63 | $0.45 | 0.7% | 0.5% |
Two things in this table matter more than the headline rate:
- Longshots are expensive on both platforms. At 10¢, fees take 4.5% to 6.3% of your stake. If you like buying cheap underdogs, include the fee when you decide whether the price is good.
- Limit orders change the math. If you post a limit order and wait for someone to fill it, you’re the maker. Kalshi charges makers nothing on most standard markets, and Polymarket US pays makers a rebate. Patient traders can avoid most of the gap above.
Worked example: $100 on an even-money game
Say you put $100 on a team trading at 50¢ and hold to settlement. That buys 200 contracts.
| Kalshi | Polymarket US | Kalshi fee |
|---|---|---|
| Debit card deposit fee on $100 | $2.00 | $0.00 |
| Taker fee on 200 contracts | $3.50 | $2.50 |
| Payout if you win | $200 | $200 |
| Net profit after all fees | $94.50 | $97.50 |
| Sportsbook comparison (−110) | Win $90.91 on $100 risked |
If you fund Kalshi by bank transfer instead, its net rises to $96.50. Either way, both platforms beat standard −110 sportsbook pricing on a straight side, which is the main reason sports bettors are moving over. That assumes you hold the contract to settlement, though. If you sell early, the next section matters more than this one.
Liquidity: The Cost Nobody Puts in the Fee Table
Liquidity decides whether you can get out of a position near the price you see. On a thin market, there aren’t enough buyers waiting, so exiting early means accepting a worse price.
We tested this on Kalshi by opening and closing real $10 positions:
| Kalshi test trade | Round-trip cost (spread plus fees) |
|---|---|
| Busy, high-volume contract | 6.6% |
| Quiet, thinly traded contract | 19.0% |
That 12-point gap is roughly ten times the fee difference between Kalshi and Polymarket. Choosing a busy market matters more than choosing a platform with a lower fee.
On volume, Kalshi leads the US, especially in sports. At the 2026 Masters, Kalshi reportedly traded about $460 million against Polymarket’s $255 million. Polymarket US has been closing the gap since it opened to the public, but Kalshi’s order books are deeper on most markets.
In practice:
- On big events (NFL Sundays, NBA playoffs, major elections), both platforms are liquid enough for typical stakes.
- On niche markets or larger orders, Kalshi usually fills closer to the posted price.
- On a thin Polymarket book, its fee savings disappear. Saving half a cent per contract doesn’t help if you give back several cents on the exit.
Markets: Kalshi Covers More Ground
Kalshi
Kalshi had over 5,100 live contracts in our testing, and every major category had real depth: sports, politics, economics, financials, climate, culture, tech, and world affairs. Sports alone accounted for 4,350+ markets. Twenty-one of the 27 sports and leagues on our checklist had tradeable volume, and the six gaps were niche, low-traffic sports that most platforms skip. Politics runs from control of Congress down to single races, and economics includes Fed-rate and inflation-print contracts.
Polymarket US
Polymarket US launched with sports first and has been adding categories since. Its sports board competes with Kalshi’s on major leagues. Its other US categories are narrower than Kalshi’s and much narrower than what Polymarket International offers.
If you only trade NFL, NBA, and MLB sides and totals, both platforms will cover you. If you want an inflation print, a Senate race, and Sunday’s slate in one account, Kalshi is the better choice.
State Availability and Legal Status
Both platforms are federally regulated, and both argue that CFTC authority overrides state gambling laws. Several states disagree, and courts are split. This is the fastest-changing part of the comparison, so check your state before you deposit.
| State situation | Kalshi | Polymarket US |
|---|---|---|
| Overall footprint | 46 states plus DC by Kalshi’s count | Most states |
| Sports contracts blocked | Massachusetts, Nevada, Washington, Michigan | Massachusetts has ordered platforms to block residents (Polymarket is challenging this) |
| Fully paused | Nevada also blocks election and entertainment contracts | Nevada |
| Active legal fights | 20+ state lawsuits; Ohio and Tennessee may now enforce after a September 2026 appeals ruling | Connecticut cease-and-desist; Massachusetts countersuit |
The practical point: sports contracts are what states target first. In a state with active litigation, your access to sports markets can change mid-season. Open positions have generally been allowed to settle, but new trades can be cut off. Political and economic contracts have been far less affected, which is one more reason Kalshi’s breadth matters.
Sign-Up and App Experience
Kalshi
Signing up for Kalshi took a few minutes. You enter your email, name, date of birth, address, and Social Security number, which is required for identity verification and tax reporting. After KYC cleared, I could deposit and trade right away.
Trading works like a stock app. You pick a market, choose Yes or No, enter an amount, and see your potential payout before confirming. Kalshi runs on iOS, Android, and desktop, and in our testing the three versions were functionally identical. Cash balances are shown separately from bonus credit, trade history is downloadable, and you can close your account without filing a support ticket.
Polymarket US
Polymarket US sign-up follows the same regulated process: identity verification, your SSN, and a linked funding method. There’s no wallet setup and no USDC conversion. If you used Polymarket International before, the US app is a separate account.
The interface is cleaner and more minimal than Kalshi’s, with fewer categories competing for space on the home screen. The trade ticket shows price, contract count, fee, and payout before you confirm, and the mobile app supports Face ID and Touch ID log-in. The app launched on iOS first, with Android and web versions following later. The web version was still labeled beta in recent months.
Deposits, Withdrawals, and Payout Speed
| Kalshi | Polymarket US | Polymarket US |
|---|---|---|
| Funding methods | Bank transfer, wire, debit card, Apple Pay, Venmo, PayPal, Cash App Pay, crypto | Bank transfer, debit card, crypto, PayPal |
| Minimum deposit | $10 for most methods | $10 for most methods |
| Debit card deposit fee | 2% | No Polymarket fee |
| ACH deposit and withdrawal | Free | Free |
| Withdrawal speed | ~5 minutes to a transferable balance in our testing | Varies by method |
| Where your cash sits | Segregated customer account held by affiliate Kalshi Klear | Regulated US exchange and clearinghouse |
| Interest on idle cash | ~3.5% | Not offered on the US app |
Kalshi’s banking was one of the strongest results in our testing. Every one of the eight funding methods worked as advertised. A real cash-out request became a transferable balance in about five minutes, and a settled market turned into spendable cash in roughly nine. The interest on uninvested balances is meaningful on long-dated markets like elections, where your money could otherwise sit idle for months.
Bonuses and Promotions
Kalshi: Trade $25, get $25 with code VAULTLU. It’s a straight 1:1 match in bonus trading credit with no deposit minimum. Once it posts, you have seven days to use it, and it applies to Kalshi’s prediction markets only. There’s no referral kicker or loyalty program after the welcome offer.
Polymarket US: $25 in trading credit on a $10 deposit with code LINEUPS. Polymarket’s offer is triggered by a deposit, while Kalshi’s requires trading volume, so you can claim Polymarket’s with less money in play.
On both platforms, bonus credit is for trading; only winnings become withdrawable cash. Neither bonus should decide which platform you use. If you trade regularly, $25 is smaller than the fee and liquidity differences above over a season.
Customer Support, Security, and Responsible Trading
| Kalshi | Polymarket US | Polymarket US |
|---|---|---|
| Support channels | Live chat, email, help center | AI chat assistant, help center, community Discord |
| Tested response time | Email ~1 hour; live chat 5+ hours (twice) | AI assistant answers instantly; human escalation varies |
| Account security | 2FA (text, email, or authenticator app), KYC | KYC, biometric log-in on mobile |
| Responsible trading tools | All 7 standard tools verified working | Standard limits and self-exclusion in account settings |
Kalshi’s email support is fast, but its live chat isn’t. In our testing, email replies arrived in about an hour both times, and the answers were specific. Live chat took more than five hours to reach a human on both attempts. If you have a problem during a game, send an email.
Polymarket’s AI assistant handles routine questions well and adapts to how you phrase things better than most scripted bots. Its weak spot is payments. Public reviews include complaints about deposit and withdrawal problems that took a while to resolve, which is exactly when you’d want a human.
On responsible trading, Kalshi verified cleanly. Deposit limits, loss limits, self-exclusion, cool-off periods, session reminders, age verification, and crisis-line signposting were all present and working when we checked them on a live account.
Prediction Markets vs. Sportsbooks: Where Each Fits
If you’re coming from DraftKings or FanDuel, here’s the trade-off. As the worked example shows, both Kalshi and Polymarket price straight sides and moneylines better than a −110 sportsbook line. Sportsbooks still lead on player props, same-game parlays, and in-game depth, and neither prediction market is close to them there yet.
Many bettors keep both: a sportsbook for props and parlays, and a prediction market for sides, totals, and futures. You can compare every platform we’ve tested on our best prediction market apps page.
Kalshi Pros and Cons
Pros
- Over 5,100 live markets in our testing, with real depth in every major category
- Fastest banking we’ve tested: ~5-minute withdrawals and eight working funding methods
- ~3.5% interest on idle cash, with customer funds held in segregated accounts
- All seven standard responsible-trading tools verified working
- Deepest US liquidity, with free maker orders on most standard markets
Cons
- Higher taker fees than Polymarket US: about 3.5% vs. 2.5% at 50¢
- Thin markets are expensive to exit early: 19% round-trip in our testing
- Live chat took 5+ hours to reach a human on both attempts
- 2% fee on debit card deposits
- Sports contracts are blocked in Massachusetts, Nevada, Washington, and Michigan, and more states may follow
Polymarket US Pros and Cons
Pros
- Lowest taker fees of the two at every price point
- Maker rebates reward patient limit-order traders
- Deposit-triggered welcome offer is easier to claim than a trading-volume bonus
- No platform fee on card deposits
- Clean, simple app with biometric log-in
Cons
- Much narrower US market catalog than Kalshi
- Thinner order books on niche markets can cancel out the fee savings
- Paused in Nevada and facing legal challenges in other states
- AI-first support, with complaints concentrated on payment issues
- Short US track record: fully open only since May 2026
Kalshi vs. Polymarket: Which Should You Use?
The old answer was “Kalshi, because Polymarket isn’t legal here.” That’s no longer true, and the real decision is narrower.
- Choose Kalshi if you want one account covering sports, politics, and economics, value fast and flexible banking, or regularly trade amounts large enough that liquidity matters. You’ll pay about a point more in fees for that.
- Choose Polymarket US if you mostly trade popular sports sides and totals at normal stakes, hold to settlement, and want the lowest cost per trade.
- Use both if you shop for prices. A second account costs nothing, and the same game is often priced differently on each platform, which can be worth more than the fee gap.
Bottom line: Kalshi earned a 4.2/5 in our testing and remains the best default for most US traders. It’s the most complete platform we’ve reviewed, with the broadest market coverage, the fastest banking, and the most complete set of responsible-trading tools. Polymarket US is now a real alternative and the cheaper one on popular sports markets. On either platform, choosing a busy market matters more than choosing the platform. Confirm that sports contracts are live in your state before you deposit.
Kalshi vs. Polymarket FAQ
Yes. Polymarket operates a CFTC-regulated US exchange that opened to the public in May 2026. It’s paused in Nevada and facing challenges in some other states, so check your state’s status first.
Polymarket US. Its taker fee is about 30% lower than Kalshi’s at every price, and it doesn’t charge a debit card deposit fee. On thinly traded markets, though, the spread can cost you far more than the fee does on either platform.
In our testing, a withdrawal request became a transferable balance in about five minutes. Settled contracts turned into spendable cash in roughly nine.
No. US users need the separate Polymarket US app and a new verified account. Balances don’t transfer between the two.
Not on Polymarket US. You can fund it by bank transfer, debit card, or PayPal. Crypto is optional.
Yes. Many traders do, so they can take the better price on each market.
Yes. Both platforms collect your SSN for tax reporting, and profits are taxable. Talk to a tax professional about your situation.
