Polymarket vs Kalshi: Which Prediction Market Should You Use?
Polymarket and Kalshi are the two largest prediction market platforms in 2026, and combined monthly volume across both has reached tens of billions of dollars. Here's how they actually differ.
Last checked: September 2026
Quick comparison
| Polymarket | Kalshi | |
|---|---|---|
| Founded | 2020 | Opened to the public in 2021 |
| US regulation | CFTC-regulated since Dec. 2025 via QCEX acquisition (Polymarket US) | CFTC-regulated exchange since 2020/2021 |
| Settlement currency | USDC (stablecoin) on Polygon | US dollars |
| Global availability | 150+ countries on the global site (blocked for US IPs) | Expanded to 140+ countries in late 2025 (still blocked in Canada, UK, Australia) |
| Strongest categories | Politics, crypto, world events, culture | Sports, US-focused markets, traditional event contracts |
| Fee style | Probability-based, peaks near 50/50 odds, maker rebates common | Maker-taker model baked into contract pricing |
| Fee-free category | Geopolitics & world events | Geopolitics & world events |
| KYC (identity check) | None on the global site; full KYC on Polymarket US | Full KYC required |
Fees, in plain English
Kalshi's cost structure tends to be baked directly into how contracts are priced: makers (people whose resting orders get filled by someone else) generally pay less than takers (people who fill an existing order). Polymarket uses a formula where the fee is highest right around a 50/50 probability and tapers off as the odds move toward either extreme, and it frequently pays a rebate to makers rather than charging them. On both platforms, geopolitics and world-event markets are currently fee-free. Fee schedules on both sides have changed more than once in 2026, so treat any specific percentage you read, including here, as a snapshot, and check the platform's current fee page before you trade.
Market variety
Kalshi built its early reputation on sports and traditional event contracts with a straightforward, brokerage-like feel. Polymarket built its reputation on political and world-event markets, and it has broadened sports coverage significantly to close the gap. In practice, most active traders end up checking both platforms for the same event, since prices and depth can differ meaningfully between the two.
Which one should you pick?
Our take
Pick Kalshi if: you want US-dollar settlement, a simpler regulatory history, and strong sports market coverage.
Pick Polymarket if: you want the deepest liquidity, the widest range of political and world-event markets, and don't mind trading in USDC. Many active traders end up using both, since specific markets and pricing vary between the two.
Frequently asked questions
Is Polymarket or Kalshi better?
It depends on your priorities. Polymarket generally has deeper liquidity and broader market variety, especially in politics and world events. Kalshi offers a more traditional, US-dollar brokerage feel with a longer regulatory track record.
Are Kalshi and Polymarket both legal in the US?
Yes, both operate CFTC-regulated products for US users as of the end of 2025. A handful of states have pushed back against both, so check your state's status before trading.
Do they charge the same fees?
No: Kalshi uses a maker-taker model baked into pricing, while Polymarket uses a probability-based fee that peaks near 50/50 odds. Both keep geopolitics markets fee-free. Schedules change, so verify current rates before trading.
Try either platform
Both offer active referral programs. See the full breakdown on each page.
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