Kalshi vs Polymarket
Published 2026-08-07 · Last reviewed 2026-09-18
TL;DR
- Kalshi: The CFTC-regulated exchange — the safest on-ramp for US traders.
- Polymarket: Zero trading fees and the widest college market menu, settled in USDC.
- For college markets specifically, Kalshi is the one most readers should open first — us traders who want a regulated venue and a real mobile app.
| KalshiTrade $25 and Get $25! | PolymarketDeposit $10, Get a $50 Trading Bonus! | |
|---|---|---|
| Regulation | CFTC-regulated designated contract market (DCM) | US entity operating under a CFTC-registered DCM structure |
| Trading fees | ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement | 0% maker and taker; you pay Polygon gas plus 1–4% on-ramp |
| College markets | College football, March Madness, Heisman, admissions-adjacent policy markets | Deepest board — national champion, conference winners, win totals, Heisman, CFB playoff seeding |
| Apps | Web, iOS, Android | Web, iOS (US app is iOS-only) |
| Deposit methods | ACH, debit card, wire ($10), crypto | Card/bank to USDC, crypto transfer |
| Minimum deposit | $1 | $1 (practically ~$20 after on-ramp fees) |
| Withdrawals | ACH free, 1–3 business days; wire $30 | Minutes on-chain; 1–3% off-ramp to fiat |
| US availability | 47 states + D.C. — Michigan, Nevada and Washington excluded | iOS app available in most US states and DC |
| Best for | US traders who want a regulated venue and a real mobile app | Anyone who wants the most college markets and pays no per-trade commission |
| Watch out for | Fees peak near 50¢ — the closer to a coin flip, the more you pay | No Android app in the US yet; on-ramp fees hit small deposits hardest |
| Sign up | Open Kalshi | Open Polymarket |
Fees: what a round trip actually costs
Kalshi charges ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement. Polymarket charges 0% maker and taker; you pay polygon gas plus 1–4% on-ramp. Headline rates mislead on small balances: on a $20 stake, a deposit or withdrawal fee usually outweighs the per-trade commission, so count the whole round trip before deciding.
College market depth
Kalshi lists college football, march madness, heisman, admissions-adjacent policy markets. Polymarket lists deepest board — national champion, conference winners, win totals, heisman, cfb playoff seeding. If you are here for college football or March Madness, depth matters more than a few basis points of fee difference — a market that does not exist cannot be traded at any price.
Access and apps
Kalshi runs on web, ios, android and is 47 states + d.c. — michigan, nevada and washington excluded. Polymarket runs on web, ios (us app is ios-only) and is ios app available in most us states and dc.
The verdict
Pick Kalshi if: us traders who want a regulated venue and a real mobile app. Pick Polymarket if: anyone who wants the most college markets and pays no per-trade commission. The honest answer for most students is to open the one that lists the markets you actually want and keep the other as a price check.
Frequently asked questions
Is Kalshi or Polymarket cheaper?
Kalshi: ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement. Polymarket: 0% maker and taker; you pay Polygon gas plus 1–4% on-ramp. Compare on total round-trip cost — deposit fee, trading fee, and withdrawal fee together — not the headline rate.
Which has more college markets, Kalshi or Polymarket?
Kalshi lists college football, march madness, heisman, admissions-adjacent policy markets. Polymarket lists deepest board — national champion, conference winners, win totals, heisman, cfb playoff seeding.
Can I use both Kalshi and Polymarket?
Yes. Many traders keep accounts on both and route each trade to whichever venue prices that market better. Nothing stops you from claiming both sign-up offers if you qualify in your state.
Is Kalshi legal in my state?
47 states + D.C. — Michigan, Nevada and Washington excluded. Polymarket: ios app available in most us states and dc. Check the state pages on this site for the current list before depositing.
Sources & further reading
- CFTC — Designated Contract Markets (DCMs)U.S. Commodity Futures Trading Commission
- Kalshi Rulebook and exchange rulesKalshi (KalshiEX LLC)
- Polymarket Terms of Use — eligibility and restrictionsPolymarket
Related
Independent coverage. Some outbound links are affiliate links — see footer disclosure.