Kalshi vs Polymarket
Published 2026-08-07 · Last reviewed 2026-08-07
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.
| KalshiGet $10! | PolymarketDeposit $20, 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 | Available in most US states and DC | 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 available in most us states and dc. 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?
Available in most US states and DC. 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
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