Kalshi vs PredictIt
Published 2026-08-07 · Last reviewed 2026-09-18
TL;DR
- Kalshi: The CFTC-regulated exchange — the safest on-ramp for US traders.
- PredictIt: The academic-era politics market — historic, and heavily capped.
- 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! | PredictIt | |
|---|---|---|
| Regulation | CFTC-regulated designated contract market (DCM) | Operates under a CFTC no-action framework |
| Trading fees | ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement | 10% on profits, 5% on withdrawals |
| College markets | College football, March Madness, Heisman, admissions-adjacent policy markets | Essentially none — politics-focused |
| Apps | Web, iOS, Android | Web only |
| Deposit methods | ACH, debit card, wire ($10), crypto | Card, ACH |
| Minimum deposit | $1 | $10 |
| Withdrawals | ACH free, 1–3 business days; wire $30 | Up to a week; 5% fee |
| US availability | 47 states + D.C. — Michigan, Nevada and Washington excluded | Nationwide, with per-market position caps |
| Best for | US traders who want a regulated venue and a real mobile app | Political forecasting hobbyists |
| Watch out for | Fees peak near 50¢ — the closer to a coin flip, the more you pay | Position caps and profit fees make it the most expensive option here |
| Sign up | Open Kalshi | No offer tracked |
Fees: what a round trip actually costs
Kalshi charges ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement. PredictIt charges 10% on profits, 5% on withdrawals. 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. PredictIt lists essentially none — politics-focused. 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. PredictIt runs on web only and is nationwide, with per-market position caps.
The verdict
Pick Kalshi if: us traders who want a regulated venue and a real mobile app. Pick PredictIt if: political forecasting hobbyists. 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 PredictIt cheaper?
Kalshi: ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement. PredictIt: 10% on profits, 5% on withdrawals. 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 PredictIt?
Kalshi lists college football, march madness, heisman, admissions-adjacent policy markets. PredictIt lists essentially none — politics-focused.
Can I use both Kalshi and PredictIt?
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. PredictIt: nationwide, with per-market position caps. 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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