Kalshi alternatives: every real option in 2026

Kalshi is the default, not the only option. Here's everywhere else US traders actually go — and where each one wins.

Why look beyond Kalshi?

Kalshi is the best overall US venue, but it has real gaps: a smaller catalog than Polymarket, 1–7% trading fees, and limited coverage of long-tail topics. Depending on what you want to trade and where you live, an alternative may suit you better.

1. Polymarket — biggest catalog

Polymarket has more markets than every other venue combined. US traders use the Polymarket US app, which is CFTC-regulated and trades in dollars.

Open a Polymarket account → (opens in a new tab)

US traders: Polymarket is available via the app in 49 states + D.C. Deposit $10 and use code COLLEGEPM for a $25 bonus. See where Polymarket is available and is Polymarket legal? before signing up.

2. PredictIt — US-legal, capped at $850

PredictIt runs under a CFTC no-action letter, accepts US users, and excels at political markets. The $850-per-market cap means it can't be your primary venue but it can supplement Kalshi when a specific political contract is only listed on PredictIt.

3. Manifold Markets — free play-money

Manifold uses in-app 'mana' rather than real money. Best for calibration practice before you trade real money anywhere else, and for trading exotic markets nobody else lists.

4. On-chain newcomers — Limitless, Drift BET, Augur V2

A wave of new on-chain prediction markets launched through 2025–2026 on Base, Solana, and Ethereum L2s. Liquidity is thin and the US-legality picture is unclear. Watch but don't deposit serious money without checking volume and resolution-backlog first.

Kalshi alternatives by use case

1. Best social sports app and largest sign-up match

   Rebet

   Rebet is a mobile-only social sweepstakes sports app with college football and basketball lines, and new users get a 100% purchase match up to $100.

   • Watch out: Not an exchange — you are not trading against an order book.
   • Where: 38 states + D.C. — not AZ, CA, CT, ID, LA, MD, MI, MT, NV, NJ, NY or TN.
   • Regulation: Sweepstakes/social model; not a CFTC exchange.

   Rebet — 100% purchase match up to $100! Code COLLEGEPM → (opens in a new tab)

   Rebet is a social sweepstakes platform, not a CFTC-regulated exchange. New users only. Offer terms are set by Rebet and may change. Not available in all states.

   21+. Gambling problem? Call 1-800-GAMBLER.

2. Best for sports with peer-to-peer pricing

   ProphetX

   ProphetX is a CFTC-regulated, sports-first market where you trade against other users, with a 2% commission on net winnings and nothing on losing or unmatched trades.

   • Watch out: Built around sports (check the app for other markets); smaller markets can be slow to match.
   • Where: 49 states + D.C. — Nevada excluded.
   • Regulation: CFTC-approved designated contract market (DCM) and clearing organization (DCO), June 2026.

   ProphetX — Trade $50, Get $75! Code COLLEGEPM → (opens in a new tab)

   18+ only. New traders only. Offer terms are set by ProphetX and may change. Event contract trading involves risk, including loss of the funds you commit. ProphetX is a CFTC-regulated designated contract market and derivatives clearing organization. Not available in all states.

   21+. Gambling problem? Call 1-800-GAMBLER.

3. Best market range and a bonus for a $10 deposit

   Polymarket

   Polymarket US has the widest college market menu on our fact sheet and gives new users a $25 trading bonus for a $10 deposit.

   • Where: 49 states + D.C. — Nevada excluded.
   • Regulation: CFTC-regulated exchange and clearing organization (Polymarket US).

   Polymarket — Deposit $10, Get a $25 Trading Bonus! Code COLLEGEPM → (opens in a new tab)

   18+ Only. Restrictions and eligibility requirements apply. Not available in all jurisdictions. Trading is risky. 100% loss can occur. See polymarket.com/tos for more information. The Polymarket US App serves as an independent software provider and affiliate of Polymarket US and Polymarket Clearing, the CFTC-regulated exchange and clearing organization.

   21+. Gambling problem? Call 1-800-GAMBLER.

4. Peer-to-peer sports alternative for 21+

   Novig

   Novig is a peer-to-peer sports app where you trade against other users rather than a house line, with $50 in trade credits for a $10 deposit.

   • Watch out: Sports only; trade credits aren't cash — read the terms.
   • Where: 47 states + D.C. — Arizona, Michigan and Nevada excluded.
   • Regulation: CFTC-designated contract market (Ludlow Exchange, LLC), June 2026.

   Novig — Deposit $10, Get $50 in Trade Credits! Code CPM → (opens in a new tab)

   Restrictions & requirements apply. Not available in all states. 21+. Event contract trading involves risk & is not appropriate for all. Consider if it's appropriate for you in light of financial circumstances. See novig.com/terms for information.

   21+. Gambling problem? Call 1-800-GAMBLER.

How we rank the alternatives

Every platform is compared on the same six things, read from one shared fact sheet:

1. Regulation status — who oversees the platform, and whether it is a CFTC-regulated exchange or a sweepstakes app.
2. Availability in your state — the platform's own state list. A platform is never recommended for a state it does not serve.
3. Fees — the cost of a round trip, taken from each operator's published fee schedule.
4. Market range — how many college and other markets are listed.
5. Deposits and withdrawals — methods, minimum deposit and how long a withdrawal takes.
6. Sign-up offer — the current new-user offer and what you must do to qualify.

Who tested. Catie Di Stefano, our editor, keeps the fact sheet. Kalshi is tested hands-on from her own funded account (dated screenshots are in our Kalshi review), and the Polymarket review shows the app's own screens. The other platforms are rated from their published rules, fee schedules and offer terms.

Fact sheet last updated

• Polymarket: September 29, 2026
• ProphetX: September 27, 2026
• Rebet: September 30, 2026
• Novig: October 1, 2026
• Kalshi: September 18, 2026
• Robinhood: September 18, 2026
• PredictIt: September 18, 2026

Evidence we check against

• CFTC — list of Designated Contract Markets (DCMs) (opens in a new tab) — U.S. Commodity Futures Trading Commission
• CFTC grants Kalshi DCM designation (Release 8342-21) (opens in a new tab) — U.S. Commodity Futures Trading Commission
• CFTC: contracts and products (opens in a new tab) — U.S. Commodity Futures Trading Commission
• KalshiEX v. Flaherty (3rd Cir. Apr 6, 2026) (opens in a new tab) — U.S. Court of Appeals for the Third Circuit (via Justia)
• KalshiEX v. Assad (9th Cir. Aug 28, 2026) (opens in a new tab) — U.S. Court of Appeals for the Ninth Circuit
• KalshiEX v. Schuler / Orgel (6th Cir. Sept 25, 2026) (opens in a new tab) — U.S. Court of Appeals for the Sixth Circuit (via Justia)

Federal appeals courts are split on whether states can apply their gambling laws to sports event contracts, so sports availability can change. Fees and offer terms come from each operator's own fee schedule and rules; check them in the app before you deposit. Not legal advice.

Which alternative fits you?

• Non-US, want more markets and cheaper fees → Polymarket.
• US, specific political market only on PredictIt → PredictIt.
• Just learning, want to test calibration → Manifold.
• Want the widest menu → Polymarket.

Your best option depends on where you live: check if Kalshi is available in your state, and see where Polymarket is accessible in the US.

Related reading

The best prediction market apps in 2026The best prediction market apps in 2026, ranked: Kalshi, Polymarket, ProphetX, Novig, Rebet and more — with the right…Read → Kalshi vs Polymarket: which should you use? (2026)A direct comparison of Kalshi and Polymarket across legality, fees, market selection, and payout speed. Includes a re…Read → Polymarket review (2026): the US app, bonus and verdictPolymarket review for US traders: the CFTC-regulated Polymarket US app, how it trades in dollars, where it's avai…Read → Manifold Markets review (2026): best free prediction marketManifold Markets uses 'mana' — free play-money — and lets anyone create or trade in any market. Best sandbox for lear…Read →

21+. Gambling problem? Call 1-800-GAMBLER.

Frequently asked questions

What is the best Kalshi alternative?

Polymarket for most people — bigger catalog, a CFTC-regulated US app in 49 states plus D.C., and a $25 bonus for a $10 deposit. For politics with small stakes: PredictIt (capped at $850 per market). For free play-money: Manifold Markets.

Is there a US-legal alternative to Kalshi with no position limits?

Kalshi is no longer the only CFTC-regulated venue for event contracts: Polymarket's US app and OG (listed on Crypto.com | Derivatives North America) also operate under CFTC oversight. Position limits vary by exchange and contract, so check each platform's rules. PredictIt is also US-legal but capped at $850 per market.

What about on-chain alternatives in the US?

Polymarket's offshore site blocks US users, but its CFTC-regulated Polymarket US app (built on the 2025 QCX acquisition) trades in dollars. Newer on-chain venues (Limitless on Base, Drift BET on Solana) have thin liquidity and unclear US legality.

What does the price actually mean?

A contract settles at $1 if the event happens and $0 if it doesn't, so the price is the market's probability. A contract at 23¢ means roughly a 23% chance, and $1 buys about 4.3 shares.

How much money do I need to start?

You can place a real trade with $10–$20. Contracts are priced in cents, so a $20 balance buys dozens of shares on a cheap market. Start small until you have seen a position settle.