Kalshi vs Polymarket: which should you use? (2026)

TL;DR

Kalshi is the US-regulated choice: CFTC oversight, ACH funding, KYC required.
Polymarket is the widest-selection choice: its CFTC-regulated US app trades in dollars in 49 states plus D.C.
Both are regulated in the US. Pick Polymarket if you want the widest menu of markets and a low-deposit welcome bonus.

Kalshi · Trade $25 and Get $25!

COLLEGEPM

Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.

Last checked October 21, 2026

New to this? Read this first

Prediction markets price events in cents, not odds. Here is the vocabulary used on this page, in plain English.

Price = probability: A contract that pays $1 trading at 12¢ means the market thinks there's a 12% chance.
YES / NO share: YES pays $1 if it happens. NO pays $1 if it doesn't. You can never lose more than you paid.
Implied chance: Just the price read as a percentage. A contract at 14¢ implies a 14% chance.
Vig: A built-in margin some venues charge. On prediction markets you pay the spread and fees instead.
Liquidity: How much money is in the market. More money means you can get in and out at the price you see.

Kalshi vs Polymarket is the prediction-market debate of the year. Short version: one is your CFTC-regulated US app, the other is the world's biggest market with a newer US app. Long version below.

The 60-second summary

Kalshi is the institutional answer: regulated, dollar-based, US-legal in most states, and run like a futures exchange. Polymarket is the selection answer: a much wider market menu and, since its 2025 QCX acquisition, a CFTC-regulated US app.

Kalshi scorecard 4.2 / 5

App quality	5/5	Best-in-class iOS/Android app.
Fees	4/5	Transparent 1–7% per trade.
Market selection	3/5	Curated, US-focused catalog.
Payout speed	4/5	ACH withdrawals in 1–3 days.
Legal/trust	5/5	CFTC-regulated, US-legal.

Polymarket scorecard 4.4 / 5

App quality	4/5	Slick app.
Welcome offer	5/5	Deposit $10, get a $25 trading bonus (COLLEGEPM).
Market selection	5/5	Widest catalog anywhere.
Funding	4/5	Dollars in the app; no crypto needed.
Legal/trust	4/5	CFTC-regulated US app; 49 states + D.C.

In testing, Kalshi's ACH deposit cleared on day two and a withdrawal landed on day three. Polymarket US funds in dollars inside the app. The trade-off is what the scorecards show: Kalshi's apps on every device versus Polymarket's selection and low-deposit bonus.

How we compare

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

Regulation status — who oversees the platform, and whether it is a CFTC-regulated exchange or a sweepstakes app.
Availability in your state — the platform's own state list. A platform is never recommended for a state it does not serve.
Fees — the cost of a round trip, taken from each operator's published fee schedule.
Market range — how many college and other markets are listed.
Deposits and withdrawals — methods, minimum deposit and how long a withdrawal takes.
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
Kalshi: 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.

Side-by-side

	Kalshi	Polymarket
Legal status (US)	CFTC-regulated DCM	CFTC-regulated US app (via QCX)
Underlying asset	USD	USD (US app)
KYC required	Yes	Yes
Trading fees	Tiered maker/taker, ~1–7%	Shown in the app before you confirm
Withdrawals	ACH, 1–3 days	In dollars, from the app
Contract types	Binary, categorical, some scalar	Binary and categorical
Resolution authority	Kalshi (CFTC-regulated)	Polymarket US (CFTC-regulated)
Market selection	Curated, conservative	Open, much wider menu
Mobile app	iOS + Android	Polymarket US app

Who should pick Kalshi

Anyone who wants the longest US regulatory track record (DCM since 2020). Note Kalshi isn't available in Michigan, Nevada or Washington; Polymarket US covers Michigan and Washington but not Nevada.

Who should pick Polymarket

Traders in 49 states plus D.C. Anyone who wants a welcome bonus for a small deposit. Anyone hunting markets that haven't been listed on Kalshi — Polymarket's open listing process means it carries far more contracts per day, especially around culture, sports, and crypto events.

What about Rebet?

There's a third option worth knowing: Rebet, a mobile-first social sportsbook and prediction app available in 38 states plus D.C. It's the easiest mobile on-ramp for sports-style markets and runs a 100% purchase match for new users. It's not a direct Kalshi/Polymarket replacement, but for college sports it's a strong complement.

Our recommendation

If you're in the US and starting out, open Kalshi (opens in a new tab). If you want maximum market selection, use Polymarket (opens in a new tab). Many active traders keep accounts on both — and add Rebet for mobile sports.

Where to trade these markets

PolymarketDeposit $10, Get a $25 Trading Bonus!Widest market menuClaim offer → (opens in a new tab) KalshiTrade $25 and Get $25!US-regulated (CFTC) · 47 states + D.C.Claim offer → (opens in a new tab) Rebet100% purchase match up to $100!Mobile only · code COLLEGEPMClaim offer → (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.

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.

Location matters when choosing between them — check if Kalshi is available in your state, and see where Polymarket is accessible in the US.

Price → probability → payout

Contract price in cents (e.g. 14)Amount you put in ($)

Implied chance: 14.0%
Contracts: 143
Pays back: $142.86
Profit if right: $122.86

A contract settles at $1 if the event happens and $0 if it doesn't, so the price is the market's probability. Every contract you buy at this price pays $1 — the cheaper the price, the less likely the market thinks it is.

Your first trade, step by step

Fund a small balanceOpen an account, verify your ID, and deposit $10–$20 by debit or ACH. You must be 18+ and in an eligible state.
Find the marketSearch the event by team, player or headline. Check the price and the volume — thin markets move a lot on small orders.
Read the price as a probabilityA 23¢ YES contract means the market gives it about a 23% chance. If you think it is higher than that, YES is the value side.
Place a limit orderEnter the price you want rather than taking the market. You buy shares, not a bet slip — the most you can lose is what you paid.
Decide your exitYou can sell any time before the event resolves, or hold to settlement where each winning share pays $1.

Ready to try it: open Kalshi (opens in a new tab). 18+, eligible states only. Trade what you can afford to lose.

Sources & further reading

Kalshi fee schedule (opens in a new tab)Kalshi
Polymarket documentation (opens in a new tab)Polymarket

Frequently asked questions

Is Polymarket legal for US users?

Available to eligible residents (as of October 3, 2026); check current state rules. Access is through the Polymarket US app, which runs on a CFTC-regulated exchange and clearing organization and is available in 49 states plus D.C. (not Nevada). The offshore international site still blocks US users. This is not legal advice.

Is Kalshi safer than Polymarket?

Both are CFTC-regulated in the US: Kalshi as a Designated Contract Market, Polymarket US through Polymarket US and Polymarket Clearing. The bigger risk on either is market risk — you can lose what you stake.

Which has lower fees?

Kalshi charges roughly 1–7% per trade depending on price. The Polymarket US app shows its fee on each order before you confirm. Compare the fee each app shows for the same order.

Which has more college markets?

Neither lists many, yet. Polymarket has a wider open-listing process, but coverage remains thin. We're tracking them as they appear.

Can I arbitrage between Kalshi and Polymarket?

In theory yes — same event, different prices. In practice the friction (two KYC processes, funding delays, slightly different resolution rules) makes consistent arb hard unless you're trading size.

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.