Kalshi vs Polymarket: which prediction market should you use?
Published 2026-05-17 · Last reviewed 2026-05-17
TL;DR
- Kalshi is the US-regulated choice: CFTC oversight, ACH funding, KYC required.
- Polymarket is the global choice: on-chain USDC, no KYC, far wider market selection — but US users are technically restricted.
- If you're in the US and want safety, use Kalshi. If you want the widest menu of markets and you're outside the US (or comfortable with the on-chain workflow), use Polymarket.
Kalshi vs Polymarket is the prediction-market debate of the year. Short version: one is your CFTC-regulated US app, the other is the global, crypto-native one. 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 crypto-native answer: on-chain, no KYC, much wider market selection — at the cost of being off-limits to US users on paper.
Side-by-side
| Kalshi | Polymarket | |
|---|---|---|
| Legal status (US) | CFTC-regulated DCM | Off-shore; US users restricted |
| Underlying asset | USD | USDC (Polygon) |
| KYC required | Yes | No |
| Trading fees | Tiered maker/taker, ~1–7% | 0% trading; pay gas on funding |
| Withdrawals | ACH, 1–3 days | On-chain, minutes |
| Contract types | Binary, categorical, some scalar | Binary and categorical |
| Resolution authority | Kalshi (CFTC-regulated) | UMA oracle (disputable) |
| Market selection | Curated, conservative | Open, much wider menu |
| Mobile app | iOS + Android | Web-first, PWA |
Who should pick Kalshi
US-based traders who want regulatory clarity, USD funding, and a clean tax trail. Anyone trading size who needs the protection of a regulated venue. Anyone who wants a clean iOS/ Android app instead of MetaMask.
Who should pick Polymarket
Non-US traders. Anyone comfortable with on-chain wallets. 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.
Our recommendation
If you're in the US and starting out, open Kalshi. If you want maximum market selection or you're outside the US, use Polymarket. Many active traders keep accounts on both.
US residents: Polymarket geo-blocks US IPs and its terms of service prohibit US users. See Is Polymarket legal? before signing up.Frequently asked questions
Is Polymarket legal for US users?
Polymarket's terms of service restrict US users, and the CFTC has previously fined Polymarket. Many US traders use Polymarket via VPN; this is not legal advice.
Is Kalshi safer than Polymarket?
Kalshi is regulated as a Designated Contract Market by the CFTC, which means audited reserves and dispute resolution. Polymarket's funds live on-chain and rely on smart-contract security plus UMA oracle integrity.
Which has lower fees?
Polymarket charges 0% on trades but you pay gas to deposit and withdraw. Kalshi charges 1–7% per trade depending on price and volume. For small frequent trades, Polymarket is cheaper.
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 (KYC, ACH, gas, slightly different resolution sources) makes consistent arb hard unless you're trading size.
Independent coverage. Some outbound links are affiliate links — see footer disclosure.