Polymarket and Kalshi are the two largest prediction market platforms in 2026. Polymarket is the global leader available in 150+ countries. Kalshi is a CFTC-regulated US exchange that, since late 2025, has also opened to traders in 140+ other countries — though it stays blocked in Canada, the UK and Australia, and operates without local licenses (and without the regulatory protection US users get) everywhere outside the US.
The short version: For most traders, Polymarket wins on the things that drive returns — deeper liquidity, better odds, broader markets, no KYC, and maker rebates. Kalshi’s edge is regulation and USD cash deposits, which matter most to US residents (Polymarket’s international exchange is blocked in the US). Now that Kalshi is available in many of the same countries as Polymarket, the choice is less about geography and more about what you value.
Quick Comparison
| Feature | Polymarket | Kalshi |
|---|---|---|
| Availability | 150+ countries (blocked in US) | US + 140+ countries (restricted in ~54 jurisdictions incl. Canada, UK, Australia) |
| KYC required | No | Yes (government ID) |
| Regulation | Unregulated | CFTC-regulated in US; no local license abroad |
| Fees | $1.00 – $1.75 per 100 shares (geopolitics: free); makers earn a rebate | Taker max ~$1.75 per 100 contracts (0.07 rate); maker fees on many markets, $0 on some |
| Liquidity | Deep on most markets | Low on most markets |
| Odds quality | Tight spreads | Wider spreads |
| Market categories | Politics, sports, crypto, finance, economics, culture, weather, tech | Politics, economics, finance, events, weather |
| Deposit method | Crypto (22 tokens, 13 chains) + Coinbase + card | USD (bank transfer, debit card) |
| Currency | PUSD (Polymarket’s own dollar-pegged stablecoin; deposits in USDC and 21 other tokens auto-convert) | USD |
| Mobile app | No (mobile browser) | Yes (iOS, Android) |
| Signup time | Under 2 minutes | Several minutes (KYC verification) |
| Trade in/out | Yes | Yes |
Fees
Both platforms use a similar-looking formula, but the details favour Polymarket — especially if you provide liquidity.
Polymarket uses a category-based taker fee: fee = shares × feeRate × price × (1 − price), with feeRate running from 0.04 (politics, finance, tech, mentions) to 0.05 (sports and most others) to 0.07 (crypto). That works out to a max of $1.00 to $1.75 per 100 shares at even odds. Geopolitical markets are fee-free. Makers pay $0 and additionally earn a 15–25% rebate on the taker fees their fills generate.
Kalshi uses a flat taker rate: fee = contracts × 0.07 × price × (1 − price), rounded up per contract — a max of about $1.75 per 100 contracts at 50¢. Because that 0.07 applies across the board, Kalshi’s taker fee sits at or above Polymarket’s most expensive category and well above Polymarket’s cheapest. Kalshi now charges both taker and maker fees. Its taker fee is based on a 0.07 rate (about $0.07–$1.75 per 100 contracts depending on price), and maker orders that are not immediately matched also incur a maker fee on many markets — no longer reliably $0. Some non-standard markets carry higher fees via a fee multiplier. Kalshi’s fees have been changing frequently, so check its current fee schedule before trading.
Net picture: for takers, Polymarket is cheaper than Kalshi on most categories and roughly level on crypto. For makers, it’s not close — Polymarket pays you a rebate, while Kalshi may or may not charge you. The one honest caveat: neither platform is the cheapest venue in the wider market. Near-zero-fee exchanges like SX Bet and Hyperliquid charge practically nothing to either side, so a purely price-sensitive taker with enough liquidity there will beat both. Polymarket’s advantage over those is depth and market breadth, not headline fee rate.
For a complete breakdown of Polymarket’s fee structure, see our Polymarket Fees Explained guide.
Liquidity and Odds
This is the other major differentiator — and arguably the most important one for traders.
Polymarket has deep liquidity on most markets, with millions of dollars in daily volume on popular markets. This means:
- Tighter spreads — Less difference between the buy and sell price
- Better odds — You get closer to the “true” probability
- Less slippage — Large orders fill closer to the displayed price
- More trading opportunities — Active markets with constant price movement
Kalshi has lower liquidity on most markets. This means wider spreads and worse effective odds for traders. On less popular markets, you may struggle to fill orders at reasonable prices.
Why this matters: If Polymarket prices a market at 60/40 (Yes/No) with a 1-cent spread, Kalshi might price the same market at 62/38 with a 3-5 cent spread. On Polymarket you’re buying at closer to the true probability. On Kalshi, you’re paying a wider spread on top of higher fees.
On the markets where Polymarket has the liquidity edge, a trader will usually come out ahead there — the combination of tighter spreads and lower taker fees compounds over many trades.
Market Categories
Polymarket covers a wide range:
- Politics
- Sports
- Crypto
- Finance
- Economics
- Culture
- Weather
- Tech
Kalshi covers:
- Politics
- Economics
- Finance
- Events
- Weather
Polymarket has broader coverage, particularly in sports, crypto, culture, and tech — categories that Kalshi doesn’t cover or has minimal market selection in.
Availability and Access
This used to be Kalshi’s clear-cut advantage. It’s now more nuanced.
Kalshi is available in the United States, where it claims to be legal in all 50 states as a CFTC-regulated exchange (some states are challenging that classification, and Minnesota has banned prediction markets outright effective August 2026, so the landscape may evolve). Since an international expansion in late 2025, Kalshi is also available in 140+ other countries (its Member Agreement lists ~143 supported countries) — so it’s no longer US-only. Two important caveats:
- ~54 jurisdictions are restricted under Kalshi’s Member Agreement. These include Canada; Europe — Belarus, Belgium, Bulgaria, France, Hungary, Ireland, Italy, Monaco, Poland, Portugal, Russia, Switzerland, Ukraine, United Kingdom; Middle East — Iran, Iraq, Lebanon, Syria, UAE, Yemen; Africa — Algeria, Angola, Burkina Faso, Cameroon, Central African Republic, Côte d’Ivoire, DRC, Ethiopia, Kenya, Libya, Mali, Mozambique, Namibia, Niger, Somalia, South Sudan, Sudan, Zimbabwe; Asia-Pacific — Afghanistan, Australia, Laos, Myanmar, New Zealand, North Korea, China, Singapore, Taiwan, Thailand; and Latin America/Caribbean — Bolivia, Cuba, Haiti, Nicaragua, Venezuela.
- Separately, some governments have blocked Kalshi by law — Spain (May 2026) and Brazil (April 2026) among them — even though they’re not on Kalshi’s own restricted list. This is the same government-block dynamic that hits Polymarket.
- Outside the US, Kalshi operates without local licenses. You can access it, but you don’t get the CFTC-style consumer protection that is its main selling point. Available is not the same as protected.
Polymarket’s international exchange is blocked in the US. A separate Polymarket US exchange exists but is invite-only and limited to sports betting. For US residents wanting prediction markets on politics, economics and other categories, Kalshi remains the primary regulated option.
For international users, both platforms are now often available in the same country. Polymarket still reaches more places (150+), but the old “Polymarket abroad, Kalshi in the US” split no longer holds. Outside the US the decision comes down to liquidity, fees, KYC and market breadth — where Polymarket leads — rather than simple access.
Signup and KYC
Polymarket: No KYC. Sign up with Google, email, or a crypto wallet in under 2 minutes. Start trading immediately.
Kalshi: Full KYC required. You need to provide government-issued ID and personal information. The verification process takes several minutes and may require additional time for manual review.
For users who value privacy or want to start trading quickly, Polymarket’s zero-KYC approach is a significant advantage.
Deposits
Kalshi wins on simplicity here. You can deposit USD directly via bank transfer or debit card. No crypto knowledge required. This is straightforward for anyone with a US bank account.
Polymarket requires cryptocurrency. The trading currency on the platform is PUSD — Polymarket’s own dollar-pegged stablecoin — but you can deposit USDC and 21 other tokens across 13 chains, connect Coinbase, or use card/Apple Pay/Google Pay on-ramps (with higher fees). Whatever you send is auto-converted to PUSD on arrival. If you’ve never used crypto before, there’s a learning curve.
For a complete guide: How to Deposit on Polymarket
Mobile Experience
Kalshi has a dedicated mobile app for iOS and Android. It’s well-designed and provides a native experience.
Polymarket (international exchange) does not have a mobile app. You trade through the mobile browser, which works but isn’t as polished as a native app.
This is a genuine advantage for Kalshi. For traders who primarily use their phone, Kalshi provides a better mobile experience.
Regulation
Kalshi is regulated by the CFTC (Commodity Futures Trading Commission) as a designated contract market. This provides regulatory clarity and consumer protections that come with operating within the US financial system.
Polymarket is not regulated by any single financial authority. Trades execute via smart contracts on the Polygon blockchain. This means more freedom (no KYC, global access) but less regulatory protection.
For risk-averse users who prioritize regulatory oversight, Kalshi’s CFTC regulation is reassuring. For users who prioritize privacy, lower fees, and global access, Polymarket’s approach is preferable.
Who Should Use Each Platform?
Choose Polymarket if you:
- Are outside the United States
- Want the lowest fees and best odds
- Value deep liquidity and tight spreads
- Want to trade crypto, sports, culture, and tech markets
- Prefer no KYC — sign up and trade in under 2 minutes
- Are comfortable with (or willing to learn) cryptocurrency
- Are a serious trader focused on maximizing returns
Choose Kalshi if you:
- Are in the United States and can’t access Polymarket’s international exchange
- Want the CFTC regulation and consumer protections that come with trading as a US user (note: these don’t extend to international users)
- Want to deposit USD directly with a bank account or debit card
- Want a mobile app
- Are a casual user who values simplicity over optimal pricing
- Don’t want to learn anything about cryptocurrency
The Bottom Line
For most traders, this comparison still favours Polymarket. Deeper liquidity, better odds, more market categories, no KYC, lower taker fees on most categories, and maker rebates instead of maker fees all point the same way. Active traders — especially anyone providing liquidity — will keep more of their returns on Polymarket.
Kalshi’s strengths — CFTC regulation for US users, USD cash deposits, and a mobile app — make it a viable choice, particularly for US residents who want a simple, regulated experience. Its late-2025 international expansion means it’s no longer US-only, but abroad it trades without local licenses, and its fees run higher on takers with inconsistent maker pricing. Outside the US, the main reason to pick Kalshi over Polymarket is the app and cash deposits, not access or cost.
If you’re willing to spend 15 minutes learning how to deposit crypto, Polymarket is the better platform by every metric that matters for your returns.
Related
- All Reviews & Comparisons — Browse every review
- Polymarket Review 2026 — Full review after 3 years of trading
- Best Prediction Markets 2026 — How every platform compares
- What Is Polymarket? — Complete platform overview
- How to Sign Up for Polymarket — Create your account
- How to Trade on Polymarket — Start trading with market or limit orders
- Polymarket Fees Explained — Detailed fee breakdown (or use the fee calculator)
- How Prediction Markets Work — Understand the mechanics
- Is Polymarket Available in Your Country? — Check access with our country checker