Polymarket vs Kalshi | Fees, Liquidity, Markets & More

Polymarket and Kalshi are the two largest prediction market platforms in 2026. Polymarket is the global leader available in 100+ 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 breadth, cost and privacy — more market categories, no KYC, lower taker fees on most categories, and maker rebates instead of maker fees. Kalshi’s edges are regulation, USD cash deposits, a native app, and sports liquidity that now leads the market on volume. Both are available in many of the same countries, and Polymarket’s international exchange is close-only in the US while a separate Polymarket US venue is now open — so the choice is mostly about what you want to trade.

Quick Comparison

Is Polymarket or Kalshi Better?

Neither wins outright. The answer depends on where you live, how you want to fund the account, and which markets you actually want to trade.

• Polymarket is usually the better fit if you are outside the US, you can hold crypto, and you want the widest range of markets. It has no KYC, the lowest taker fees on most categories, and makers pay $0 while earning a rebate on the fees their fills generate.
• Kalshi is usually the better fit if you are in the US and want the longest-established regulated venue, need to fund in dollars without touching crypto, or want a native mobile app.

The sharpest structural difference is on the maker side, not the taker side: Kalshi charges maker fees on many markets, while Polymarket charges makers nothing at all. If you intend to post resting limit orders rather than cross the spread, that single difference often outweighs everything else in the table above.

One framing correction worth stating, because it circulates widely: Kalshi is the longest-established CFTC-designated contract market, but it is not the only one. Polymarket US is also a CFTC DCM. The choice for US residents is between two regulated venues, not between a regulated venue and an unregulated one.

What Is the Difference Between Polymarket and Kalshi?

Four differences account for almost all of it:

1. Structure and funding. Polymarket’s international exchange is crypto-native — you deposit USDC or one of 100+ supported tokens and it converts to pUSD, with no KYC. Kalshi is a fiat venue: USD in by ACH bank transfer or debit card, with full identity verification required before your first trade.
2. Regulation. Both operate under CFTC-designated contract market status, but in different senses. Kalshi has held its DCM designation since November 2020. Polymarket US received its designation in December 2025, while the international exchange at polymarket.com is not US-regulated and is close-only for US IP addresses.
3. Fees. Polymarket’s taker fee is category-based, running $1.00 to $1.75 per 100 shares with geopolitics free. Kalshi’s standard taker fee is 0.07 × contracts × price × (1 − price), a maximum of about $1.75 per 100 contracts at 50¢ — but that 0.07 is not universal, since index markets such as the S&P 500 and Nasdaq-100 use 0.035 and crypto markets run higher. Kalshi also rounds the whole order or fill total up to the next cent rather than per contract, so 100 contracts at 50¢ costs $1.75, not $2.00.
4. Market breadth. Polymarket runs the wider catalogue across politics, sports, crypto, economics, culture, weather and tech. Kalshi’s volume is dominated by sports — around 80% of it, and closer to 87% in March 2026 — with crypto at roughly 7%. Claims that Kalshi has no sports, crypto, culture or tech markets are out of date; it runs all four, including live crypto and entertainment markets.

Is Kalshi or Polymarket Bigger?

Kalshi is currently the larger venue by notional trading volume. It overtook Polymarket’s international exchange in late April 2026 and has held roughly 62–65% of combined volume since. For scale, in April 2026 Kalshi traded about $14.8bn against Polymarket International’s roughly $9bn, with the two together moving from under $5bn a month in September 2025 to around $24bn by April 2026.

Two caveats matter more than the headline:

• The comparison is genuinely awkward, because “Polymarket” spans two venues. The figure above is Kalshi against Polymarket’s international exchange, which is where most of its volume sits. Adding the separate US exchange changes the ratio.
• Both venues have cooled since the peak. Polymarket’s parent all-in monthly volume was $8.41bn in August 2026, down about 35% from July’s $12.89bn, following the post-World-Cup slowdown. A precise like-for-like August comparison is not available, so treat any single month’s ratio as a snapshot rather than a trend.

The practical takeaway is the one this page keeps returning to: both venues are deep at the top of their major markets and thin in the long tail. Whether the specific market you have in mind has depth matters far more than which platform is bigger.

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 charges a taker fee of fee = contracts × 0.07 × price × (1 − price), with the order total rounded up to the next cent — not rounded up per contract. That distinction matters: at 50¢ a 100-contract order costs $1.75, not the $2.00 you’d get from per-contract rounding. The 0.07 rate is also not universal — it is multiplied by a per-series factor, and some markets differ materially (index markets such as the S&P 500 and Nasdaq-100 sit at 0.035; crypto runs higher). Kalshi also charges maker fees on many markets: its schedule carries a maker formula of 0.0175 × contracts × price × (1 − price), and roughly 156 series have their maker multiplier switched on, so resting orders that fill are no longer reliably free. At 50¢ that is about $0.44 per 100 contracts. Kalshi’s fees have changed repeatedly through 2026, so check its current 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 is deep on its major markets, with millions of dollars in daily volume on the popular ones. Where its books are thick, that gives you:

• 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’s liquidity story has reversed. On notional volume Kalshi overtook Polymarket in late April 2026 and has led since — in April 2026 Kalshi traded roughly $14.8bn against Polymarket International’s $9bn, and combined monthly volume across the two rose from under $5bn in September 2025 to about $24bn in April 2026. Sports is the engine: roughly 80% of Kalshi’s volume is sports contracts, against about 7% crypto.

That means the old “Polymarket has deeper liquidity, Kalshi is thin” framing no longer holds as a blanket claim. What is still true is that both venues are deep at the top of their major markets and thin in the long tail. A big NFL game or a major election is liquid on both. A niche market can be thin on either — and on Kalshi in particular, a spread can exceed the fee you’d pay on an illiquid line.

Why this matters: the spread, not the headline fee, is usually the real cost. Check the specific market’s book before you size a trade rather than assuming one platform is always tighter. Where Polymarket does have the edge is breadth — it lists many markets and categories Kalshi doesn’t touch, and crypto and political markets are where its depth concentrates.

Market Categories

Polymarket covers a wide range:

• Politics
• Sports
• Crypto
• Finance
• Economics
• Culture
• Weather
• Tech

Kalshi covers:

• Sports — by far its biggest category, roughly 80% of volume
• Politics (elections, midterms, government)
• Crypto (BTC, ETH, DOGE daily markets)
• Economics and finance (CPI, Fed decisions)
• Culture and entertainment (award shows, VMAs, Emmys)
• Weather and tech (including tech-layoff markets)

The old claim that Kalshi doesn’t offer sports, crypto, culture or tech is no longer true — sports is now its dominant business, and crypto is its second-largest. If you want sports or crypto, both platforms have real books.

Where Polymarket still clearly leads is breadth. Its category spread includes geopolitics — which is fee-free on Polymarket and simply doesn’t exist on Kalshi — plus a much deeper range of niche political, macro and cultural markets. Kalshi’s catalogue is broad at the top and heavily weighted towards sport.

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 argues it is legal in all 50 states as a CFTC-regulated exchange. That argument is being tested hard: Minnesota passed the first state ban on prediction markets in May 2026, but a federal court enjoined it on 27 July 2026, so it is not currently in force. Washington saw a preliminary injunction in August 2026, and states including Michigan, New York, Nevada and Kentucky have litigated. Expect this to keep moving. 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 close-only in the US — existing positions can be closed, but no new ones opened. A separate CFTC-regulated US exchange now operates and is no longer invite-only or sports-only: the waitlist was dropped in May 2026, and it is live on iOS, Android and the web, listing sports, politics, crypto, weather, tech, culture and economics. So the old “Kalshi owns the US” framing is out of date — US residents now have two regulated venues, and the choice comes down to fees, market depth and which categories you want.

For international users, both platforms are now often available in the same country. Polymarket still reaches more places (100+), 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 is pUSD, a USDC-backed ERC-20 (not a pegged stablecoin of its own). You can deposit USDC or one of 100+ supported 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 — but on narrower grounds than it used to. No KYC, broader market categories (including fee-free geopolitics), lower taker fees on most categories, and maker rebates instead of maker fees all still point the same way. Active traders — especially anyone providing liquidity — will keep more of their returns on Polymarket.

Kalshi’s strengths — CFTC regulation, USD cash deposits, a native mobile app, and now genuinely deep sports liquidity that leads the market on volume — make it a real choice rather than a fallback, particularly for US residents who want a simple, regulated, fiat-funded experience and mostly trade sports. Its late-2025 international expansion means it is no longer US-only, though abroad it trades without local licences and its fees run higher for takers with inconsistent maker pricing. Outside the US, the main reasons to pick Kalshi over Polymarket are the app, cash deposits and sports depth — not access or headline 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
• How Does Polymarket Work? — 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