Kalshi vs Polymarket

Reviewed October 14, 2026 against CFTC records and each exchange's own documents

Quick answer

Kalshi is one US exchange regulated by the CFTC and funded in dollars. Polymarket is two: an international crypto exchange that people in the US, UK and about 40 other places cannot open new trades on, and Polymarket US, a separate CFTC‑regulated exchange.

Kalshi and Polymarket side by side (October 14, 2026)

Regulator: KalshiCFTC, designated contract market; Polymarket (main exchange)Not CFTC-registered; settled with the CFTC in 2022; Polymarket USCFTC, designated contract market since July 2025

Who can open new trades: KalshiUS members and many other countries; some restricted; Polymarket (main exchange)Not people in the US, UK, France, Germany, Australia and about 40 other places; Polymarket USA US exchange under CFTC rules; eligibility is set by its own terms

Money and access: KalshiUS dollars: bank transfer, debit card, wire or crypto; Polymarket (main exchange)pUSD, a token backed by USDC, on the Polygon network; Polymarket USDirectly or through a registered futures broker (FCM)

Taker fee: Kalshi0.07 x contracts x price x (1 - price); Polymarket (main exchange)Same formula with 0.04 to 0.07 by category; geopolitics free; Polymarket US0.30% of the contract premium

Maker fee: KalshiNone in most markets; a quarter of the taker fee in some; Polymarket (main exchange)Never charged; makers share 15 to 25% of the fees, by category; Polymarket USRebate of 0.20% of the premium on each fill

	Kalshi	Polymarket (main exchange)	Polymarket US
Regulator	CFTC, designated contract market	Not CFTC-registered; settled with the CFTC in 2022	CFTC, designated contract market since July 2025
Who can open new trades	US members and many other countries; some restricted	Not people in the US, UK, France, Germany, Australia and about 40 other places	A US exchange under CFTC rules; eligibility is set by its own terms
Money and access	US dollars: bank transfer, debit card, wire or crypto	pUSD, a token backed by USDC, on the Polygon network	Directly or through a registered futures broker (FCM)
Taker fee	0.07 x contracts x price x (1 - price)	Same formula with 0.04 to 0.07 by category; geopolitics free	0.30% of the contract premium
Maker fee	None in most markets; a quarter of the taker fee in some	Never charged; makers share 15 to 25% of the fees, by category	Rebate of 0.20% of the premium on each fill

What is the difference between Kalshi and Polymarket?

Both let you buy Yes or No contracts on real events that pay $1 if you are right. The difference is who regulates them and who can use them.

Kalshi has been a CFTC-designated exchange since 2020 and runs one platform for everyone it accepts. Polymarket started as a crypto exchange run by Blockratize, a New York company that the CFTC fined in 2022. In 2025 the CFTC designated a separate company, QCX LLC, now trading as Polymarket US, as a regulated US exchange. So when people compare the two, they are often comparing Kalshi with two different Polymarkets.

Kalshi vs Polymarket fees

Kalshi and Polymarket's main exchange price their taker fee the same way: a rate times the number of contracts times the price times one minus the price. The fee peaks at 50 cents and shrinks towards 1 and 99 cents. What differs is the rate. Kalshi's general rate is 0.07; Polymarket sets one per category.

On 100 contracts at 50 cents, a taker pays:

Kalshi: $1.75 under its general rate.
Polymarket sports, economics, culture or weather: $1.25.
Polymarket politics, finance or tech: $1.00.
Polymarket crypto: $1.75, the same as Kalshi.
Polymarket geopolitics: nothing.

Polymarket US works differently: 0.30% of the contract premium for takers and a 0.20% rebate for makers, per its March 6, 2026 fee filing with the CFTC, the latest we found. Work out any Kalshi trade with the calculator in our guide to how Kalshi works, and any Polymarket trade with our Polymarket fee calculator before you place it.

How Polymarket's regulation differs from Kalshi's

Polymarket's main exchange has a history with the regulator. In January 2022 the CFTC fined Polymarket's operator $1.4 million for offering event contracts without registering as an exchange, and ordered it to wind down the markets on Polymarket.com that did not comply. Polymarket's main exchange is still not registered with the CFTC.

Polymarket US is a different matter. A CFTC staff letter from December 2025 calls it a designated contract market, cleared through Polymarket Clearing, a registered clearinghouse. That is the same kind of status Kalshi has.

Can you use Polymarket in the US?

Not on the main exchange. Polymarket's own documentation lists the United States as close-only there: you can close positions you already hold, but you cannot open new ones. The US-regulated option is Polymarket US, a separate exchange designated by the CFTC. Kalshi is open to US members, though sports contracts are blocked in some states while courts decide the issue; our guide to whether Kalshi is legit has the state‑by‑state picture.

Can you use Kalshi or Polymarket from the UK or Europe?

Polymarket's main exchange is close-only for the UK, France, Germany, Italy, Belgium and Poland, among others, and close-only on the website for Ireland and the Netherlands. Norway, Sweden and Denmark were not on its restricted list when we checked on October 14, 2026, but local law still applies.

Kalshi says it accepts traders from many countries, with some restricted; the list is in Section VI of its member agreement, as our guide to who can use Kalshi explains. Check both before you deposit, because these lists change.

How do you fund Kalshi and Polymarket?

Kalshi works in US dollars. You can deposit by bank transfer, debit card, wire or crypto, and withdraw to a bank, a debit card or a crypto wallet. From outside the US, bank transfers are not available, and debit card deposits may carry a 2% processing fee; our guide to Kalshi withdrawals has the full table.

Polymarket's main exchange works in pUSD, a token on the Polygon network backed by USDC. You fund it by sending crypto from a supported network, with minimums from $2 to $9, and withdraw the same way. Polymarket charges no fee to deposit or withdraw USDC, though an exchange or card service you use on the way may.

Which should you use?

It comes down to where you live and how you want to hold money.

In the US: Kalshi, funded in dollars by bank transfer, or Polymarket US. Both are CFTC‑regulated.
Outside the US, in a country Polymarket allows, and happy to hold crypto: Polymarket's lower category rates can make the same trade cheaper.
Trading the same event on both: compare the price plus the fee on each side, not the price alone. Our list of prediction market alternatives covers the wider field.

Kalshi vs Polymarket: FAQ

Is Polymarket legit?

Polymarket's main exchange is a real, operating crypto exchange, but it is not registered with the CFTC and paid a $1.4 million CFTC penalty in 2022. Polymarket US is a separate US exchange designated by the CFTC.

Which has lower fees, Kalshi or Polymarket?

For takers, Polymarket's main exchange charges the same as or less than Kalshi's general rate: 100 contracts at 50 cents cost $1.25 in a sports market against $1.75 on Kalshi, and the same $1.75 in crypto. Polymarket US charges 0.30% of the contract premium instead. A few Kalshi markets charge half or nothing.

Can Americans use Polymarket?

Not the main exchange for new trades; it lists the US as close-only. Polymarket US is a separate exchange regulated by the CFTC, with its own eligibility terms.

Can you use Polymarket in the UK?

The UK is on Polymarket's close-only list, so people there can close existing positions on the main exchange but not open new ones.

Does Polymarket use real money?

Its main exchange uses pUSD, a token on Polygon backed by USDC, a dollar stablecoin. Kalshi works in US dollars.

Is Kalshi safer than Polymarket?

Kalshi and Polymarket US are both CFTC-regulated exchanges. Polymarket's main exchange is not, so it carries less US regulatory protection. Neither status makes a trade win.