Kalshi vs Polymarket
Kalshi is the better pick for most US traders: it has been CFTC-regulated since 2020, offers more ways to deposit and withdraw, and pays out faster. Polymarket US matches it on taker fees, pays makers a rebate and is the stronger pick for non-sports markets. As of October 2026 both are federally regulated, dollar-funded exchanges.
Kalshi vs Polymarket at a glance
Our side-by-side comparison, built from each platform's fee schedule, help centre and CFTC filings (checked October 17, 2026):
| Kalshi | Polymarket US | |
|---|---|---|
| Regulator & licence | CFTC-designated contract market since November 2020 (KalshiEX LLC); clears through Kalshi Klear, a CFTC-registered DCO (2024) | Polymarket US: CFTC-designated contract market QCX LLC (July 9, 2025), clearing via QC Clearing LLC. Polymarket.com (international) is not open to US residents |
| Funding | US dollars: bank (ACH), debit card, wire ($1,000 minimum), PayPal, Venmo, Cash App, crypto. $10 minimum deposit | US dollars: debit card, bank (ACH), Apple Pay, PayPal, Venmo, wire ($5,000 minimum); USDC on iPhone where available |
| Deposit fees | Bank, wire and RTP free; debit card may carry a 2% fee; first PayPal/Venmo deposit free, then up to 2% | No Polymarket deposit fee stated in its US docs |
| Trading fees (taker) | 0.07 × contracts × price × (1 − price), rounded up to the cent; $1.75 on 100 contracts at 50¢ | 0.0695 × contracts × price × (1 − price); $1.74 maximum on 100 contracts at 50¢ |
| Maker fees | 0.0175 coefficient on markets Kalshi lists as having maker fees; otherwise free. No settlement fee | Maker rebate (−0.0125) until October 19, 2026, then volume-tiered rebates; makers aren't charged |
| Sports | NFL, NBA, NHL, MLB, college football and basketball, EPL, Champions League, WNBA, MLS, UFC, F1, tennis, golf and more; combos (parlays) priced by request-for-quote | NFL, NBA, NHL, MLB, MLS, college sports, tennis, golf and more; combos with their own fee curve; in-game trading |
| Other markets | Politics, economics, weather, culture, financials | Politics, crypto, economics, weather, tech, culture |
| Withdrawals | Free: debit card (usually within a few hours), bank (a few business days), crypto (about 30 minutes), PayPal, Venmo | Free; must return to the original funding source; card and ACH 3–4 business days, wire 1 business day (via support) |
| Minimum age | 18+ (and age of majority in your state) | 18+ (and age of majority in your state) |
| Legal states | Federally regulated nationwide; sports contracts contested by state. Protected in New Jersey (3rd Cir., April 2026); lost appeals over Nevada (9th Cir., August 2026) and Ohio/Tennessee (6th Cir., September 2026); court orders block sports in Nevada, Washington and Michigan | App says available in all 50 states except Nevada (court injunction, May 2026). Sued by New York (September 2026); cease-and-desist letters from Tennessee and Ohio reported |
| App | iOS ("Kalshi: Trade Football & more"), Android, web | iOS (iOS 18+), a Google Play listing (its help centre still said Android was "coming soon"), web at polymarket.us |
Regulation: two CFTC exchanges now
Kalshi (KalshiEX LLC) became a CFTC-designated contract market in November 2020 and registered its own clearing house, Kalshi Klear, in 2024. Polymarket left the US in 2022 and came back through QCX LLC, which the CFTC designated a contract market on July 9, 2025. It now trades as Polymarket US. That is a separate app from the international, crypto-funded polymarket.com, which Polymarket's help centre says "is not accessible for US residents." When this page says "Polymarket" for a US reader, it means Polymarket US.
Fees: almost a tie for takers
Both exchanges charge takers a fee that peaks at a 50¢ price and shrinks toward 1¢ and 99¢. Kalshi's fee schedule uses 0.07 × contracts × price × (1 − price), rounded up to the next cent. Polymarket US uses 0.0695 on the same formula. On 100 contracts at 50¢ that's $1.75 on Kalshi and $1.74 on Polymarket US.
The real difference is for makers, the traders who post resting orders. Kalshi charges a small 0.0175 maker fee on markets it lists as carrying one. Polymarket US has paid makers a rebate, though from October 19, 2026 those rebates move to volume-based tiers. For deposits, Kalshi says debit-card deposits "may incur a 2% processing fee," while bank transfers are free on both.
Sports: both cover the big leagues
Both cover the major US leagues: NFL, NBA, NHL, MLB and college sports. Both also offer combos (parlays) and in-game markets. Kalshi also lists the Premier League, Champions League, F1, UFC and more. Kalshi prices combos through a request-for-quote system, and "if any position settles at $0, the entire combo pays $0." If sports are your main interest, the deciding factor is often your state, not the product (see below).
Withdrawals: Kalshi is faster
Neither exchange charges a withdrawal fee. Kalshi says debit-card withdrawals typically arrive "within a few hours," crypto in about 30 minutes, and bank transfers in a few business days. Polymarket US sends withdrawals back to your original funding source, first in, first out: card and ACH take 3–4 business days, and wires take one business day through support. Polymarket US only lets you withdraw deposits that have fully cleared.
Legal states
Both are federally regulated, but states are fighting their sports contracts. As of October 2026, Kalshi is protected in New Jersey (a Third Circuit ruling of April 6, 2026, now facing a Supreme Court petition) but lost appeals over Nevada (Ninth Circuit, August 28, 2026) and Ohio and Tennessee (Sixth Circuit, September 25, 2026). Polymarket US says trading is unavailable in Nevada, where a state court enjoined it on May 29, 2026. New York's Attorney General sued it on September 24, 2026. Rules shift with every ruling, so check our state-by-state legality tracker before you sign up.
Apps
Kalshi has apps on iOS and Android plus a full website. Polymarket US launched on iPhone (it requires iOS 18 or later) and runs on the web at polymarket.us. A Google Play listing is live, although Polymarket's help centre still called Android "coming soon" when we checked.
Our verdict
For most US readers we rank Kalshi first. It has the longer regulatory record, more ways to move money in and out, and faster withdrawals. Polymarket US is a close second on cost, and it's the better choice if you post resting orders or care more about politics, crypto and world events. Many traders hold both and buy wherever the price is better. Read the full Kalshi review and Polymarket review, or compare their sign-up offers in our Kalshi promo code and Polymarket referral code guides.
Figures as of October 2026 and subject to change. Not financial or betting advice.
Frequently asked questions
Is Kalshi or Polymarket better?
For most US traders we rank Kalshi first. It has been CFTC-regulated since 2020, offers more funding and withdrawal options, and pays out faster. Polymarket US is a strong alternative, with near-identical taker fees, maker rebates and a broad non-sports catalogue. Many active traders use both and compare prices.
Which has lower fees, Kalshi or Polymarket?
They are almost identical for takers. Kalshi uses a 0.07 coefficient rounded up to the cent, Polymarket US 0.0695, so both cost about $1.75 on 100 contracts at 50¢. The difference is on the maker side: Polymarket US pays makers a rebate, while Kalshi charges a small maker fee on some markets.
Can I use Polymarket in the US?
Yes, through Polymarket US, a separate CFTC-regulated app. The international polymarket.com site is not open to US residents, and the two accounts aren't connected. Polymarket US says trading is unavailable in Nevada, and New York has sued it.
Is Kalshi legal in every state?
Kalshi is federally regulated, but its sports contracts are fought over state by state. As of October 2026 it has lost appeals over Nevada, Ohio and Tennessee and won in New Jersey, with other cases pending. Check our legality tracker and the app before trading.
Sources
- Kalshi Fee Schedule (effective February 5, 2026)
- Kalshi Help Center — debit card deposits
- Kalshi Help Center — debit card withdrawals
- Kalshi Help Center — bank withdrawals
- Kalshi Help Center — Combos
- Kalshi Help Center — signing up as an individual (18+)
- CFTC — Kalshi designated a contract market (press release 8302-20)
- CFTC — Kalshi Klear registered as a DCO (press release 8957-24)
- Polymarket US Docs — Fees
- Polymarket US Docs — Fund your account
- Polymarket US Docs — Withdraw funds
- Polymarket US Docs — What is Polymarket US?
- CFTC — Polymarket US Amended Order of Designation (QCX LLC)
- Polymarket Help Center — website vs app
- Apple App Store — Polymarket (US)
- Apple App Store — Kalshi
- Google Play — Kalshi
- US Court of Appeals, Third Circuit — KalshiEX v. Flaherty (April 6, 2026)
- US Court of Appeals, Ninth Circuit — KalshiEX v. Assad (August 28, 2026)
- US Court of Appeals, Sixth Circuit — KalshiEX v. Schuler (September 25, 2026)
- Nevada Gaming Control Board — actions against prediction markets
- New York Attorney General — lawsuit against Polymarket US (September 2026)
Last checked:
18+ (21+ where required). Prediction markets involve risk of loss — only trade what you can afford to lose. Gambling problem? Call or text 1-800-MY-RESET (National Problem Gambling Helpline, 24/7).