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Kalshi vs Polymarket (US)

Kalshi and Polymarket US are both CFTC-regulated exchanges where you buy Yes/No contracts that pay $1 if you're right. Their taker fees are almost identical. The bigger split is where you can trade: as of November 2, 2026, Kalshi's sports contracts are blocked in Michigan, Nevada and Washington, while Polymarket US lists only Nevada as unavailable, has agreed to stop sports contracts in Michigan by November 25, and is being sued by New York.

By the DFS Directory team. Checked Nov 2, 2026.

Which one fits you

Kalshi

  • Pick Kalshi if you want the longer regulatory record: it has been a CFTC-designated exchange since November 2020, Polymarket US since July 2025.
  • Pick Kalshi if sports volume matters to you: Pew counted more than $58 billion in Kalshi sports trading in June and July 2026, against about $22 billion across Polymarket's US and international exchanges combined.

Polymarket (US)

  • Pick Polymarket US if you mostly rest limit orders: its maker fee is zero, while Kalshi charges makers on some markets.
  • Pick Polymarket US if you want to fund with Apple Pay, which isn't among Kalshi's listed deposit methods.

Regulation

Kalshi has been a CFTC designated contract market since November 3, 2020, and clears trades through its affiliate Kalshi Klear. Polymarket US is QCX LLC, designated on July 9, 2025, and clears through QC Clearing LLC. Polymarket's original international site is a separate crypto-based product, and it is close-only for US users: you can close old positions there but not open new ones.

Fees

Kalshi's fee schedule (effective July 7, 2026) charges takers 0.07 × contracts × price × (1 − price), rounded up to a hundredth of a cent. That's $1.75 on 100 contracts at 50 cents. Polymarket US uses the same formula with 0.0695, or $1.74 on 100 contracts at 50 cents, effective October 1, 2026. Polymarket's maker fee is zero, and from October 19 its maker rebate only goes to accounts with $10 million or more in monthly maker volume. Kalshi charges makers 0.0175 on the same formula in some markets.

Funding

Kalshi takes debit cards, bank transfer, PayPal, Venmo, Cash App (deposits only), crypto and wire, with a $10 minimum deposit. Debit deposits may carry a 2% fee, and bank and debit withdrawals are free. Polymarket US takes debit cards, bank transfer, Apple Pay, PayPal, Venmo, USDC (iPhone only, where available) and wires from $5,000. Its withdrawals are free but must go back to the method you deposited with.

Where they work

As of November 2, 2026, Kalshi's sports contracts are not available in Michigan, Nevada and Washington, and Washington's court order also covers elections, culture and other categories. Polymarket's App Store listing names Nevada as the only state where trading is unavailable. New York sued Polymarket US on September 24, Missouri sent both companies cease-and-desist letters in September, and on September 25 the Sixth Circuit ruled against Kalshi in Ohio and Tennessee.

Volume

Pew Research Center, using data from The Block, counted more than $58 billion in sports trading on Kalshi in June and July 2026 and nearly $22 billion on Polymarket. Pew's Polymarket figure includes its international exchange, which US users can't open new trades on. In April 2026, Polymarket US alone traded $1.3 billion, against $9 billion on Polymarket International.

Side by side

Kalshi and Polymarket (US) compared
Kalshi
Polymarket (US)
Contest typesPrediction marketPrediction market
States48—
SportsNFL, CFB, NBA, CBB, MLB, NHL, Golf, MMA, Soccer, TennisNFL, CFB, NBA, CBB, WNBA, MLB, NHL, Golf, MMA, Boxing, Soccer, Tennis, Esports, Cricket, Other
Minimum age18+18+
Min deposit$10—
PayoutsDebit card, ACH / bank transfer, PayPal, Venmo, CryptoDebit card, ACH / bank transfer, Apple Pay, PayPal, Venmo, USDC (crypto), Wire (via support)
New-user offer—$25 trading credit for a first deposit of $10 or more, plus $25 more with a referral code (credits can't be withdrawn)
CanadaNoNo
Founded20182020
OwnerKalshi Inc. (private; KalshiEX LLC is the CFTC-designated exchange, Kalshi Klear LLC the clearinghouse)Blockratize Inc. d/b/a Polymarket (private; Intercontinental Exchange agreed to invest up to $2B in Oct 2025)
Visit Kalshi(opens in a new tab)Visit Polymarket (US)(opens in a new tab)

The table is built from each listing's published details. See the Kalshi and Polymarket (US) profiles for their sources and check dates.

Sources and corrections

Last checked Nov 2, 2026. We wrote this page from the sources below, and each listing links its own. If something about Kalshi or Polymarket (US) has changed, let us know.