- Our Kalshi review in one line: a US exchange regulated by the CFTC where you trade yes/no contracts on real events, funded in dollars.
- It covers economics, politics, sports, weather, crypto and culture, and since 2026 also lists perpetual futures.
- Taker fees follow a published formula: 100 contracts at 50¢ cost $1.75; most resting orders are free.
- Several states dispute Kalshi's sports contracts in court, and federal appeals courts have split. Check what's offered where you live.
This Kalshi review covers what the platform is, how it is regulated, what you can trade, what it costs and where the risks are, as of October 2026. Kalshi is one of the largest prediction markets in the US. It is no longer the only regulated option, though, so the useful question is what it does better or worse than the alternatives on our comparison page. Nothing here is advice.
Kalshi review: what it is and how it is regulated
Kalshi is an exchange, not a sportsbook. You trade against other users, and Kalshi earns fees rather than taking the other side of your bet. The exchange, KalshiEX LLC, is a designated contract market (DCM) registered with the Commodity Futures Trading Commission, the federal regulator for futures and event contracts. Trades clear through Kalshi's own clearinghouse, and since 2026 the company also has its own registered broker (futures commission merchant).
Each market asks a yes-or-no question with written resolution rules. A Yes contract pays $1 if the event happens and nothing if it doesn't, so the price in cents reads as the market's probability. If that is new to you, start with what prediction markets are and how prices work.
Being regulated means the exchange must follow federal rules on market surveillance and customer funds. It doesn't mean any trade is safe: you can lose everything you put into a contract.
What you can trade on Kalshi
- Economics: Fed decisions, inflation, jobs data, GDP.
- Politics: elections, legislation, appointments.
- Sports: game outcomes, spreads, totals and season futures. This is the category states are contesting.
- Weather, crypto and culture: temperature highs, price ranges, awards and entertainment.
- Perpetual futures: leveraged long or short positions on crypto, metals and indices, launched in 2026. See Kalshi Perpetuals explained.
Browse what is open right now on our live markets page.
Kalshi at a glance
| Feature | Kalshi |
|---|---|
| Regulation | CFTC-registered exchange (DCM) with its own clearinghouse |
| Who can use it | US residents; some products restricted in some states |
| Products | Event contracts; perpetual futures |
| Trading fees | Taker fee by published formula, highest near 50¢; most resting orders free |
| Funding | Dollars: bank transfer, debit card, wire and several payment apps; crypto also accepted |
| Access | Web, iOS and Android apps, API |
| Identity checks | Yes, required before trading |
Kalshi fees
Kalshi's fee schedule sets the taker fee (the fee for an order that fills straight away) at 7% × contracts × price × (1 − price), rounded up to the next cent. The fee is largest when the price is near 50¢ and shrinks toward the extremes. Under the schedule effective July 7, 2026:
- 100 contracts at 50¢ cost $1.75 in taker fees.
- 100 contracts at 90¢ cost $0.63.
- A single contract at 50¢ costs $0.02, because of rounding up.
Resting orders (maker orders that wait on the book) are free on most markets. Kalshi's help center notes that card deposits can carry a processing fee of up to 2%, while bank transfers don't. Run your own trade through the fee and break-even calculator before you buy, and remember the bid-ask spread is a cost on top of fees.
Is Kalshi legal? The state court fights
Kalshi operates nationally under federal oversight, but several states argue that its sports contracts are unlicensed sports betting under state law. The federal appeals courts have split. The Third Circuit sided with Kalshi against New Jersey, while the Sixth and Ninth Circuits ruled for the states in cases from Ohio, Tennessee and Nevada. Petitions asking the Supreme Court to settle the question were pending as of October 2026.
In practice, availability of some sports contracts can differ by state and can change with court rulings. Economics, politics and weather markets haven't been the focus of these cases. Check the app for what is offered where you live.
Pros and cons
| Pros | Cons |
|---|---|
| Federally regulated US exchange | Sports contracts under legal challenge in several states |
| Wide range of event markets plus perpetuals | Taker fees bite on frequent trading near 50¢ |
| Dollar funding, many deposit methods | Identity checks required; US residents only |
| Published fee formula; free resting orders on most markets | Liquidity varies a lot between markets |
Who Kalshi suits
Kalshi suits US residents who want a regulated venue, dollar funding and the widest mix of event markets in one account. Active traders should learn to post resting orders to avoid taker fees. If you mainly trade sports, compare availability in your state with the sportsbook-run apps, which route to other exchanges. Our Kalshi vs Polymarket comparison covers the main alternative.
Frequently asked questions
Is Kalshi legit?
Yes. Kalshi is a real exchange registered with the CFTC as a designated contract market, with its own clearinghouse. That is a statement about who oversees it, not about whether any trade will make money.
Is Kalshi legal in all states?
Kalshi operates nationally under federal law, but some states have challenged its sports contracts in court and the appeals courts disagree. Some sports markets may not be offered everywhere. Non-sports markets have been less affected.
How much does Kalshi charge?
Taker orders pay a fee that depends on price and size, highest near 50¢. Resting orders are free on most markets. There is no fee to hold a contract to settlement.
Can I lose more than I put in?
Not on an event contract: the most you can lose is what you paid. Perpetual futures use leverage and work differently, so read how margin and liquidation work before trading them.