- Kalshi vs Polymarket in one line: in the US, both now offer CFTC-regulated exchanges, so the choice is about market range, funding and fees rather than legality.
- Kalshi is US-first, takes many dollar funding methods and adds perpetual futures.
- Polymarket's global exchange settles in crypto and is close-only for US users; US residents use the separate Polymarket US app.
- Taker fees on both follow a price-based formula that peaks at 50¢; resting orders are free on both.
Kalshi vs Polymarket used to be an easy call: Kalshi for Americans who wanted a regulated venue, Polymarket for everyone else. That changed in 2025, when Polymarket launched a CFTC-regulated US exchange. This comparison sets out how the two differ as of October 2026, for US residents and for everyone else. For the full field, including the sportsbook and broker apps that now offer event contracts, see our platform comparison. Nothing here is advice.
Kalshi vs Polymarket: side by side
| Kalshi | Polymarket (global) | Polymarket US | |
|---|---|---|---|
| Regulation | CFTC-registered exchange (DCM) | Offshore exchange | CFTC-registered exchange (DCM) |
| US residents | Yes; some sports contracts contested by states | Close-only | Yes; access may need an invite |
| Money | Dollars (bank, card, payment apps, wire) or crypto | Crypto collateral token | Dollars (debit card, bank) |
| Products | Event contracts, perpetual futures | Event contracts | Event contracts |
| Taker fee | Price-based formula, peaks at 50¢ | Price-based, rate varies by category; some free | Price-based formula, peaks at 50¢ |
| Maker orders | Free on most markets | Free | Free, with a small rebate |
Regulation and who can use each
Kalshi has operated as a CFTC-registered designated contract market for years, with its own clearinghouse. Polymarket US runs on a separately designated exchange, QCX LLC, approved in 2025. For a US resident, both are federally regulated. The live legal question is state law: several states argue that sports event contracts are unlicensed betting, and the federal appeals courts have split. That affects sports markets on any regulated exchange, not one platform. Our Kalshi review covers the cases.
Outside the US, Kalshi isn't the main option; Polymarket's global exchange is, subject to its own country restrictions.
Markets and liquidity
Kalshi's strength is the US calendar: Fed decisions, economic data, weather, elections and sports, plus perpetual futures on crypto, metals and indices. Polymarket's global exchange is strongest on world events, international politics and crypto. Polymarket US is newer and lists fewer markets than either. Liquidity varies market by market on all three, so check the order book on the specific contract before trading. Our live markets page shows what's trading now.
Fees
The fee structures are closer than they used to be. Kalshi and Polymarket US both charge takers a fee proportional to price × (1 − price), so it peaks at 50¢. On Kalshi, 100 contracts at 50¢ cost $1.75; at 90¢ they cost $0.63. Polymarket's global exchange sets the rate by category and charges nothing on some categories. Resting orders are free on Kalshi's main markets and on both Polymarkets, and Polymarket US pays makers a small rebate. For a worked comparison, see Kalshi vs Polymarket fees, or use the fee calculator.
Which should you use?
- US resident, wants the widest US market list and dollar funding: Kalshi.
- US resident who wants Polymarket's markets: Polymarket US, if you can get access; compare its list first.
- Outside the US, comfortable with crypto: Polymarket's global exchange, if your country isn't restricted.
- Trading often: learn to post resting orders on either; taker fees add up near 50¢.
Many traders hold accounts on both and compare prices before trading, since the same event can trade at different prices on different venues. See our Polymarket review for more on the two Polymarket products.
Frequently asked questions
Is Kalshi or Polymarket better?
Neither is better for everyone. Kalshi suits US residents who want a broad US market list and dollar funding. Polymarket's global exchange suits non-US traders who want world-event markets and are comfortable with crypto.
Can Americans use Polymarket?
Not the global exchange, which is close-only for US users. US residents can use Polymarket US, a separate CFTC-regulated exchange.
Which has lower fees, Kalshi or Polymarket?
It depends on the market. Both charge takers most near 50¢. Polymarket's global exchange is free on some categories. Resting orders are free on both, and Polymarket US adds a maker rebate.