comparison7 min read
Kalshi vs Polymarket
Two completely different platforms, both called prediction markets. Here's an honest side-by-side covering regulation, fees, access, and which one actually fits your needs.
Kalshi
Best for US traders who want a regulated platform, USD deposits, and cash interest on idle funds. KYC required.
CFTC-regulated
USD deposits (ACH/card)
~4% APY on cash
140+ countries
Polymarket
Best for non-US crypto users who are already comfortable with USDC and want no KYC required.
No KYC required
USDC-based
Global access (not US)
High political liquidity
Not available to US users
No USD deposits
Full Comparison
| Feature | Kalshi | Polymarket |
|---|---|---|
| Regulation | CFTC-regulated (Designated Contract Market) | Offshore (operates via QCX, not regulated for US users) |
| US Access | All 50 states + DC | Blocked for US users |
| Countries | 140+ supported, 54 restricted | ~150 countries (broader, but no US) |
| KYC Required | Yes — full identity verification | No — wallet-based access |
| Settlement Currency | USD (dollars) | USDC (stablecoin) |
| Deposit Methods | ACH, debit card, wire, PayPal, Venmo, crypto | Crypto / USDC only |
| Fee Structure | $0.07–$1.75 per 100 contracts (taker) | Up to 1.80% of trade value |
| Idle Cash Interest | ~3.5%–4% APY | None (USDC earns separately) |
| Mobile App | iOS + Android (4.7★) | iOS + Android |
| Market Types | Sports, politics, economics, crypto | Politics, crypto, culture, sports |
| Market Volume | 350,000+ active markets | High volume in political markets |
| Order Types | Market + limit orders | Market + limit orders |
| Account Minimum | $0 (minimum deposit ~$10–$20) | $0 (need USDC) |
The Bottom Line
The choice between Kalshi and Polymarket is straightforward for most traders:
- You're in the US? Use Kalshi. It's the only legal option and offers genuine advantages: USD deposits, FDIC-adjacent protection on cash, and ~4% APY on idle funds.
- You're outside the US and already use crypto? Polymarket may be more convenient if your country is supported and you have USDC. No KYC is a meaningful privacy benefit.
- You're outside the US and want to use bank deposits? Kalshi is the better choice since Polymarket only accepts crypto.
Both platforms are legitimate. They serve different regulatory environments and different user profiles. The "best" one is the one that's legal and practical for your situation.