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.
Polymarket vs Kalshi
Polymarket vs Kalshi is the same table. Word order does not change the passport, the currency, or the fee shape.
| 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, 55 restricted in the live Member Agreement | ~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 right one is the one that is legal and practical where you live. Compare a real clip on the fee calculator. The 4.4 editorial score lives on the Kalshi review.
Questions people type both ways
Kalshi vs Polymarket: which one should I use?
If you are in the United States, Kalshi is the CFTC-regulated venue in dollars. Polymarket does not take a US member the same way. Outside the US, the choice is whether you want KYC and a bank rail or USDC.
Is Polymarket vs Kalshi a different comparison?
No. Polymarket vs Kalshi is the same split read in the other order. The passport and the funding rail decide it, not which name comes first.
Which is cheaper, Kalshi or Polymarket?
They are different shapes. Kalshi’s taker fee peaks near 50¢ and caps at $1.75 per 100 contracts. Polymarket takes a percent of notional. Run the same clip on both before you call one cheaper.
These countries show up in search before signup. Available means you can apply. Restricted means a local address does not clear KYC.