Quick Facts About Kalshi and Polymarket
- Kalshi and Polymarket are prediction market sites where you trade event contracts.
- You can make predictions on sports, politics, culture, and more.
- The sites don’t offer betting odds like traditional sportsbooks.
How Kalshi and Polymarket Work
Before getting to the comparisons, let’s see how Kalshi and Polymarket operate. It brings up the question of
what a prediction market is
all about, and it’s actually simple. On Kalshi and Polymarket, you trade contracts based on your predictions on real-world events.
The prediction market sites list the event contracts in a Yes/No pattern. Therefore, you pick no if you think the event outcome will be true and no if otherwise. In an NFL game, for instance, you can buy Yes contracts for a team to win. If you don’t think they’ll win, you pick No, which automatically means you’re backing their opponent.
Importantly, the market is peer-to-peer. In other words, neither Kalshi nor Polymarket sets the event contract cost. The price you see is based on the market as traders buy and sell, so it’s influenced by demand and supply.
Trading Events and Payouts
Event contracts on Kalshi and Polymarket cost between $0.01 and $0.99. The price represents the probability of each outcome, which should naturally add up to 1. For instance, a contract worth $0.60 means 60% of the market thinks the event will turn out true.
On settlement, the event contracts pay $1 each if correct, and $0 if otherwise. To illustrate, consider purchasing 100 event contracts on a prediction market for $0.60. That equals spending $60. If the outcome is true, you get $100, meaning a $40 gain.
In our reviews, one of the common questions that popped up was this:
What is event betting
on Kalshi and Polymarket? As we’ve stated, the site only supports trading event contracts. It’s not the same as traditional betting, as you’re not wagering on odds set by Kalshi or Polymarket.
Kalshi Vs Polymarket – What Are the Differences?
At this point, we’re sure you know how Kalshi and Polymarket function. Both prediction sites follow a similar model, but upon close examination, here’s where they differ:
Supported Prediction Markets
We counted a total of 12 prediction markets on both Kalshi and Polymarket. The sites have a similar range, but the supported categories slightly differ. Here’s the rundown:
| Site |
Markets offered |
| Kalshi |
Elections, Politics, Sports, Culture, Crypto, Commodities, Climate, Economics, Mentions, Companies, Financials, Tech & Science |
| Polymarket |
Politics, Sports, Crypto, Esports, Finance, Geopolitics, Tech, Culture, Economy, Weather, Mentions & Elections |
From the above table, the key difference is that Kalshi has specific categories for Health and Companies, while Polymarket doesn’t. Instead, Polymarket lists Elections and Geopolitics, giving a more political focus.
Let’s narrow it down to sports, which is a popular niche for most prediction market traders. Kalshi offers 10+ sports, while Polymarket features 13+, so the latter site takes the lead. Below are the different sports we saw at the time of our review:
| Site |
Sports offered
|
| Kalshi |
Football, basketball, baseball, hockey, tennis, soccer, golf, MMA, chess, esports, motorsport, boxing, cricket, lacrosse, Aussie rules, darts, rugby |
| Polymarket |
Football, basketball, hockey, tennis, esports, baseball, soccer, cricket, golf, UFC (MMA), Formula 1 (Motorsport), chess, boxing |
Must be 18 years or older and have a legal, U.S. residential address within the applicable state, D.C., or U.S. territories. Not available in AZ, IL, MA, MD, MI, MT, NJ, NV and OH.
Interface and Mobile App
When choosing between Kalshi and Polymarket, you’ll want to pick an option that’s easier to use. Therefore, we looked at the interface and mobile app performance in our Kalshi vs Polymarket comparisons. Both brands keep things simple, but there are some noteworthy differences.
On Kalshi, the Yes/No options for events are displayed in blue and purple colors, respectively. Meanwhile, Polymarket uses green and red colors, which we consider more friendly.
Furthermore, the Kalshi mobile app has a bottom menu with an Ideas section. On the page, we mainly saw ideas from other traders for possible correct predictions. Therefore, you can check it for more insights into the market opinion.
The Polymarket app instead has a section for breaking news. Hence, you’re not getting ideas from other traders but details on real-world happenings. The goal is still to guide you in making possible correct predictions when trading event contracts.
Beyond aesthetics, platform stability is a crucial differentiator. Kalshi operates on traditional financial exchange infrastructure, providing a smooth, highly stable experience akin to a standard stock brokerage app like Robinhood. It rarely suffers from downtime. Polymarket, being a decentralized application built on the Polygon blockchain, offers a cutting-edge Web3 experience.
However, during periods of extreme market volatility or massive global news events, the blockchain network can occasionally experience congestion, leading to slower transaction times or minor UI glitches. For traders who prioritize absolute stability, Kalshi holds a slight advantage.
Payment Methods
Kalshi and Polymarket differ significantly when it comes to payments. Polymarket is crypto-first, so you can only deposit using digital currencies. In our review of the site, we saw all the popular options, including BTC, ETH, LTC, SOL, and USDT. The site supports MoonPay, so you can buy crypto with fiat.
On Kalshi, you can deposit USD directly. The site supports debit card, bank, and wire deposits. Additionally, there’s the option to use crypto via a third-party service provider, Zero Hash.
The bottom line here is simple. If you’re conversant with blockchain and cryptocurrencies, Polymarket takes the lead. Meanwhile, Kalshi is the best if you want familiar fiat payment methods.
However, we should note that Kalshi charges a 2% processing fee on debit card deposits. With Polymarket, there’s no extra charge besides the standard blockchain network fees.
Trading Currency
Since it’s a crypto-first prediction market site, we were surprised to learn that Polymarket only uses USD Coin (USDC) for trading. More specifically, the brand built its market on the Polygon blockchain.
The blockchain supports USDC for paying network fees, which is why Polymarket only supports the stablecoin for trading. If you deposit other cryptocurrencies on Polymarket, they’ll automatically convert to USDC for trading prediction markets.
On Kalshi, you trade directly with USD. When you deposit cryptocurrency, the site will convert it to USD using the real-time exchange rate.
Bonuses and Rewards
At Polymarket, we didn’t get a welcome bonus after registration. The brand doesn’t have one, and it instead offers daily rewards for trading event contracts at specific prices. If you’re active on the site or app, you can get the rewards regularly.
In contrast, Kalshi may give you a $10 welcome bonus after signing up if you meet the requirements. This deal was a highlight of our
Kalshi vs Robinhood
review, though the latter offers up to $200 in stock.
Kalshi also features a Liquidity Incentive Program that rewards you for maintaining orders on specific prediction markets. In other words, you help keep prices stable and improve liquidity.
Liquidity and Trading Volume
A critical factor for any trader is market liquidity—how easily you can buy or sell contracts without drastically affecting the price.
Historically, Polymarket has boasted massive global trading volumes, often reaching hundreds of millions of dollars on major political events or crypto milestones. This high liquidity generally results in tighter spreads, meaning you get better prices when entering and exiting trades. Kalshi’s liquidity has grown exponentially, particularly as it secured its position as the premier regulated US platform.
While its overall volume might sometimes trail Polymarket’s global reach, Kalshi offers excellent liquidity for US-specific events, financial indicators, and domestic politics. For the average trader, both platforms offer more than enough liquidity for standard event contracts, but high-rollers might prefer Polymarket for global events and Kalshi for US economic markets.
Are Kalshi and Polymarket Legal?
The legal landscape for prediction markets in the US has seen massive shifts recently. Yes, both Kalshi and Polymarket are now legally accessible to US traders, but their paths to legality were very different.
Kalshi was built from the ground up as a fully regulated entity, operating under the direct oversight of the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market. This has always given Kalshi a strong foundation of legal certainty in the US.
Polymarket, conversely, operated offshore and was previously restricted from serving US customers following a 2022 CFTC enforcement action. However, in a landmark development in late 2025, Polymarket received CFTC approval to resume US operations under a fully regulated exchange structure. They have since launched “Polymarket US,” allowing American traders to legally participate.
With CFTC oversight, Kalshi and Polymarket’s
prediction markets are legal
in the US. It is important to note that while both are federally regulated by the CFTC, online trading laws can still vary by state, so you should always verify your local regulations. Therefore, your local regulations ultimately decide if you can use Kalshi or Polymarket.
Conclusion – Pick Your Preference Between Kalshi and Polymarket
Kalshi and Polymarket are both top-performing prediction market brands. After our comparisons, we can’t point to a clear winner. The best site to use will depend on your preferences.
Whether you choose Kalshi or Polymarket, you’ll be trading Yes/No event contracts on sports, politics, culture, and other categories. Polymarket mainly supports crypto with USDC as its sole trading currency. Meanwhile, Kalshi lets you use USD directly. In our opinion, that’s the key difference to consider when choosing.
As we confirmed, Kalshi and Polymarket are regulated by the CFTC. Therefore, you can sign up and trade knowing that they’re legit and trustworthy. When you make your pick, click the banners on this page to visit the prediction market site.
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Open Polymarket
Must be 18 years or older and have a legal, U.S. residential address within the applicable state, D.C., or U.S. territories. Not available in AZ, IL, MA, MD, MI, MT, NJ, NV and OH.
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Kalshi Vs Polymarket FAQs
🏅 Which Is Better, Polymarket or Kalshi?
The better prediction market site between Polymarket and Kalshi depends on your preferences. Both brands have similar offerings, but differ in terms of event coverage, payment methods, trading currency, and rewards.
📜 Are Kalshi and Polymarket Legal in the US?
Yes, Kalshi and Polymarket are legal in the US. Both sites are regulated by the CFTC, so they have approval to offer prediction markets at a federal level.
🤼 Who Are Kalshi’s Competitors?
Kalshi has several competitors in the US, and Polymarket is one of the most popular. Others include Robinhood and Crypto.com.
⚽ Can I Bet on Sports on Kalshi and Polymarket?
You can’t bet on sports on Kalshi or Polymarket because the sites are not sportsbooks. There are no fixed odds. Instead, you buy and sell sports event contracts based on your predictions. The contract price depends on market conditions and isn’t set by Kalshi or Polymarket.
For guidance on responsible trading and risk awareness, the following free official resources are available:
To make sure you get accurate and helpful information, this guide has been edited by
Mac Douglass
as part of our fact-checking process.
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