Polymarket vs Kalshi: complete comparison (2026)
Polymarket and Kalshi are the two largest prediction-market platforms in the world, but they could hardly be more different. Polymarket is a crypto-native, USDC-denominated exchange built on Polygon; Kalshi is a CFTC-regulated US derivatives exchange. Here's how they stack up.
| Feature | Polymarket | Kalshi |
|---|---|---|
| Founded | 2020 | 2018 |
| Regulator | None (offshore, Polygon) | CFTC (US DCM) |
| Settlement | USDC stablecoin | USD fiat |
| US residents | Geo-blocked | Fully available |
| UK / EU residents | Geo-blocked | Geo-blocked |
| Fees | 0% on most markets | ≈1% per trade |
| Min deposit | ~$1 USDC | $10 |
| Liquidity | Highest on political markets | Deepest on US economic events |
| KYC | Optional (some markets) | Mandatory |
Polymarket dominates global political event volume — the 2024 US election saw single-market volume exceed $3.7 billion. Its crypto-native architecture means there are no traditional payment rails, no KYC for most activity, and no fees on most markets. The trade-off: it's geo-blocked in the US (the CFTC fined it $1.4 million in 2022), the UK, most of the EU, and a growing list of other jurisdictions.
Kalshi is the inverse: tightly regulated, fully US-compliant, and the only prediction-market exchange a US resident can legally fund. Its market list is narrower than Polymarket's but includes the most economically significant events — Fed rate decisions, CPI prints, jobs reports — that financial firms actually want to hedge against.
Bottom line: if you're in the US and want legal exposure, Kalshi is the only answer. If you're outside the US and want depth on political events at zero fees, Polymarket wins. Outside the US/UK/EU, both may be blocked — see our country-by-country legal guide.
Frequently asked questions
Is Polymarket better than Kalshi?
Neither — they serve different audiences. Polymarket has deeper political-event liquidity at zero fees but is geo-blocked in the US and most of Europe. Kalshi is CFTC-regulated and fully legal for US residents but charges trading fees and offers a narrower market list.
Can US residents use Polymarket?
No. Polymarket geo-blocks US IP addresses following a 2022 CFTC settlement. Using a VPN to bypass the block violates the platform's terms of service.
Is Kalshi legal in all 50 states?
Yes. Kalshi is a CFTC-regulated Designated Contract Market and is legal in every US state and territory.
Which has lower fees?
Polymarket has no fees on most markets. Kalshi charges roughly 1% per trade.