What is Kalshi? (2026 guide)
Updated 12 Oct 2026
Kalshi is a US-based prediction-market exchange and the first to receive Designated Contract Market (DCM) status from the Commodity Futures Trading Commission. Alongside Polymarket US (CFTC-regulated since July 2025), it is one of the two federally regulated prediction markets available to US residents.
Size. Kalshi is the largest prediction market by volume — about 78% of tracked volume in September 2026.
How it works. Users sign up with full KYC, fund a US-dollar account by bank transfer or debit card, and trade event contracts that pay $1 if their predicted outcome occurs and $0 if it does not.
Market focus. Kalshi's most active markets are US economic indicators (Fed funds rate, CPI, unemployment), US politics, and a growing list of cultural and sporting events.
Fees. Kalshi's taker fee is round-up(0.07 × contracts × P × (1 − P)) — about $1.75 per 100 contracts at 50¢, less near 1¢ or 99¢. Resting maker orders generally avoid it.
Frequently asked questions
Is Kalshi legal in all 50 states?
Kalshi is federally regulated by the CFTC and available in all 50 states, but state court orders currently require it to block sports contracts in Nevada and Michigan, and several states are litigating sports contracts.
Can non-US residents use Kalshi?
It depends. Kalshi restricts 55 jurisdictions in total, including the UK, Canada and India.