Polymarket vs Kalshi (2026): Side-by-Side Comparison

Polymarket or Kalshi — which is better?

Both are now CFTC-regulated US apps funded in US dollars. Kalshi is better for most US beginners: a polished app across 47 states plus DC and more traded volume in July 2026 ($41.1B vs $8.6B). The Polymarket US app covers more states (49 plus DC, not Nevada) and has the bigger new-user offer.

TL;DR:

Kalshi now trades roughly five times Polymarket's monthly volume and wins on simplicity and depth in US markets. The Polymarket US app wins on state coverage (49 states plus DC) and its $25 new-user bonus. Both fund in US dollars. Most serious traders use both.

Polymarket

CFTC-regulated US app

CFTC-regulated exchange and clearing organization; funds and trades in US dollars.

~$8.6B monthly volume (Jul 2026)

Available in 49 US states + DC (not Nevada)

Full ID verification at sign-up

Fees: check the app for the current schedule

Thinner on US-specific economic markets

Kalshi · Trade $25 and Get $25!

WINPREDICTS

Claim on Kalshi

Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.

Last checked October 14, 2026

Kalshi

CFTC-regulated US event exchange

Real USD via ACH, clean UX, strongest on US politics and economic data.

Real USD via ACH — no crypto

Available in 47 US states + DC

Clean mobile app

Strong US political and macro markets

A fee on every executed trade, highest near 50¢

Thinner on global, non-US markets

Side-by-side

Feature	Polymarket	Kalshi
Regulation	CFTC-regulated (exchange + clearing)	CFTC-regulated (DCM)
US availability	49 states + DC (not Nevada)	47 states + DC
Settlement currency	USD	USD (ACH)
Trading fee	Taker: 0.0695 × contracts × price × (1 − price); resting orders pay none	0.07 × contracts × price × (1 − price), rounded up
Monthly volume (Jul 2026)	~$8.6B	~$41.1B
Onboarding	Full ID verification (KYC)	Email + bank link + KYC
Strongest markets	Crypto, global politics, news	US politics, Fed, economic data

A note on state availability: the state counts above can change for sports markets. Federal appeals courts are split on whether states can regulate sports event contracts. The Third Circuit sided with Kalshi against New Jersey on April 6, 2026. The Ninth Circuit (Nevada, August 28, 2026) and the Sixth Circuit (Ohio and Tennessee, September 25, 2026) sided with the states. Kalshi asked the full Sixth Circuit to rehear the case on October 9, 2026; the court has not ruled. The Supreme Court has been asked to decide (see Supreme Court docket 26-299). Check each app's current eligible-state list before you deposit. This is general information, not legal advice. Source: Sixth Circuit opinion.

Who should pick which

Pick Polymarket if…

• You live in Michigan or Washington, where Kalshi isn't available
• You want the $25 trading bonus on a $10 deposit
• You want global political and crypto markets

Deposit $10 · Get $25 · Code WIN

18+ Only. Restrictions and eligibility requirements apply. Not available in all jurisdictions. Trading is risky. 100% loss can occur. See polymarket.com/tos for more information. The Polymarket US App serves as an independent software provider and affiliate of Polymarket US and Polymarket Clearing, the CFTC-regulated exchange and clearing organization.

Pick Kalshi if…

• You want real USD via ACH
• You trade mostly US politics and economic data
• You value a polished mobile app
• You're new and want the simplest on-ramp

Trade $25 and get $25 · WINPREDICTS

Bottom line

Read Polymarket review → Read Kalshi review →

Frequently asked questions

Is Polymarket or Kalshi better for US traders in 2026?

Both are CFTC-regulated and dollar-funded; state status varies (see section 2 table). Kalshi is available in 47 states plus DC (not Michigan, Nevada or Washington) with ACH funding in real USD. Polymarket's US app (QCX LLC) covers 49 states plus DC (not Nevada), funds and trades in US dollars and requires full ID verification. Kalshi has the deeper book overall; check each app for current fees.

Which has lower fees, Polymarket or Kalshi?

They use similar curves, highest at a 50¢ price. Kalshi charges 0.07 × contracts × price × (1 − price), rounded up, on executed trades. Polymarket US charges takers 0.0695 × contracts × price × (1 − price), and orders that rest on the book pay no fee. At 50¢ both come to about $1.74–$1.75 per 100 contracts. Check each fee schedule before you trade, as some markets differ.

Which has more liquidity?

Kalshi, on current data. Kalshi traded about $41.1B in July 2026 versus roughly $8.6B on Polymarket (DeFi Rate). Kalshi is deeper on US sports and economics; compare the order book market by market in each app.

Can I use both Polymarket and Kalshi at the same time?

Yes, and many serious traders do. Use Kalshi for ACH-funded US politics and macro markets where it has the best depth; use the Polymarket US app for its own market selection and the $25 new-user bonus.

Do I need crypto to use Polymarket?

No. The Polymarket US app is a CFTC-regulated exchange that funds and trades in US dollars, with full ID verification — no crypto purchase required. Only the international site, which is not for US users, uses USDC.

Which is safer?

Both are CFTC-regulated. Kalshi operates as a Designated Contract Market with funds held at FDIC-insured banks. Polymarket US is a CFTC-regulated exchange with its own CFTC-regulated clearing organization, Polymarket Clearing. Both require ID verification before you trade.