Polymarket vs Kalshi
Both are now CFTC-licensed and open to US traders. The real choice is liquidity vs simplicity — and whether you're comfortable holding USDC.
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Polymarket
CFTC-licensed, USDC-settled exchange
Deepest liquidity globally, near-zero fees, settles in USDC on Polygon.
Kalshi
CFTC-regulated US event exchange
Real USD via ACH, clean UX, strongest on US politics and economic data.
Side-by-side
| Feature | Polymarket | Kalshi |
|---|---|---|
| Regulation | CFTC-licensed | CFTC-regulated (DCM) |
| US availability | Available | 49 states + DC |
| Settlement currency | USDC (Polygon) | USD (ACH) |
| Trading fee | 0% (spread only, ~0.5–1%) | 5–7% of profit on wins |
| Monthly volume | $13B+ | ~$1–2B |
| Onboarding | Wallet + KYC | Email + bank link + KYC |
| Strongest markets | Crypto, global politics, news | US politics, Fed, economic data |
| Mobile app | Functional | Polished |
Who should pick which
Pick Polymarket if…
- • You want the lowest fees and tightest spreads
- • You trade size and need real liquidity
- • You're comfortable holding USDC in a wallet
- • You want global political and crypto markets
Pick Kalshi if…
- • You want real USD via ACH, no crypto
- • You trade mostly US politics and economic data
- • You value a polished mobile app
- • You're new and want the simplest on-ramp
Frequently asked questions
Is Polymarket or Kalshi better for US traders in 2026?
Both are CFTC-licensed and legal for US traders. Kalshi is simpler — sign up with email, fund via ACH in real USD. Polymarket has deeper liquidity and lower fees but requires a USDC wallet. For most US beginners, Kalshi is the easier on-ramp; for serious size, Polymarket wins.
Which has lower fees, Polymarket or Kalshi?
Polymarket has no explicit trading fee — cost is built into the spread (typically 0.5–1% on flagship markets). Kalshi charges 5–7% of profit on winning trades only. On equivalent positions, Polymarket is meaningfully cheaper.
Which has more liquidity?
Polymarket by a wide margin. It processes $13B+ monthly versus Kalshi's $1–2B range. On flagship political and crypto markets, Polymarket spreads are tighter and you can size up without moving the price.
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 Polymarket for global events, crypto-related markets, and any position large enough to need real liquidity.
Do I need crypto to use Polymarket?
You need USDC, a stablecoin pegged to the US dollar on the Polygon network. Polymarket's onboarding flow walks you through buying USDC with a card or bank transfer — you don't need prior crypto experience, but you do need to be comfortable holding tokens in a wallet.
Which is safer?
Both are CFTC-regulated. Kalshi operates as a Designated Contract Market with funds held at FDIC-insured banks. Polymarket is CFTC-licensed and settles on-chain via the UMA oracle. Different risk profiles — Kalshi has classic financial guardrails; Polymarket has on-chain transparency.
Bottom line
Polymarket wins on liquidity and fees — it's the strongest all-round venue if you're comfortable funding a USDC wallet. Kalshi wins on simplicity and depth for US-specific markets. Most serious traders use both: Polymarket for size, Kalshi for ACH-funded US macro and political plays.