Kalshi vs Hyperliquid Outcomes
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 18 differences
| Line | Kalshi | Hyperliquid Outcomes |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | VenueLists, matches and settles its own markets |
| Taker fee | 3.5% at 50¢Takers pay 0.07 × contracts × p × (1 − p), rounded up to a hundredth of a cent: 100 contracts at 50¢ cost $1.75. Makers pay 0.0175 × C × p × (1 − p) only on series listed with maker fees, and nothing elsewhere. No settlement, membership or ACH deposit fee; card deposits cost up to 2%. Schedule in force since 7 July 2026. | Not publishedHyperliquid's fee page says outcome trades pay only when a position is closed or settled, never when it opens, but gives no rate, and its HIP-4 page still says outcome fees are zero during testing. DefiLlama counted $75.5K of outcome fees over 30 days, front-end builder fees included, on $56.4M of volume. Makers pay nothing. |
| 30-day volume | $15.4Bvolume questioned | $56.4M |
| New-user perk | None documented | Edge4% off fees on your first $25M of volume |
| Custody | Custodial dollar account at Kalshi Klear | EdgeSelf-custody, same account as perps and spot |
| Identity check (KYC) | KYC requiredIdentity verification before any trade: legal name, date of birth, address and a government photo ID, sometimes a Social Security number or proof of address. Outside the US, deposits are by debit card, wire ($1,000 minimum) or crypto. | No KYCNo identity check: you connect a wallet. |
| Excluded countries | 55Kalshi's member agreement (1 October 2026 update) lists 55 restricted jurisdictions, including France, the UK, Canada, Australia, Switzerland and Singapore. The restriction covers trading event contracts; on its own it does not bar holding an account. | 1Hyperliquid's terms exclude the US, Ontario and sanctioned territories. Outcome markets add their own list of “Excluded Persons”, which Hyperliquid does not publish. |
| Resolution | Decided by the exchangeEach contract's rules name the source that decides it; after expiry, Kalshi's markets team determines the outcome. Disputes go to Kalshi support, then to arbitration under its rulebook. No token-holder vote. | Validator voteValidators publish the canonical markets and vote their outcomes on-chain against predefined rules, with a dispute window. No UMA or Chainlink oracle is involved. |
| Settles on | Kalshi Klear | HyperCore (L1 Hyperliquid) |
| Collateral | USD | USDC |
| Operator | KalshiEX LLCCFTC (DCM) | Hyperliquid Corp. |
| Token | No token | HYPEHyperliquid L1 |
| Where it runs | Web, iOS, Android | Web, Android |
| Chains | — | EdgeHyperliquidHyperliquid |
| Documented features | Edge5 of 10 | 4 of 10 |
| Order book | Yes | Yes |
| Anyone can create a market | No | No |
| Combos / parlays | Yes | Not documented |
| Maker rebates | Not documented | No |
| Yield on collateral | Yes | Not documented |
| Trading API | Yes | Yes |
| Mobile app | Yes | Yes |
| Telegram bot | Not documented | Not documented |
| Own token | Not documented | Yes |
| Points program | Not documented | No |
Which one should you pick?
Pick Kalshi if
You want a regulated exchange with a public rulebook and deep sports and economics markets, and a dollar account with an identity check suits you.
The biggest venue by reported volume and the only one run as a US-regulated exchange: you trade from a dollar account after an identity check, under a published fee formula and rulebook. DegenBench places it third while that volume is questioned, and its member agreement restricts 55 jurisdictions, including France, the UK, Canada and Australia.
Read the Kalshi reviewkalshi.com
Pick Hyperliquid Outcomes if
You already trade on Hyperliquid and want event contracts next to your perps, without KYC.
Prediction markets inside Hyperliquid: since May 2026, outcome contracts trade on HyperCore's order books from the same account as your perps and spot, settled in USDC and resolved by validator vote. The open question is the fee: positions pay on close or settlement, at a rate Hyperliquid has not published.
Read the Hyperliquid Outcomes reviewapp.hyperliquid.xyz
