Kalshi vs Opinion
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 20 differences
| Line | Kalshi | Opinion |
|---|---|---|
| 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. | Edge0.5–1% at 50¢Takers pay the market's topic rate × p × (1 − p), capped at 1% at 50¢, with a $0.25 minimum: 100 contracts at 50¢ cost $0.25 to $0.50. Makers pay nothing and receive 50% of the taker fee. Minimum order $5, minimum withdrawal $5. |
| 30-day volume | $15.4Bvolume questioned | $267M |
| New-user perk | None documented | EdgeUp to 10% off trading fees with a referral code |
| Custody | Custodial dollar account at Kalshi Klear | EdgeSelf-custody: you trade from your own wallet |
| 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. | Not documentedNo KYC policy is published; you connect a self-custody wallet such as Binance Wallet, OKX or MetaMask. |
| 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. | 14Terms dated 19 October 2025: the US, the UK, France, Ontario, Singapore, Poland, Thailand, South Korea, China, Taiwan and Hong Kong, plus sanctioned countries and regions. The site returns a geo-block page from France. |
| 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. | AI panel, human appealOpinion AI proposes the outcome from predefined sources, then a jury of models and human reviewers check it. Anyone can dispute within the window, usually two hours, by staking OPN: an upheld dispute returns twice the stake, a rejected one loses it. |
| Settles on | Kalshi Klear | BNB Chain |
| Collateral | USD | USDT |
| Operator | KalshiEX LLCCFTC (DCM) | Superchillclub Limited |
| Token | No token | OPNBNB Chain |
| Where it runs | Web, iOS, Android | Web |
| Chains | — | EdgeEVMBNB Chain |
| Documented features | 5 of 10 | Edge6 of 10 |
| Order book | Yes | Yes |
| Anyone can create a market | No | Yes |
| Combos / parlays | Yes | Not documented |
| Maker rebates | Not documented | Yes |
| Yield on collateral | Yes | Not documented |
| Trading API | Yes | Yes |
| Mobile app | Yes | Not documented |
| Telegram bot | Not documented | Not documented |
| Own token | Not documented | Yes |
| Points program | Not documented | Yes |
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 Opinion if
You want macro and political markets on BNB Chain with the cheapest taker fee at 50¢.
A BNB Chain venue built around macro and political markets, with the lowest maximum taker fee in the series, 1% at 50¢, and an AI oracle whose results anyone can dispute by staking its OPN token. Its January 2026 volume drew public questions about wash trading, and DefiLlama filters flagged wallets out of its figure.
Read the Opinion reviewopinion.trade
