Kalshi vs Phantom
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 17 differences
| Line | Kalshi | Phantom |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | Wallet or appWorld, Kalshi |
| Taker fee | Edge3.5% 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. | 4–5% at 50¢Outside the US, each trade pays 0.1 × p × (1 − p) per contract: 100 contracts at 50¢ cost $2.50. In the US, Kalshi markets cost $0.02 a contract, $0.01 to Phantom and $0.01 to Kalshi: $2.00 for 100 contracts at any price. Funding from the Cash account is gasless; other tokens need SOL for network fees. |
| 30-day volume | $15.4Bvolume questioned | Not tracked |
| New-user perk | None documented | Edge10% of your own trading fees back for three months, when you sign up on mobile with a code |
| Custody | Custodial dollar account at Kalshi Klear | EdgeSelf-custody outside the US; funds at Kalshi in the US |
| 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 documentedIn the US, Kalshi verifies your identity before any trade. Phantom's help page for World markets describes no identity check. |
| 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. | 2Phantom's help center excludes the UK and Germany, plus jurisdictions sanctioned by the US, from prediction markets. In the US, Kalshi markets have been rolling out since 23 October 2026, with some categories restricted in Michigan, Nevada and Washington. |
| 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. | Settled by the source venueOutside the US, World settles each market from the oracle named in its rules, Chainlink in Phantom's disclosures, with a challenge period. In the US, Kalshi decides under its market rules. Phantom says it does not decide results. |
| Settles on | Kalshi Klear | Solana (World) · Kalshi Klear (US) |
| Collateral | USD | CASH |
| Operator | KalshiEX LLCCFTC (DCM) | Phantom Technologies, Inc. |
| Token | No token | No token |
| Where it runs | Web, iOS, Android | iOS, Android |
| Chains | — | EdgeSolanaSolana |
| Documented features | Edge5 of 10 | 1 of 10 |
| Order book | Yes | No |
| Anyone can create a market | No | No |
| Combos / parlays | Yes | Not documented |
| Maker rebates | Not documented | Not documented |
| Yield on collateral | Yes | Not documented |
| Trading API | Yes | No |
| Mobile app | Yes | Yes |
| Telegram bot | Not documented | Not documented |
| Own token | Not documented | Not documented |
| Points program | Not documented | Not documented |
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 Phantom if
You already use Phantom on your phone and want to trade events without leaving the wallet.
A predictions tab inside the Phantom app rather than a venue: outside the US it trades World markets on Solana, settled in Phantom's CASH stablecoin, and since 23 October 2026 US users get Kalshi markets after an identity check. The fee is steep: 5% at 50¢ outside the US, more than most venues charge directly.
Read the Phantom reviewphantom.com
