Kalshi vs Predict.fun
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 16 differences
| Line | Kalshi | Predict.fun |
|---|---|---|
| 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. | Edge2% at 50¢Takers pay 2% × min(p, 1 − p) × shares: 100 contracts at 50¢ cost $1.00, or $0.90 with an invite code. Makers pay nothing. Minimum order 1 USDT. Open positions earn Venus yield, minus a 10% management fee. |
| 30-day volume | $15.4Bvolume questioned | $380M |
| New-user perk | None documented | Edge10% off trading fees with an invite code |
| Custody | Custodial dollar account at Kalshi Klear | EdgeSmart wallet in your name; Predict never holds the keys |
| 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 sign up with an email, a Google or X account, or your own wallet, and declare that you are not in an excluded country. |
| 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. | 13Terms dated 18 November 2025: the US, the UK, France, Ontario, Singapore, Poland, Thailand and Taiwan, plus sanctioned Iran, Syria, Cuba, North Korea, Crimea, Donetsk and Luhansk. Australia and Belgium appear in the terms' capitalised notice but not in their definition of restricted jurisdictions. |
| 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. | Optimistic oracleUMA's optimistic oracle settles markets created since March 2026: a bonded proposal, a challenge window, then a UMA token-holder vote if disputed. Recurring up/down crypto markets settle from Chainlink Data Streams. Its technical overview describes a simplified adapter with no bond or dispute, which contradicts the help pages. |
| Settles on | Kalshi Klear | BNB Chain |
| Collateral | USD | USDT, USDC |
| Operator | KalshiEX LLCCFTC (DCM) | PDF Labs Limited |
| Token | No token | No token |
| Where it runs | Web, iOS, Android | Web |
| Chains | — | EdgeEVMBNB Chain |
| 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 | Not documented |
| Yield on collateral | Yes | Yes |
| Trading API | Yes | Yes |
| Mobile app | Yes | Not documented |
| Telegram bot | Not documented | Not documented |
| Own token | Not documented | No |
| 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 Predict.fun if
You trade on BNB Chain and want a low fee at 50¢ with yield on your open positions.
The second-largest on-chain venue after Polymarket on DefiLlama: a central order book on BNB Chain, a taker fee that peaks at 2% at 50¢, and Venus yield on open positions. Its terms name the operator, PDF Labs, under British Virgin Islands law, and exclude the US, the UK and France.
Read the Predict.fun reviewpredict.fun
