Kalshi vs XO Market
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 | XO Market |
|---|---|---|
| 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. | Edge3% at 50¢Takers pay shares × base rate × p × (1 − p). The base rate is 6% on Pulse rounds, so 100 contracts at 50¢ cost $1.50; other markets set their own. Makers pay nothing and receive 35% of the taker fee on eligible markets. Creating a market costs $1 plus a seed order of at least $10. |
| 30-day volume | $15.4Bvolume questioned | $66M |
| Custody | Custodial dollar account at Kalshi Klear | EdgeSelf-custody smart 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. | No KYCNo identity check to open an account or trade; contest and referral payouts may require verification. |
| 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. | 8Its terms exclude the US, the UK, France, Singapore and Ontario, plus Cuba, Iran, North Korea and Syria. No date is shown on the page. |
| 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 appealMODRA, a panel of independent AI agents, drafts the rules and proposes outcomes; when agents disagree or a trader challenges, a court of staked human jurors decides. XO can also void a market. |
| Settles on | Kalshi Klear | XO rollup (Celestia DA) |
| Collateral | USD | USDC |
| Operator | KalshiEX LLCCFTC (DCM) | Not documented |
| Token | No token | No token |
| Where it runs | Web, iOS, Android | Web |
| Chains | — | — |
| Documented features | 5 of 10 | Edge6 of 10 |
| Order book | Yes | Yes |
| Anyone can create a market | No | Yes |
| Combos / parlays | Yes | Yes |
| 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 | 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 XO Market if
You want to create your own markets and earn 20% of their lifetime trading fees.
The most open venue in the series: anyone can create a market for $1 plus a $10 seed, and a panel of AI agents resolves it, with staked human jurors on appeal. No company is named behind it, and its taker fee depends on the market: 3% at 50¢ on Pulse rounds.
Read the XO Market reviewxo.market
