Polymarket US vs Kalshi
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 11 differences
| Line | Polymarket US | Kalshi |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | VenueLists, matches and settles its own markets |
| Taker fee | Edge3.48% at 50¢Since 19 October 2026, takers pay 0.0695 × contracts × p × (1 − p): 100 contracts at 50¢ cost $1.74. Table tennis uses 0.10. Makers pay nothing and earn a rebate from $10M of monthly maker volume; takers get 3% to 30% back from $250,000 of monthly volume. | 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. |
| 30-day volume | $3.14B | $15.4Bvolume questioned |
| New-user perk | Edge$25 trading credit after signing up with a referral code and depositing at least $10 | None documented |
| Custody | Custodial dollar account | Custodial dollar account at Kalshi Klear |
| Identity check (KYC) | KYC requiredEvery account is verified: name, address, Social Security number and a photo ID, with a selfie when needed. | 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. |
| Excluded countries | Open only to residents of United StatesOpen to US residents only, and trading is not available in Nevada, although its App Store page claims all 50 states. | 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. |
| Resolution | Decided by the exchangeMarkets settle under the exchange's rulebook. Polymarket US publishes rule clarifications and can cancel resting orders when it clarifies a market. | 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. |
| Settles on | Polymarket Clearing | Kalshi Klear |
| Collateral | USD | USD |
| Operator | QCX LLC (Polymarket US)CFTC (DCM, DCO) | KalshiEX LLCCFTC (DCM) |
| Token | No token | No token |
| Where it runs | Web, iOS, Android | Web, iOS, Android |
| Chains | — | — |
| Documented features | 5 of 10 | 5 of 10 |
| Order book | Yes | Yes |
| Anyone can create a market | No | No |
| Combos / parlays | Yes | Yes |
| Maker rebates | Yes | Not documented |
| Yield on collateral | Not documented | Yes |
| Trading API | Yes | Yes |
| 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 Polymarket US if
You live in the US outside Nevada and want Polymarket in a regulated app with dollar deposits.
Polymarket's regulated twin for Americans: same brand, but a separate CFTC-regulated exchange with dollar accounts, identity checks and its own fee formula. Since 19 October 2026 its taker fee is almost exactly Kalshi's, and it serves no one outside the US.
Read the Polymarket US reviewpolymarket.us
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
