Polymarket US 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 | Polymarket US | Phantom |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | Wallet or appWorld, Kalshi |
| 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. The fee page announces 30-day volume tiers for taker fees and rebates from 6 November 2026, still marked as upcoming, with 0.0695 kept for a new account's first 7 days. | 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 | Edge$3.14B | Not tracked |
| New-user perk | $25 trading credit after signing up with a referral code and depositing at least $10 | 10% of your own trading fees back for three months, when you sign up on mobile with a code |
| Custody | Custodial dollar account | EdgeSelf-custody outside the US; funds at Kalshi in the US |
| Identity check (KYC) | KYC requiredEvery account is verified: legal name, date of birth, address and Social Security number, plus a photo ID and a selfie when more checks are needed. | Not documentedIn the US, Kalshi verifies your identity before any trade. Phantom's help page for World markets describes no identity check. |
| 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. | 2Phantom's help center excludes the UK and Germany, plus jurisdictions sanctioned by the US, from World prediction markets, which are not offered in the US either. In the US, Kalshi markets have been rolling out since 23 October 2026, and the same page lists them as available except in Michigan, Nevada and Washington. |
| 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. | 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 | Polymarket Clearing | Solana (World) · Kalshi Klear (US) |
| Collateral | USD | CASH |
| Operator | QCX LLC (Polymarket US)CFTC (DCM, DCO) | 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 | Yes | Not documented |
| Yield on collateral | Not documented | 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 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. Its taker fee has been almost exactly Kalshi's since 19 October 2026, though volume tiers are announced from 6 November, and it serves no one outside the US.
Read the Polymarket US reviewpolymarket.us
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 outside Michigan, Nevada and Washington 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
