Polymarket vs Kalshi
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 15 differences
| Line | Polymarket | Kalshi |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | VenueLists, matches and settles its own markets |
| Taker fee | 0–3.5% at 50¢Takers pay contracts × rate × p × (1 − p): 0.07 in crypto, 0.05 in sports, economics, culture and weather, 0.04 in politics, finance, tech and mentions, 0 in geopolitics; combos 0.05. 100 contracts at 50¢ cost $1.75 in crypto, $1.25 in sports and $1.00 in politics. Makers pay nothing and share 15% to 25% of taker fees; deposits and withdrawals carry no Polymarket 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. |
| 30-day volume | $2.31B | $15.4Bvolume questioned |
| Custody | EdgeSelf-custody: your keys, collateral in a smart contract | Custodial dollar account at Kalshi Klear |
| Identity check (KYC) | Above a thresholdSign up with an email or a self-custody wallet; Polymarket asks its top-volume traders for more information. Its terms forbid using a VPN to get around a block. | 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 | 41Polymarket's API docs block Iran, Syria, Cuba, North Korea, Crimea, Donetsk and Luhansk outright. In 37 other countries, including the US, the UK, France, Germany, Italy, Australia and Brazil, plus British Columbia, Ontario, Alberta and Quebec, you can only close positions you already hold; Ireland, Japan, the Netherlands and South Korea are close-only on the website only, and Malta for sports only. The help center (14 August 2026) calls most of them fully blocked. US residents are sent to Polymarket US. | 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 | Optimistic oracleUMA's optimistic oracle: anyone proposes an outcome against a bond, typically $750 pUSD, then a two-hour challenge window opens. A second dispute goes to a vote of UMA token holders. Crypto up/down markets settle from Chainlink instead. | 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 | Polygon | Kalshi Klear |
| Collateral | pUSD | USD |
| Operator | Adventure One QSS Inc. | KalshiEX LLCCFTC (DCM) |
| Token | No token | No token |
| Where it runs | Web | Web, iOS, Android |
| Chains | EdgeEVMPolygon | — |
| Documented features | 4 of 10 | Edge5 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 | No | Yes |
| Telegram bot | Not documented | Not documented |
| Own token | No | Not documented |
| Points program | Not documented | Not documented |
Which one should you pick?
Pick Polymarket if
You want to trade from your own wallet, without a document check, in a country Polymarket serves.
The crypto-native venue: a central order book settled on Polygon, collateral that stays in your wallet, and a fee that depends on the market's category, from nothing in geopolitics to 3.5% at 50¢ in crypto. Access is the catch: 41 countries are blocked or close-only, the US, the UK and France among them, and France's regulator has ordered internet providers to block the site.
Read the Polymarket reviewpolymarket.com
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
