Polymarket vs Phantom
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 19 differences
| Line | Polymarket | Phantom |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | Wallet or appWorld, Kalshi |
| Taker fee | Edge0–3.5% 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. | 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$2.31B | Not tracked |
| New-user perk | None documented | Edge10% of your own trading fees back for three months, when you sign up on mobile with a code |
| Custody | Self-custody: your keys, collateral in a smart contract | Self-custody outside the US; funds at Kalshi in the US |
| 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. | Not documentedIn the US, Kalshi verifies your identity before any trade. Phantom's help page for World markets describes no identity check. |
| 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. | 2Phantom's help center excludes the UK and Germany, plus jurisdictions sanctioned by the US, from prediction markets. In the US, Kalshi markets have been rolling out since 23 October 2026, with some categories restricted in Michigan, Nevada and Washington. |
| 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. | 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 | Polygon | Solana (World) · Kalshi Klear (US) |
| Collateral | pUSD | CASH |
| Operator | Adventure One QSS Inc. | Phantom Technologies, Inc. |
| Token | No token | No token |
| Where it runs | Web | iOS, Android |
| Chains | EVMPolygon | SolanaSolana |
| Documented features | Edge4 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 | 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 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 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
