DegenBenchPrediction marketsKalshi#03Checked 26 Oct 202613 sources · official docs + public data

#03Kalshi

Kalshi review

CFTC-regulated event exchange in dollars#03Kalshi Klear

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.

Open Kalshikalshi.com

kalshi.com

Event contracts can expire worthless, and many countries treat prediction markets as gambling. Adults only, where it is legal. Only stake what you can afford to lose.

In an allowed country but the site won’t open? Your VPN may be connected to a country this platform excludes. Turn it off and the page will load.

DegenBenchChecked 26 Oct 202613 sources · official docs + public data#03

Event contracts can expire worthless, and many countries treat prediction markets as gambling. Adults only, where it is legal. Only stake what you can afford to lose.

In an allowed country but the site won’t open? Your VPN may be connected to a country this platform excludes. Turn it off and the page will load.

Taker fee: 3.5% at 50¢ · makers free on most marketsTakers 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: $15.4BPlaced third, after Polymarket US and Polymarket, while its volume is questioned: in September 2026, X threads accused Kalshi of inflating its ether perpetuals volume and the Wall Street Journal reported that the CFTC was examining those trades, and until October 2026 a Kalshi program paid traders by their share of event-contract volume. Kalshi denies any wash trading and says it is not under investigation. DefiLlama, 30 days to 26/10/2026, counted as the amount paid (price × contracts) from Kalshi's daily trade reports: the largest figure in the series. DefiLlama also publishes a larger notional figure that counts every contract at $1.
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.

Type: VenueLists, matches and settles its own markets
Operator: KalshiEX LLCCFTC (DCM). A Delaware company, designated a contract market by the CFTC on 4 November 2020. Kalshi Klear LLC holds member funds and clears trades; perpetual futures go through Kalshi Prime LLC, a futures commission merchant.
Custody: Custodial dollar account at Kalshi Klear
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.
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.
Settles on: Kalshi Klear · USD

Checked 26 Oct 202613 sources

Who it’s for

Pick it 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.

Skip it if

You want to trade from your own wallet without KYC, or you live in one of the 55 restricted jurisdictions.

Strengths

Designated contract market under the CFTC since November 2020, with a published rulebook and fee schedule.
Combos, a public API, and apps on iOS and Android.
Its markets also trade as Solana tokens through DFlow since December 2025, and eligible US accounts earn 3.50% a year on cash and open positions.

Limits

Custodial dollar account and identity check before any trade: nothing on kalshi.com trades from your own wallet.
Volume questioned: X threads and a reported CFTC look at its ether perpetuals in September 2026, after three years of volume-based rewards on event contracts. Kalshi denies wash trading.
55 restricted jurisdictions, and US states contest its sports contracts: two federal appeals courts ruled against Kalshi in 2026, and New York has sued it.

Excluded countries

Kalshi'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.

Afghanistan
Algeria
Angola
Australia
Belarus
Belgium
Bolivia
Bulgaria
Burkina Faso
Cameroon
Canada
Central African Republic
China
Congo - Kinshasa
Côte d’Ivoire
Cuba
Ethiopia
France
Haiti
Hungary
India
Iran
Iraq
Ireland
Italy
Kenya
Laos
Lebanon
Libya
Mali
Monaco
Mozambique
Myanmar (Burma)
Namibia
New Zealand
Nicaragua
Niger
North Korea
Poland
Portugal
Russia
Singapore
Somalia
South Sudan
Sudan
Switzerland
Syria
Taiwan
Thailand
Ukraine
United Arab Emirates
United Kingdom
Venezuela
Yemen
Zimbabwe

Markets listed

Sports
Politics
Economics
Crypto
Culture
Weather
Tech
Mentions

What it offers

Order bookYes
Anyone can create a marketNo
Combos / parlaysYes
Maker rebatesNot documented
Yield on collateralYes
Trading APIYes
Mobile appYes
Telegram botNot documented
Own tokenNot documented
Points programNot documented

“Not documented” means we found no official page, not that the feature is missing.

How to start safely

Check that you are allowed to trade
Read the excluded countries on the card. If yours is listed, do not trade there: platforms such as Polymarket forbid getting around their blocks with a VPN in their terms.
Open the official site yourself
Type kalshi.com or use a bookmark: fake prediction market sites and “airdrop” pages are common and drain wallets.
Read the market rules
Every market names its resolution source and its end date. A contract pays on what those rules say, not on what the headline says.
Start small and mind the fee
Fee formulas peak around 50¢. A limit order that waits in the book usually pays less than one that takes the best price, and often nothing.

Security record

2026-09-30 — CNBC found that nearly half of the dollar volume on Kalshi's ether perpetual on 20 September came from trades of about $5,500, and relayed a Wall Street Journal report that the CFTC was examining those trades. Kalshi denies wash trading. Source

2026-09-28 — In a CFTC filing, Kalshi said it would end, no earlier than 13 October 2026, its Volume Incentive Program, which since March 2023 had paid traders from reward pools by their share of event-contract volume. Source

2026-09-25 — The Sixth Circuit ruled that states may regulate sports event contracts, a loss for Kalshi in Ohio and Tennessee. Source

2026-09-22 — Kalshi published a post disputing claims that the volume of its perpetual futures came from wash trading. Source

2026-08-28 — The Ninth Circuit ruled that Kalshi cannot stop Nevada's gaming regulators from overseeing its markets. Source

2026-07-31 — New York's governor and attorney general sued Kalshi for running what they call an illegal gambling operation. Source

Official domains: kalshi.com

Card history

Every change to the figures on this card, dated the day it went live. Rewording is left out.

26 Oct 2026
Added to DegenBench

A figure is wrong or out of date? Send it with the official source: once checked, the fix shows up here, dated.Report an error

Sources

Checked on 26 Oct 2026. Facts change quickly: re-check prices and fees in the app.

Kalshi3.5% at 50¢ · kalshi.com

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