Polymarket vs Kalshi
The two largest real-money prediction markets by volume, and structurally very different: Polymarket settles in crypto on an unregulated (in the US) offshore exchange, Kalshi is a CFTC-regulated Designated Contract Market settling in USD. The numbers below are live, not a one-time snapshot.
Polymarket- Live Markets Tracked
- 200
- Tracked Volume
- $36.7M
Kalshi- Live Markets Tracked
- 200
- Tracked Volume
- $2.0M
| Polymarket | Kalshi | |
|---|---|---|
| Settlement | USDC (crypto), on Polygon | USD, bank-linked account |
| Regulation | Not a CFTC-regulated exchange | CFTC-regulated Designated Contract Market |
| Resolution | UMA optimistic-oracle dispute process | Kalshi's own settlement sources per contract rules |
| Fees | Makers: $0. Takers: category-dependent, roughly 0–2%, weighted toward 50¢ contracts, $0 on most geopolitics markets. | round_up(0.07 × contracts × price × (1−price)) per trade — peaks near $1.75 per 100 contracts at a 50¢ price, published formula |
| US Access | Historically restricted for US persons via terms of service / geoblocking | US persons, KYC required |
Frequently Asked Questions
Which has more trading volume, Polymarket or Kalshi?
See the live totals above — this page refetches both platforms’ real current markets on every load rather than quoting a fixed, aging number.
Is Kalshi or Polymarket legal in the US?
Kalshi is a CFTC-regulated Designated Contract Market, open to US persons with KYC. Polymarket is not a CFTC-regulated exchange and has historically restricted US persons via its terms of service. Neither status is investment or legal advice — see each platform’s own current terms.
Which has lower fees?
Kalshi publishes a fixed public formula (round_up(0.07 × contracts × price × (1−price)) per trade). Polymarket charges makers $0 and takers a category-dependent rate, roughly 0–2%, weighted toward 50¢ contracts. See the full table above for both.