Platform comparison
The venues where prediction markets trade differ in regulation, settlement currency, fees and liquidity — differences that directly affect the prices you get. Here is how the two leading platforms stack up in 2026.
Figures are indicative as of mid-2026 and reviewed periodically. Always verify current terms directly with each platform — see our methodology.
| Feature | Kalshi | Polymarket |
|---|---|---|
| Regulation | CFTC-designated contract market (USA) | CFTC-designated exchange for US access; global crypto platform |
| Settlement currency | US dollars (USD) | USDC stablecoin |
| Trading fees | Formula-based per contract | None on most markets historically |
| Deposit methods | Bank transfer, debit card, wire | USDC (crypto transfer, card on-ramps) |
| Identity verification | Required | Required |
| US availability | Yes, for eligible residents | Restored via regulated structure; eligibility varies |
| Typical liquidity | Strong on flagship markets; thinner long tail | Deepest in category on major events |
| Market coverage | Economics, politics, weather, culture, sports | Politics, geopolitics, crypto, sports, culture |
| Minimum trade | From $0.01 per contract | From ~$1 |
| Apps | Web, iOS, Android | Web, iOS, Android |
Our qualitative assessment on a 0–5 scale, based on the criteria described in the methodology. Ratings are opinions, not measurements.
| Criterion | Kalshi | Polymarket |
|---|---|---|
| Liquidity & depth | 4.0 | 5.0 |
| Fees & costs | 3.5 | 5.0 |
| Ease of use | 4.5 | 4.0 |
| Regulatory footing | 5.0 | 3.5 |
The regulated US event-contract exchange
Kalshi is a CFTC-regulated exchange where US users trade event contracts in dollars. It emphasizes regulatory compliance, dollar settlement, and a broad catalog spanning economics, politics, weather, and culture.
The largest crypto-native prediction market
Polymarket is the highest-volume prediction market, settling in USDC on Polygon. Known for deep liquidity on major events and zero trading fees, it re-entered the US market under CFTC oversight after operating offshore for several years.
Head-to-head
Regulation, fees, liquidity, funding and market coverage compared in depth — including which platform fits which kind of trader.
Read the comparison →
Polymarket has historically charged no trading fees, so round-trip costs are mostly the bid-ask spread plus any costs of funding with USDC. Kalshi charges formula-based fees per contract that peak near 50¢ prices. Which is cheaper in practice depends on the market, your size, and how you fund your account.
Polymarket typically has the deepest order books in the category on flagship markets such as major elections. Kalshi's liquidity is strong on its most popular economics and politics markets and has grown quickly, but its long tail can be thinner.
Many active traders do, provided they are eligible for each. Using both lets you compare prices on equivalent events and choose the venue with the better price, deeper book, or lower total cost for a given trade.