Kalshi or Polymarket: regulation, access and fees compared

Kalshi and Polymarket are both prediction markets, and they differ most in regulation and access. Kalshi is an exchange regulated by the CFTC, a federal agency of the United States, as a Designated Contract Market, and it accepts sign-ups from some international users too. Polymarket blocks trading on polymarket.com in the United States and points American users to its separate American site. Both charge fees that depend on the price of the contract, but they split the cost between traders differently.

Kalshi or Polymarket: what is the difference?

The main differences are who regulates the platform, where it can be used and how fees are charged. Kalshi lists event contracts, which resolve on whether a future event happens. Each Polymarket market has YES and NO outcomes.

The sections below fill in each row. Fees can change, so the figures are dated where a platform dates them.

Who regulates Kalshi and Polymarket?

Kalshi is regulated by the CFTC, a federal agency of the United States, and so is Polymarket's American site, while polymarket.com itself names no regulator. Kalshi describes itself this way: it is regulated under the CFTC's regulations as a Designated Contract Market (DCM), the category the CFTC uses for an authorized exchange. Its market integrity page says the contracts it offers resolve on the occurrence or outcome of future events.

That page also describes what the status means for customers. Kalshi says it verifies the identity of every user who trades, a process often called KYC, and that futures commission merchants and introducing brokers that onboard customers face similar requirements.

Polymarket's geographic restrictions article gives regulation and sanctions compliance as the reasons for its country blocks. That is a statement about where Polymarket operates, not a statement about which authority oversees it. The American site is a different matter: the CFTC's register of designated contract markets lists "QCX LLC d/b/a Polymarket US" as designated from 9 July 2025, with a note that QCX LLC now operates under the name Polymarket US.

Who can use Kalshi and Polymarket?

Kalshi accepts individual sign-ups subject to identity checks and some country restrictions, while Polymarket blocks a list of countries that includes the United States on polymarket.com.

Kalshi. To open an account you provide basic personal information and may be asked to prove your identity with a document. Its sign-up article adds that Kalshi has opened to some users outside the United States but keeps a list of excluded jurisdictions in its Member Agreement. It leaves it to each person to check that trading is lawful where they live, and it offers no legal guidance on eligibility.

Polymarket. The homepage tells visitors in the United States that trading is blocked on polymarket.com and that they should switch to Polymarket's American site to trade prediction markets. The restrictions article lists blocked countries and regions, and it adds that Polymarket's rules forbid masking your location with a VPN or comparable software to enter a blocked area. Some countries are "close-only", which lets existing positions be closed but not new ones opened. If you hit a block you think is wrong, the article points you to Polymarket Support.

Rules differ by place. Kalshi's restricted jurisdictions are listed in its Member Agreement, and Polymarket's blocked countries and regions are in its restrictions article.

What are Kalshi's trading fees in 2026?

Kalshi charges a trading fee on orders that match immediately, and its current fee schedule is dated July 7, 2026. The fee is a variable percentage of the expected earnings on a contract, so it depends on the contract's price rather than a flat rate. Kalshi's fee schedule gives a general table. In it, a $50 position (a 50 cent price) carries the highest fee in the table, $1.75, and the fee falls toward both ends of the price range.

Other points from the schedule:

• Resting orders that are not matched at once are not charged the general trading fee, but some markets charge a separate maker fee when a resting order is eventually executed.
• Some markets have fees that differ from the general ones. The schedule lists those series separately, with their own multipliers.
• Debit card deposits carry a maximum fee of 2%, which Kalshi may reduce from time to time.
• Users who reach Kalshi through a third-party Futures Commission Merchant may be charged fees by that firm, which Kalshi says are disclosed before the transaction.

The Kalshi help article on fees repeats that fees are charged on the expected earnings of the contract and that the schedule is the place to check the math for a specific market.

What fees does Polymarket charge?

Polymarket charges a taker fee on most market categories, never charges makers, and charges nothing on geopolitics and world events markets. Its fee documentation says fees are set by the protocol and applied when an order matches, so you do not add fee information to an order yourself.

Each category has its own taker rate, applied to the share price in the same price-sensitive way as Kalshi's:

For a $50 trade at a 50 cent price, Polymarket's tables show a taker fee of $1.75 in crypto markets, $1.25 in sports markets and $1.00 in finance and politics markets. The documentation lists further categories, including economics, culture, weather, tech and mentions, and a separate rate for combos.

Polymarket adds no charge of its own for USDC deposits or withdrawals, though third-party intermediaries such as Coinbase or MoonPay may. The fee documentation does not cover the American site.

Polymarket also redistributes part of what takers pay. Its Maker Rebates program is funded by taker fees collected in eligible markets, and takers can earn a portion of fees back through a tiered rebate program. Polymarket reserves the right to change rebate rates and tier thresholds without notice.

Kalshi vs. Polymarket: which is better?

Neither is better on every criterion; they differ on the five below.

• Regulation: Kalshi is a CFTC Designated Contract Market, and so is Polymarket's American site (QCX LLC). polymarket.com names no regulator.
• Location: Kalshi is available to users in the United States. Polymarket sends them to its American site and blocks polymarket.com there.
• Maker orders: Kalshi charges a maker fee on some markets. Polymarket does not charge makers and pays rebates from taker fees.
• Fee-free markets: Polymarket's geopolitics and world events markets carry no fees. Kalshi's schedule lists its own non-standard series.
• Deposit costs: Kalshi's card deposits can cost up to 2%. Polymarket charges nothing to deposit USDC, though intermediaries may.

Prediction markets also run points programmes: Limitless closed Season 4 of its program on 26 October 2026, and the guide to crypto airdrops explains how such rewards usually work.