Kalshi vs Polymarket (2026): fees, markets, availability, and which is cheaper
Kalshi and Polymarket are the two best-known prediction markets. Both let you buy Yes or No contracts that pay $1 if you are right and $0 if you are wrong. In the US, though, "Polymarket" now means two separate things, and that changes the comparison.
This guide compares Kalshi with Polymarket US, the app US residents can use. It also covers the international Polymarket.com site, because many fee articles quote its rates.
The short answer
- Fees: For most markets, Kalshi and Polymarket US use the same type of formula with almost the same rate: 7% for Kalshi and 6.95% for Polymarket US. Per contract, the gap is a fraction of a cent.
- Availability: Both are federally regulated US exchanges. Both face state-level restrictions, mainly on sports contracts, and those restrictions change often.
- The real cost difference usually comes from the price you get, meaning the spread and the depth of the order book, not from the fee.
Who runs each platform
Kalshi (KalshiEX LLC) became a designated contract market (DCM) when the CFTC issued its order on November 4, 2020. It trades in US dollars.
Polymarket US is run by QCX LLC, which does business as "Polymarket US" and is a CFTC-registered DCM. Polymarket bought QCEX in 2025 (reported at $112 million). In November 2025 the CFTC approved an amended designation that allows intermediated US access. Polymarket US trades in dollars. Its accounts, balances and order books are separate from Polymarket.com.
Polymarket.com (international) lists the United States as "close-only." Users there can close existing positions but cannot open new ones. It is not an option for US residents.
Fee formulas side by side
All three venues charge takers a fee shaped like rate × contracts × price × (1 − price). That means fees are highest at 50¢ and shrink toward 1¢ and 99¢.
| Kalshi | Polymarket US | Polymarket.com (intl, not for US) | |
|---|---|---|---|
| Standard taker rate | 0.07 × multiplier (default 1) | 0.0695 (since Sep 17, 2026) | 0.04–0.07 by category; 0 for geopolitics |
| Maker (resting order) | 0.0175 × multiplier; default multiplier is 0 | Maker rebate coefficient −0.0125 | 0, plus maker rebates |
| Fee per 100 contracts at 50¢ | $1.75 | about $1.74 | $1.00–$1.75 |
| Fee per 100 contracts at 90¢ | $0.63 | about $0.63 | $0.36–$0.63 |
| Settlement fee | None stated for standard markets | None reported | None stated |
| Currency | USD | USD | pUSD/USDC (crypto) |
At the standard rate, Polymarket US is about 0.5% cheaper on the fee itself: 6.95% vs 7%. On 100 contracts at 50¢, that is roughly one cent.
Exceptions matter more than the headline rate:
- Kalshi lists series with no fees (multiplier 0/0), and some series charge both makers and takers (1/1). Combos (KXMVE) carry a 2× taker multiplier.
- Polymarket US raised the taker coefficient for table tennis to 0.10 (October 7, 2026). It also uses a higher-cost formula for combos.
See our Kalshi fees and Polymarket fees guides for the detail.
Rebates and volume discounts
Kalshi's fee schedule does not list a retail taker rebate program. Maker fees are zero by default, but they apply on series flagged with a maker multiplier.
Polymarket US filings refer to a tiered taker rebate. A third-party review dated October 2026 describes taker rebates of 3%–30% above $250,000 in monthly taker volume.
Most casual traders will not reach these tiers.
Funding and withdrawals
Kalshi's fee schedule says ACH deposits and withdrawals are free. Debit card deposits carry "a maximum fee of 2%." Kalshi charges no extra fee on wire deposits, but your bank may.
Polymarket US accepts debit card, ACH and wire, according to an October 2026 review. That review lists no deposit or withdrawal fees and a $1,000 wire minimum.
Markets offered
Both list contracts on politics, economics, sports, finance, crypto, culture and weather. Kalshi's fee schedule also includes a separate fee table for perpetual futures. The catalogs change daily, so the practical question is whether the specific market you want is listed on both venues.
Our live comparison shows markets listed on both platforms side by side, with current prices.
Availability and age
Kalshi's help center requires users to be 18 or older with a legal US residential address. A separate Kalshi help article from March 2026 says Kalshi is "now accessible internationally," with some jurisdictions restricted. Polymarket US is 18+. In states where the age of majority is higher, that higher age applies, and some states push 21+ for sports-style products.
Several states restrict sports contracts on one or both platforms, among them Nevada, Michigan and Massachusetts, and the list moves with court rulings. Check state-by-state availability before you sign up.
Which is cheaper?
On fees alone, Polymarket US is marginally cheaper than Kalshi at standard rates. Kalshi's zero-fee series and Polymarket US's higher-rate categories, such as table tennis and combos, can reverse that for a specific market.
In practice, compare the all-in price: the ask you would pay plus the fee. A 1¢ better price on one venue outweighs the fee difference at almost every price level.
Prediction market contracts can lose their full purchase price. Only trade money you can afford to lose.
FAQ
Can US residents use Polymarket?
US residents can use Polymarket US, a CFTC-registered exchange run by QCX LLC. The international Polymarket.com site lists the United States as close-only, so US users cannot open new positions there.
Is Kalshi or Polymarket US cheaper?
At standard rates, Polymarket US charges a 0.0695 taker coefficient and Kalshi charges 0.07. On 100 contracts at 50 cents that is about $1.74 vs $1.75. Series-level exceptions and price differences usually matter more.
Do Kalshi and Polymarket charge fees on winnings?
Kalshi's fee schedule says there is no settlement fee for standard markets. Polymarket US is reported to charge no fee on profit. Fees are charged when trades execute.
How old do you have to be?
Both platforms require users to be at least 18. Some states have a higher age of majority, and some state rules push 21+ for sports-style products.