Kalshi vs Polymarket US

Neither is a sportsbook. Both are CFTC-regulated exchanges where you buy and sell $1 event contracts against other traders and pay a fee instead of vig.[1][2][3][4]

Example prices The fee barely separates them: a $100 taker buy at a 50¢ ask works out at about −107.26 on Kalshi and −107.19 on Polymarket US.[5][6][calc]

The differences are depth and withdrawals. In NFL week 1 of 2026, Kalshi’s $983.2M of NFL volume compared with at least $23.2M on Polymarket US, and Kalshi states debit withdrawals in hours while Polymarket US publishes no withdrawal time.[7][8][9]

Pick Kalshi if

  • You trade size: Kalshi’s book is far deeper, with $983.2M of NFL week 1 volume in 2026 against at least $23.2M on Polymarket US.[7]
  • You want money out quickly: Kalshi states debit card withdrawals within a few hours and crypto in about 30 minutes, with no withdrawal fee listed. Deposits can be held up to 2 days.[8][10][11][12]
  • You trade on the web or Android: Kalshi runs a web version and showed 4.7 on Google Play from about 132K reviews. Polymarket US is app-only per Action Network, and its Google Play listing showed 3.5.[13][14][15][16]

Pick Polymarket US if

  • You rest limit orders: Polymarket US pays makers a rebate at fill (coefficient 0.0125, about $0.31 per 100 contracts at 50¢). At Kalshi makers pay a smaller fee or none, depending on the market.[17][18][2][19]
  • You take heavy volume: weekly rebates on the prior month’s taker volume run 10% from $250k, 25% from $1M and 50% from $10M.[17]
  • You want the leagues’ official partner: MLB named Polymarket its official prediction market exchange in March 2026, and MLS signed a multi-year exclusive deal in January 2026. No evidence was found that this makes those markets deeper or cheaper.[20][21]

Score by score

RubricKalshiPolymarket US
Pricing 25%7.57.5
Markets 15%8.57.5
Limits 15%9.08.5
Payouts 15%8.06.5
App & site 10%8.57.0
Promos 5%7.07.0
Safety & licensing 15%8.07.5
Overall8.17.4

Each score is 0–10 on the same rubric. The full reasons are in each review.

Side by side

Kalshi

For patient limit-order traders, favorite bettors and players limited at sportsbooks, in states where its sports contracts still run. Longshot and combo takers should skip it.

Regulator
CFTC: KalshiEX LLC is a designated contract market, approved November 2020. Clearing through Kalshi Klear LLC, described as a CFTC-registered clearing organization by an aggregator (unconfirmed).[1][2]
Where available
Kalshi says all 50 states plus DC. Court orders require Kalshi to block sports contracts in Michigan, Nevada and Washington, and on the lands of the suing California tribes; Massachusetts reported blocked (a stay was also reported); Ohio and Tennessee contested after a 2026-09-25 appeals ruling. vigged’s board treats Nevada, Massachusetts and Michigan as restricted and ranks Kalshi elsewhere.[7][11][12][13][10][9][15][14][8][22]
Owner
Privately held and venture-backed; founded by Tarek Mansour (CEO) and Luana Lopes Lara (COO). About $1bn raised at a $22bn valuation in 2026; talks at $40bn reported 2026-09-30, not confirmed closed.[1][5][3][4]
Launched
Exchange approved November 2020; sports contracts from 2025-01-23[1][6]
Minimum deposit
$10 ($1,000 by wire). Debit card deposits may carry a 2% processing fee; no Amex or credit cards.[16][17]
Payout times (as stated)
Debit card “within a few hours” (another snapshot of the same page: typically about 30 minutes); ACH “within a few business days”; crypto about 30 minutes. No withdrawal fee listed on these methods.[18][19][20][16]

Polymarket US

For favorite and near-even takers and patient limit-order traders who want an exchange price on a phone. Longshot and combo takers, Nevada residents and anyone who needs fast withdrawals should skip it.

Regulator
CFTC. QCX LLC (dba Polymarket US) is a designated contract market, status dated 2025-07-09; Polymarket Clearing is the clearing organization (DCO). Amended Order of Designation signed 2025-11-24.[1][6][5][4]
Where available
The app listings say all 50 states (the App Store with an unexplained asterisk). Blocked in Nevada by court order: a temporary restraining order early in 2026, then a preliminary injunction on 2026-05-29. A third-party guide (weak) lists AZ, IL, MA, MD, MI, MT, NJ, NV and OH as unavailable in mid-2026; another omits NJ. The in-app eligibility check decides.[15][16][17][18][13][14]
Owner
Blockratize Inc. (Polymarket, founded 2020 by Shayne Coplan), which bought QCEX for $112M in July 2025. ICE, the NYSE’s parent, announced an investment of up to $2B in October 2025.[2][3][19][16][20][21]
Launched
Beta reported 2025-11-12; iOS app to waitlisted users from 2025-12-03; iOS waitlist removed 2026-05-12 (one outlet reported it on 2026-05-14). A Google Play app exists.[7][9][10][8][11][12][16]
Deposits
Debit card and ACH, 3–4 business days to process; wire, usually within 1 business day of receipt (minimum given as $1,000 on one docs page and $5,000 on another). An affiliate puts the minimum deposit at $10.[22][23][24][27]
Payout times (as stated)
No withdrawal time is published. Money goes back to the original method, first in, first out, once deposits have cleared, and every withdrawal passes an AML review that “may temporarily delay processing”.[25][26]

Head to head

Example prices at 50¢ Polymarket US’s fee works out at about −107.19 and Kalshi’s at −107.26. Kalshi is a CFTC-regulated exchange, and court orders require it to block sports contracts in Michigan, Nevada and Washington.[21][11][12][13][calc]

Example prices at 50¢ Polymarket US’s fee works out at about −107.19 and Kalshi’s at −107.26. Kalshi reported $983.2M of NFL week 1 volume against at least $23.2M on Polymarket US, so its book is far deeper.[29][28][calc]

Frequently asked questions

Are Kalshi and Polymarket US sportsbooks?

No. Both are CFTC-regulated exchanges (designated contract markets). You buy and sell event contracts that pay $1 if they win, against other traders, and pay a fee on each trade instead of vig.

Which has lower fees, Kalshi or Polymarket US?

For takers, almost the same. Kalshi charges roundup(0.07 × contracts × price × (1 − price)); Polymarket US charges 0.0695 × contracts × price × (1 − price). Example prices: $3.38 against $3.35 in fees on a $100 buy at 50¢. Polymarket US pays resting orders a rebate; Kalshi makers pay less or nothing, depending on the market.

Which pays out faster, Kalshi or Polymarket US?

Kalshi states debit card withdrawals within a few hours, ACH within a few business days and crypto in about 30 minutes; deposits can be held up to 2 days. Polymarket US publishes no withdrawal time: card and ACH deposits take 3–4 business days and must clear first, and each withdrawal passes an anti-money-laundering review.

Are Kalshi and Polymarket US legal in my state?

Both list all 50 states, but courts disagree. As of early October 2026, court orders require Kalshi to block sports contracts in Michigan, Nevada and Washington and on the lands of the suing California tribes; Massachusetts was reported blocked, and Ohio and Tennessee are contested. A Nevada court ordered Polymarket US shut there. Check each app’s eligibility notice where you are.

Do Kalshi and Polymarket US limit winners?

Neither publishes a per-bet stake limit of the sportsbook kind, and no documented limiting of winning accounts was found at either. The practical cap is how much sits in the order book; Kalshi also has position accountability levels, and Polymarket US’s changelog shows per-match caps on some tennis and esports markets. A DraftKings co-founder’s claim that Kalshi’s market makers stop quoting winners is unproven, and Kalshi denies it.

How old do you have to be to use Kalshi or Polymarket US?

Kalshi accepts users from 18; Polymarket US is rated 18+ on Google Play and third-party guides say 18. New York has challenged access for 18–20-year-olds at both. vigged.com is for readers 21+.

Sources (39)

Each read Oct 9, 2026. Check the linked page before you rely on it.

  1. Kalshi Wins CFTC Approval for Exchange to Trade Event Contracts · Business Wire
  2. Fee Schedule · Kalshi
  3. Designated Contract Markets (DCM): QCX LLC (49571) · CFTC
  4. What is Polymarket US? · Polymarket US Documentation
  5. Prediction-market fees and after-fee prices · vigged · read Oct 9, 2026
  6. Prediction-market fees and after-fee prices · vigged · read Oct 9, 2026
  7. Kalshi, Polymarket beat rivals in NFL week 1 (citing DeFi Rate) · iGaming Business
  8. Debit Card Withdrawals · Kalshi Help Center
  9. Withdrawal Rules · Polymarket US Documentation
  10. Crypto Withdrawals · Kalshi Help Center
  11. Transfers FAQ · Kalshi Help Center
  12. Security Holds · Kalshi Help Center
  13. Kalshi app review · next.io (affiliate, weak)
  14. Kalshi: Trade Football & more · Google Play
  15. Kalshi vs Polymarket · Action Network
  16. Polymarket · Google Play
  17. Fee Schedule · Polymarket US Documentation
  18. QCX LLC weekly notice (fee coefficient 0.0695, 2026-09-21) · CFTC
  19. Kalshi fees vs DFS rake · Stokastic
  20. MLB names Polymarket exclusive prediction market exchange partner and signs agreement with CFTC to establish integrity framework · MLB.com
  21. Polymarket signs exclusive licensing deal with MLS, the largest US soccer league · The Block
  22. Kalshi trading exchange: peer or house · Sportico
  23. Fee Schedule for July 2026 – 7.7.26 Update · Kalshi
  24. Bank Withdrawals · Kalshi Help Center
  25. Overview (deposit methods) · Polymarket US Documentation
  26. Troubleshooting (withdrawals) · Polymarket US Documentation
  27. Game on: Kalshi brings 100% legal sports trading to all 50 states · Kalshi News
  28. Michigan court orders Kalshi to keep blocking sports prediction markets · The Block
  29. Kalshi to stop accepting Nevada wagers by Aug. 12 or risk $120,000-a-day penalty · CDC Gaming
  30. Kalshi ordered to sharply curtail operations in Washington state · OPB
  31. Polymarket: Trade Live Sports · Apple App Store
  32. Nevada regulators secure temporary shutdown order against Polymarket · SBC Americas
  33. Kalshi commits support to problem gambling amid accusations it is limiting winning users · CasinoBeats
  34. Kalish vs Kalshi: the fight over who really wins in prediction markets · Finance Magnates
  35. Trading Limits · Polymarket US Documentation
  36. Signing Up as an Individual · Kalshi Help Center
  37. NY Attorney General sues Kalshi, calls it illegal gambling operation · WWNY / Gray
  38. New York, Polymarket file dueling lawsuits · Al Jazeera

Kalshi review sources used here (22)

Each read Oct 9, 2026. Check the linked page before you rely on it.

  1. Kalshi Wins CFTC Approval for Exchange to Trade Event Contracts · Business Wire
  2. Kalshi exchange profile · CoinMarketCap (aggregator, weak)
  3. Kalshi in advanced talks to raise new funding at $40B valuation (Reuters) · Cointelegraph
  4. Kalshi raised $1.12 billion, latest SEC filing shows · The Block
  5. Kalshi valuation surges to US$22 billion after recent funding round · CDC Gaming
  6. Prediction market Kalshi expands reach with sports event contracts · SBC Americas
  7. Game on: Kalshi brings 100% legal sports trading to all 50 states · Kalshi News
  8. Kalshi loses appeal over Ohio and Tennessee sports betting laws, widening circuit split · The Block
  9. Ninth Circuit rules for California tribes in Kalshi sports betting case · SBC Americas
  10. Kalshi Leaves Parts Of California Following Appeals Court Loss · Legal Sports Report
  11. Michigan court orders Kalshi to keep blocking sports prediction markets · The Block
  12. Kalshi to stop accepting Nevada wagers by Aug. 12 or risk $120,000-a-day penalty · CDC Gaming
  13. Kalshi ordered to sharply curtail operations in Washington state · OPB
  14. Kalshi Wins Stay Of Mass. Injunction Amid Appeal · Law360
  15. Red Sox Promote Kalshi As Massachusetts Ban Stays In Force · Gambling.com
  16. Transfers FAQ · Kalshi Help Center
  17. Card Deposits · Kalshi Help Center
  18. Debit Card Withdrawals · Kalshi Help Center
  19. Bank Withdrawals · Kalshi Help Center
  20. Crypto Withdrawals · Kalshi Help Center
  21. Prediction-market fees and after-fee prices · vigged · read Oct 9, 2026
  22. vigged's Kalshi state list · vigged · read Oct 9, 2026

Polymarket US review sources used here (29)

Each read Oct 9, 2026. Check the linked page before you rely on it.

  1. Designated Contract Markets (DCM): QCX LLC (49571) · CFTC
  2. Polymarket acquires QCEX for $112M · Blockworks
  3. Polymarket Acquires CFTC Regulated QCEX, Returns to the US · Crowdfund Insider
  4. CFTC Amended Order Gets Polymarket One Step Closer to US Return · Covers
  5. Polymarket US Amended Order of Designation (signed 2025-11-24; PDF hosted by DeFi Rate) · CFTC (hosted by DeFi Rate)
  6. CFTC Letter No. 25-48 · CFTC
  7. Polymarket quietly relaunches US trading platform in beta mode · The Block
  8. Polymarket begins opening US app to users on the waitlist · The Block
  9. Polymarket launches app with CFTC green light in U.S. return · CoinDesk
  10. Polymarket rolls out US mobile app after CFTC green light, starting with sports events · Finance Magnates
  11. Polymarket Removes Waitlist, Launches for US iOS Users · Covers
  12. Polymarket moves forward with US comeback as iOS rollout begins · Yogonet
  13. Polymarket legal states (promo page, weak) · Saturday Down South
  14. Polymarket: Trade Live Sports · Apple App Store
  15. Polymarket · Google Play
  16. Nevada Gaming Control Board provides enforcement litigation update · Nevada Gaming Control Board
  17. Nevada regulators secure temporary shutdown order against Polymarket · SBC Americas
  18. Polymarket company (third-party, weak) · startpolymarket.com
  19. Intercontinental Exchange Invests $2 Billion in Polymarket · Covers
  20. NYSE parent firm ICE to invest $2 billion in Polymarket · The Block
  21. Overview (deposit methods) · Polymarket US Documentation
  22. Debit Card · Polymarket US Documentation
  23. Wire Transfer · Polymarket US Documentation
  24. Withdrawal Rules · Polymarket US Documentation
  25. Troubleshooting (withdrawals) · Polymarket US Documentation
  26. Payment methods (affiliate comparison, weak) · CBS Sports
  27. Kalshi, Polymarket beat rivals in NFL week 1 (citing DeFi Rate) · iGaming Business
  28. Prediction-market fees and after-fee prices · vigged · read Oct 9, 2026

Full reviews: Kalshi · Polymarket US · all reviews

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