The two most talked about prediction market platforms, for one reason or another, but how do they compare when it comes to the important factors? Read our Kalshi vs Polymarket comparison to help you decide which is better for you.
Kalshi vs Polymarket: History and Legality
Kalshi was founded in 2018, but the website with prediction markets launched in 2021. Polymarket was launched in 2020, but was banned in the US in 2022. Since late 2025, when Polymarket acquired QCEX, both companies have become CFTC-regulated.
The acquisition allowed Polymarket to return to the US market as a regulated prediction market trading platform. Both companies now operate legally in the US and in many countries around the world where prediction markets are not illegal.
For that reason, when we talk about Kalshi vs Polymarket comparison, we no longer speak of regulated vs decentralised prediction market platforms, but we do speak about two companies that draw a lot of attention and legal tensions.
Kalshi vs Polymarket - Key Differences
At the time of writing this analysis, both Kalshi and Polymarket are available in the US and many other countries, and they have large user bases. They also cover many markets across a variety of topics and areas.
These are some of the similarities between the two companies, but there are also differences. Polymarket was built on blockchain technology, so it’s a decentralised platform, unlike Kalshi.
That’s the biggest difference now that Polymarket is back in the US market, but it’s not the only one. Here are some more of these Kalshi vs Polymarket differences that users should note.
Kalshi vs Polymarket: Security, Transparency, and Trading Integrity
Blockchain technology is considered to be the safest when it comes to data protection because of the extra encryption layer it has. However, there have been a couple of reports of data breaches at Polymarket, as the company stated, due to a “third-party authentication tool”.
Kalshi has not reported any security breaches so far, making it a safe place to trade prediction contracts. Both companies have had claims of insider trading, and both companies have officially prohibited such practices.
Prediction markets are susceptible to insider trading because of their very nature and the way they can be created, but companies recognise these practices and eventually ban users who break the rules.
Regulation and Availability: Kalshi vs Polymarket
Kalshi has been CFTC-regulated as a Designated Contract Market (DCM) since November 2020. Since then, it has been available to US users. Prediction markets are not regulated outside of the US, but Kalshi has become available in 140 more countries since late 2025.
As we have mentioned before, Polymarket returned to the US in February 2026 after a four-year ban. There’s been a waitlist since the return was approved in late 2025 and objections from certain states, but Polymarket is officially back.
As a decentralised platform, Polymarket is also available in many unrestricted markets, but it is also banned in countries such as France, Italy, and Brazil.
Market Coverage and Liquidity: Kalshi vs Polymarket
When we talk about market coverage, both brands cover predictions from various areas, like politics (both US and global), sports, entertainment, culture, weather, finance and others.
The difference could be that Kalshi has been present in the US longer, so it provides deeper and better coverage of US-specific sports and political markets.
Polymarket, on the other hand, covers more of the international markets, as well as crypto-related predictions. If you are considering whether Kalshi or Polymarket is better for you, consider signing up with both if one doesn’t cover everything you need.
Both companies have high liquidity, especially if we look at the most popular markets, but it’s possible that you may notice better liquidity at Kalshi for the US-related markets, and for international ones with Polymarket.
Kalshi or Polymarket Fees: Which Is Cheaper?
Polymarket doesn’t charge any fees per seat at the moment, except for the sports markets, where the company introduced a “peak effective fee of 0.75% at the 50/50 price point”, and it plans to extend this fee to other markets.
Kalshi charges small trading and maker fees and a 2% fee on bank card deposits. There are no settlement or withdrawal fees, except for wire transfers over $500,000.
Which Prediction Market Is Better: Kalshi or Polymarket?
Kalshi vs Polymarket: Which is better? We cannot offer a definitive answer to this question because it all ultimately depends on your preferences. The market offer is quite similar, with a huge variety of options from many areas.
When we look into who should choose Polymarket over Kalshi, we can say it’s crypto enthusiasts, since the platform is crypto-first, even though it accepts fiat payments as well. Fees are lower on Polymarket at the moment, but that could change in the near future.
Users who prefer a company that has been regulated since the beginning, with a clear status in the states where it’s available, should consider choosing Kalshi. While you can deposit in crypto on Kalshi, it is a fiat-first platform, and the funds will be converted to fiat currency.
Key Considerations for Kalshi and Polymarket Users
We have pretty much covered most of the factors you should consider when choosing between these two platforms, but here’s another.
If you are located in the US, Polymarket is available only through a mobile app for contract trading, even though you can access the website. Kalshi is available on the website and in a mobile app for US traders.
Back to the question: Is Kalshi better than Polymarket? Or is Polymarket better than Kalshi?
Polymarket, as a crypto platform, allows you to create markets faster, trade on some niche options that you potentially won’t find on Kalshi, and find more international markets.
Kalshi has extensive experience with the US customers, US-based markets, and it has the regulatory stability on its side. The main question is what you prefer and what better suits your preferences. Maybe try both and then decide?