Kalshi vs Polymarket
Complete guide to choosing between Kalshi and Polymarket. Liquidity, fees, KYC, US access, and more.
Kalshi
Prediction MarketKalshi is the first CFTC-regulated event contract exchange in the US. Accepts bank transfers, requires KYC, US-only access. Strong in macro/political markets.
Polymarket
Prediction MarketPolymarket is the largest global prediction market platform. Polygon-based with USDC, handled $3.7B during 2024 US election. Banned for US users since 2022.
Side-by-Side Comparison
| Feature | Kalshi | Polymarket |
|---|---|---|
| Type | Prediction Market | Prediction Market |
| Founded | 2018 | 2020 |
| US Access | ✓ | ✗ |
| Global Access | ✗ | ✓ |
| KYC | Required | Partial |
| Currency | USD | USDC |
| Networks | Bank ACH, Wire, Debit Card | Polygon |
| Min. Bet | $1 | $1 |
| Spread / Vig | 1-2 cents/contract | 2-3% spread |
| Commission | 0% maker | 0% |
| Web3 Wallet | None | Required |
| Languages | 1 | 1 |
| Liquidity | Medium | Very High |
Kalshi
- •CFTC-registered (only legal US prediction market)
- •Bank transfer + credit card accepted
- •1099 tax form auto-generated for US users
- •No Web3 wallet needed
- •Free maker orders
- •Stable regulatory framework
- •US residents only (Turkey blocked)
- •KYC required (SSN + address)
- •Liquidity 5-7x lower than Polymarket
- •Max position $25K per event
- •Limited sports market coverage
Polymarket
- •Highest global liquidity (especially political)
- •Onchain settlement (smart contract escrow)
- •$3.7B handle in 2024 election
- •UMA optimistic oracle (transparent resolution)
- •Broad market diversity
- •Blocked for US users (CFTC settlement 2022)
- •MetaMask + Polygon setup required
- •English-only UI
- •2-3% spread (vs SezgiX 0.5-1%)
- •Multi-step bank withdrawal process
When to Choose Each
Pick: Kalshi
Best for US residents (only legal option). Users preferring bank transfers, institutional macro hedging.
Pick: Polymarket
Best for users wanting maximum political liquidity, comfortable with Web3 wallets, and prioritizing onchain settlement.
Practical Verdict
There's no universal "right" answer between Kalshi and Polymarket — it depends on use case. For low-friction multi-language access outside the US, SezgiX is the least-friction path. For onchain settlement and maximum liquidity, Polymarket. For US residents, Kalshi is the only legal option.