Kalshi vs Polymarket for U.S. Users: The Honest 2026 Comparison

Both Kalshi and Polymarket are now legal, federally regulated prediction markets in the United States. Both carry CFTC approval. Both let you trade real money on real-world outcomes. And both are backed by more than a billion dollars in venture capital.

So why do so many U.S. users get confused about which one to use -- or whether they can use Polymarket at all?

Because in practice, they are very different products right now. Kalshi has been open to U.S. users for years, offers markets on politics, economics, sports, weather, and entertainment, and is accessible to anyone who signs up. Polymarket U.S. only relaunched for American users in late 2025, is still invite-only, and currently offers only sports contracts.

This guide cuts through the noise. Just a clear breakdown of what each platform actually is, what U.S. users can actually trade, what they charge, and who should use which.

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The Most Important Thing U.S. Users Need to Know Right Now

Before any fee comparison or feature table: as of March 2026, U.S. users on Polymarket can only trade sports contracts.

Polymarket's U.S. venue, operated by QCX LLC d/b/a Polymarket US, received its DCM designation from the CFTC on July 9, 2025. An Amended Order of Designation on November 25, 2025 enabled intermediated user access, and Polymarket began rolling out invite access in December 2025. But the app currently lists only sports markets for U.S. users -- NBA, MLB, NHL, NFL, NCAA, soccer, UFC. Politics, crypto price markets, economics, and entertainment are listed in the app as "COMING SOON."

If you want to trade on who wins the 2026 midterms, who Trump nominates as Fed Chair, whether Bitcoin hits $100K, or whether a world leader stays in power -- Polymarket U.S. cannot help you yet. Kalshi can.

This single fact changes most of the Kalshi vs. Polymarket calculus for U.S. traders.

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Regulation: Both Are CFTC-Regulated -- But Not Equally Established

Kalshi

Kalshi is a designated contract market (DCM) and derivatives clearing organization (DCO) regulated by the CFTC. It received its DCM designation in November 2020, making it the first prediction market to receive that regulatory status in the United States. It has operated continuously since 2021. (Source: Kalshi)

Polymarket U.S.

Polymarket's U.S. venue is operated by QCX LLC, which received its CFTC DCM designation on July 9, 2025 and was acquired by Polymarket on July 21, 2025 for approximately $112 million. The CFTC issued an Amended Order of Designation on November 25, 2025, removing a restriction on intermediated trading -- enabling Polymarket to onboard U.S. users through futures commission merchants and brokerages. The global Polymarket platform -- where politics, crypto, and event markets run -- is a separate product operating outside the U.S. regulatory framework and is not accessible to U.S. users.

(Sources: CFTC Order of Designation, July 9, 2025; CFTC Amended Order, November 25, 2025)

Bottom line: Both are legit and federally regulated. Kalshi has a longer U.S. operating track record. Polymarket U.S. is newer and still in beta.

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What Can U.S. Users Actually Trade?

This is where the two platforms diverge most sharply.

Kalshi: Markets Across Every Category

Kalshi offers thousands of markets spanning:

• Politics: Congressional legislation, cabinet departures, presidential actions, elections
• Economics: Fed Chair nominations, inflation targets, employment data, rate decisions
• Sports: NFL, NBA, NCAA, MLB, NHL, UFC, soccer
• Entertainment: Reality TV winners, award shows, streaming milestones
• Weather: Storms, temperature records, rainfall totals
• Science and tech: FDA approvals, company earnings, AI benchmarks

As of March 27, 2026, Kalshi's top market by 24-hour volume is "Who will Trump nominate as Fed Chair?" -- priced at 99 cents on Kevin Warsh with $12.87 million in 24-hour volume. (Source: Kalshi API, March 27, 2026)

Notably, Kalshi charges zero trading fees on its politics and policy markets. That means trading on elections, Fed moves, and government actions costs nothing beyond the bid-ask spread.

Polymarket U.S.: Sports Only (For Now)

QCX LLC self-certified "Athletic Outcome Contracts" with the CFTC on February 4, 2026, covering sports outcomes including moneylines, spreads, totals, futures, and player stats. (Source: CFTC filing, polymarketexchange.com, Feb. 4, 2026)

Currently available to U.S. users: NFL, NBA, NHL, MLB, NCAAB, NCAAF, MLS, EPL, UEFA Champions League, Formula 1, MMA, and more.

Not yet available to U.S. users: Politics, elections, crypto price markets, economics, world events, entertainment.

Polymarket's app store listing confirms additional categories are "COMING SOON." No public timeline has been given for the expansion.

Market Category Summary

What You Want to Trade	Kalshi	Polymarket U.S.
Sports markets	Available	Available (invite-only)
Politics/elections	Available	Not yet available
Crypto price markets	Available	Not yet available
Economics/Fed	Available	Not yet available
Entertainment/TV	Available	Not yet available
Weather	Available	Not yet available

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Access: Who Can Actually Get In?

Kalshi

Open to the public. Create an account at kalshi.com, complete identity verification, and you can start trading. No invite required. Minimum deposit is $1. Accessible via web and mobile app. (Source: Kalshi)

Polymarket U.S.

Invite-only / waitlist as of March 2026. Rolling invitations are being sent, but there is no public timeline for a full open launch. You can join the waitlist at polymarket.com. (Source: Polymarket)

State Restrictions

Neither platform is available in all states without caveats.

Kalshi faces active litigation in 13+ states. Key restrictions as of March 2026:

• Nevada: TRO granted March 20, 2026 -- sports, election, and entertainment contracts blocked while PI hearing proceeds (April 3, 2026). Source: gaming.nv.gov press release, Yahoo Finance/InGame March 20, 2026.
• Arizona: 20 criminal misdemeanor charges filed March 17, 2026 -- sports markets restricted. Sources: AP, CNN, NPR, Fortune, March 2026.
• Illinois, Montana: Cease-and-desist issued; sports markets restricted.
• Ohio: Federal court denied Kalshi's injunction March 9, 2026 -- sports contracts subject to Ohio gaming law.
• Other states (NJ, MD, MA, CT, NY, UT, MI): AG lawsuits filed; platforms continue operating while cases proceed.

Polymarket U.S. holds a federal DCM license, which it argues provides nationwide access under federal preemption principles consistent with Kalshi's position.

If you are in Nevada or Arizona, check current access before depositing -- Kalshi's sports and certain other markets are restricted there as of this writing.

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Fees: What Does It Actually Cost to Trade?

Kalshi Fee Structure

Kalshi uses a formula-based taker fee applied on entry only. Exit and sell trades are free.

Fee formula: 0.07 x P x (1 - P)

Where P is the contract price. At a 50-cent price (maximum uncertainty), this equals approximately 1.75 cents per contract -- the highest possible fee. At a 10-cent or 90-cent contract, the fee drops to about 0.63 cents.

Important exception: Politics and policy markets on Kalshi charge zero fees -- no taker fee, no maker fee.

There is a 2% fee on debit card and Apple Pay deposits. ACH and wire transfers are free. Kalshi also pays 3.75-4% APY on cash balances and open positions. (Source: Kalshi Help Center, verified March 2026)

Polymarket U.S. Fee Structure

Polymarket's U.S. venue charges a flat 0.30% taker fee on sports contracts, with a 0.20% maker rebate.

On a $100 position, that is a $0.30 taker fee. Makers (those who provide liquidity by resting orders in the book) receive a 0.20% rebate.

Note: Effective March 30, 2026, Polymarket is expanding fees across more contract categories on the global platform. Sports contracts are listed at up to 0.44% effective rate at 50-cent probability. (Source: Polymarket Help Center, verified March 27, 2026)

Which Is Cheaper?

For sports contracts near 50 cents: Kalshi charges approximately 1.75 cents per dollar of notional (1.75%), Polymarket U.S. charges 0.30% -- Polymarket U.S. is cheaper for sports near even odds.

For politics and elections on Kalshi: zero fees -- a category Polymarket U.S. does not yet offer.

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Deposits, Withdrawals, and Getting Your Money In

Kalshi

• Minimum deposit: $1
• Methods: ACH (free), wire transfer (free), debit card (2% fee), Apple Pay (2% fee), USDC crypto
• No crypto ownership required
• Cash deposited is held in segregated accounts

(Source: Kalshi.com, verified March 2026)

Polymarket U.S.

• Minimum deposit: approximately $2 (via Polygon USDC) or $7 (via Ethereum)
• Methods: Credit/debit card (via MoonPay, approximately 4% third-party fee), bank transfer, Coinbase Pay, Robinhood Connect, direct USDC on Polygon
• No crypto ownership required if using card or bank transfer
• Withdrawals go to crypto wallet or fiat via the same rails

(Source: Polymarket.com, verified March 2026)

Verdict: Kalshi is simpler for traditional finance users -- ACH works like any bank account. Polymarket U.S. works with a card but the MoonPay fee adds friction for larger deposits.

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How Markets Settle: Resolution Mechanics

Kalshi

Kalshi resolves markets in-house using publicly cited data sources -- official agency data, verified sports results. Most markets settle within a few hours of the outcome being known. (Source: Kalshi Help Center)

A major controversy to know about: In February 2026, Kalshi resolved its "Ali Khamenei Supreme Leader" market at the last-traded price (9 cents) after Khamenei was killed, rather than paying out $1 to "Yes" holders. The resolution invoked a "death carveout" provision. A $54 million class action was filed (Risch v. KalshiEX LLC, C.D. Cal.). ([Sources: ClassAction.org, Reuters, Bloomberg Law, Fox Business -- March 2026])

Polymarket U.S.

Polymarket U.S. (QCX LLC) resolves via a centralized, CFTC-compliant process. Sports contracts settle based on official scores and results. This is separate from the global Polymarket's UMA oracle system, where uncontested resolutions take a minimum of 2 hours. (Source: Polymarket Official Docs -- Resolution, verified March 25, 2026)

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The Bottom Line: Which Should You Use?

Choose Kalshi if:

• You want to trade politics, economics, elections, or Fed decisions (Polymarket U.S. does not offer these yet)
• You want immediate access without an invite
• You prefer traditional ACH deposits and a simple account structure
• You want zero fees on political and policy trades

Choose Polymarket U.S. if:

• You primarily want sports prediction markets
• You prefer a flat percentage fee over Kalshi's formula (Polymarket U.S. is typically cheaper for sports near 50 cents)
• You get an invite and want to explore the platform before its upcoming category expansion
• You are comfortable with a beta product still rolling out

The honest summary: Right now, Kalshi and Polymarket U.S. barely compete for most use cases. If you care about anything other than sports markets, Kalshi is your only legal U.S. option. Once Polymarket U.S. opens politics and economics markets, the comparison will get genuinely interesting -- especially on fees and liquidity. That expansion is expected in 2026; this page will be updated when it happens.

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Frequently Asked Questions

Is Polymarket legal in the United States? Yes. Polymarket's U.S. venue -- QCX LLC d/b/a Polymarket US -- received CFTC DCM designation on July 9, 2025. A November 25, 2025 Amended Order of Designation enabled full intermediated U.S. user access. It is federally regulated and legal in most U.S. states. Access is currently invite-only and limited to sports markets.

Can I trade elections or politics on Polymarket U.S.? Not yet, as of March 2026. Political and election markets are listed as "coming soon" in the Polymarket U.S. app. For election and political markets, Kalshi is currently the only regulated U.S. option.

Are Kalshi and Polymarket FDIC-insured? No. Neither platform offers FDIC insurance. Kalshi holds user funds in segregated accounts separate from operating funds. Polymarket U.S. uses a clearinghouse structure. Neither is a bank.

Which platform has lower fees for sports? Polymarket U.S. is generally cheaper for sports contracts near 50-cent probability (0.30% flat vs. Kalshi's approximately 1.75%). For contracts priced far from 50 cents, Kalshi's fee drops significantly. Politics and policy markets on Kalshi are free.

What happened to Kalshi in Nevada? On March 20, 2026, a Nevada First Judicial District Court judge granted the Nevada Gaming Control Board's temporary restraining order, blocking Kalshi from offering sports, election, and entertainment event contracts in Nevada. A preliminary injunction hearing is scheduled for April 3, 2026. Source: gaming.nv.gov press release, March 20, 2026.

Does Polymarket still have legal issues in the U.S.? Polymarket previously settled with the CFTC in January 2022 for $1.4 million related to operating without proper registration. The current U.S. venue (QCX LLC) operates under a valid DCM license, resolving the prior regulatory issue.

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Sources and Verification

• Kalshi CFTC DCM + DCO status, fees, settlement: Kalshi Help Center -- verified March 2026
• Kalshi live market data (Fed Chair 99c, $12.87M 24h): Kalshi API -- March 27, 2026
• Kalshi Nevada TRO: gaming.nv.gov press release; Yahoo Finance/InGame -- March 20, 2026
• Kalshi Arizona criminal charges (20 counts, March 17, 2026): AP, CNN, NPR, Fortune -- March 2026
• Kalshi Khamenei class action ($54M, Risch v. KalshiEX LLC): ClassAction.org, Reuters, Bloomberg Law -- March 2026
• Kalshi $22B valuation, $1B raise (Coatue, March 19, 2026): Bloomberg -- March 20, 2026
• QCX LLC CFTC DCM designation (July 9, 2025): CFTC DCM filings
• QCX LLC Amended Order (November 25, 2025 -- enables intermediated trading): CFTC Amended Order
• Polymarket acquired QCX LLC July 21, 2025 for $112M: MarketsWiki, blockhead.co, November 2025
• Polymarket US sports-only AOC self-certification: QCX LLC CFTC filing, Feb. 4, 2026
• Polymarket US fees (0.30% taker / 0.20% maker rebate): Polymarket Help Center -- verified March 27, 2026
• Polymarket UMA 2-hour challenge window: Polymarket Official Docs -- Resolution -- verified March 25, 2026