CFTC Designated Contract Market vs. no-action-letter platform. Fees, position caps, regulation, and market focus — compared.
Not financial advice. Fee schedules and regulatory status change. Verify current terms at kalshi.com/fees and predictit.org/about/fees before depositing.
Founded 2018. The first prediction-market exchange to receive full CFTC Designated Contract Market status (November 2020). Broad market catalog spanning politics, economics, finance, sports, and more.
Visit KalshiFounded 2014. The original U.S. retail prediction market, built around a university research partnership and focused on U.S. political and electoral markets. Operates under a CFTC no-action letter.
Visit PredictItEvery cell is populated from verified platform data. Where a value is not published, the cell says so and links to the platform’s official schedule. Last verified: July 2026.
| Factor | Kalshi | PredictIt |
|---|---|---|
| Regulatory status | CFTC DCM + DCO Source | CFTC No-Action Letter Source |
| Founded | 2018 | 2014 |
| CFTC designation | Full DCM designation (November 2020) Source | CFTC No-Action Letter Source |
| Entry / trading fee | ≤1.75¢/contract (formula-based) · Politics & policy markets: zero fees Source | 10% on profits + 5% on withdrawals Source |
| Per-contract position cap | No per-trader contract cap published; See platform's published schedule Source | $3,500 Source |
| Minimum deposit | $1 Source | $10 Source |
| Deposit methods | Cash (ACH, wire, debit card, Apple Pay), Crypto (USDC) Source | Credit/debit card, PayNearMe Source |
| Interest on idle cash | 3.75-4% APY on cash and open positions Source | Not published — See platform's published schedule Source |
| Market catalog | Thousands of active markets Source | Growing Source |
| U.S. state access | Available in most states; active litigation in 13+ states (NV, NJ, MD, MA, MI, OH, CT, TN, NY, UT, AZ, IA, IL, WA). Confirm eligibility at kalshi.com. Source | Most states — operates under CFTC no-action letter. Confirm eligibility at predictit.org. Source |
| Mobile app | Native iOS & Android app Source | Mobile-optimized web (no native app) Source |
| API access | Yes Source | Yes Source |
Regulatory status: Kalshi holds a full CFTC Designated Contract Market (DCM) + DCO registration — the top federal designation for an event-contract exchange. PredictIt operates under a CFTC no-action letter, a conditional enforcement forbearance rather than a license.
Entry / trading fee: Kalshi charges a formula-based taker fee (capped per contract) at entry only; selling is free, and politics/policy markets are zero-fee. PredictIt takes 10% of net profits after a market resolves, plus 5% on withdrawals.
Per-contract position cap: PredictIt's no-action framework caps each trader's stake per contract. Kalshi, as a full DCM, publishes no equivalent per-contract cap; standard exchange risk controls apply.
Interest on idle cash: Kalshi pays interest (APY) on uninvested cash and cash held in open positions. PredictIt publishes no interest program on account balances.
Market catalog: Kalshi lists contracts across politics, economics, finance, sports, weather, and more. PredictIt's catalog is concentrated in U.S. political and electoral markets, reflecting its academic-research origins.
U.S. state access: State access is evolving for both platforms. Always confirm current eligibility on each platform's official site before depositing.
Regulatory standing
Kalshi holds full CFTC DCM + DCO status — the highest federal designation for an event-contract exchange. PredictIt operates under a no-action letter, a more limited and conditional framework.
Fee structure (active traders)
Kalshi's formula-based taker fee is capped per contract and is zero on politics markets. PredictIt's 10% profit fee plus 5% withdrawal fee is materially higher for profitable positions.
Position-size flexibility
PredictIt's per-contract cap limits how large any single trader's position can be. Kalshi publishes no equivalent per-contract cap as a full DCM.
Political-market track record
PredictIt has a long history and an established community in U.S. political markets, rooted in its university-research partnership. Both offer political markets, but PredictIt's tenure here is a genuine edge.
Market breadth
Kalshi spans economics, finance, sports, weather, and entertainment alongside politics. PredictIt's catalog is concentrated in U.S. political and electoral contracts.
Interest on idle cash
Kalshi pays APY on uninvested account balances and open positions. PredictIt publishes no interest program.
Low barrier to entry
PredictIt's low minimum deposit and capped per-contract structure suit small-scale political traders who want a clear ceiling on risk.
Kalshi received its CFTC Designated Contract Market designation in November 2020 (CFTC press release), with its order and a later amended order on file with the Commission (amended DCM order). As a DCM it is subject to the full Commodity Exchange Act framework and ongoing CFTC oversight. Several states have challenged Kalshi under state gaming statutes; outcomes have been mixed across jurisdictions.
PredictIt operates under a CFTC no-action letter rather than a DCM license. PredictIt operates under a CFTC no-action letter, NOT as a licensed DCM/DCO. Aristotle Exchange's DCM + DCO (approved Sept 5, 2025) were sold to Underdog on March 9, 2026; Aristotle retained PredictIt which continues under its no-action framework. Its longtime academic partner is Victoria University of Wellington (original 2014–2025 partner; governance transferred to Prediction Market Research Consortium / PMRC per CFTC Letter 25-20, July 2025). A no-action letter is a conditional statement that CFTC staff will not recommend enforcement action so long as specified conditions are met — it is not a license and can be modified or withdrawn.
Sources: CFTC.gov (primary) and the platforms’ own published materials. Regulatory status is subject to change — confirm current status at each platform’s official site. Last verified: July 2026.
Kalshi is a CFTC Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) — the full federal registration framework for a commodity exchange, with registered rulebooks and ongoing CFTC oversight. PredictIt operates under a CFTC no-action letter, a conditional statement that CFTC staff will not recommend enforcement action provided specific conditions are met. A no-action letter is not a license and can be modified or withdrawn.
Kalshi charges a formula-based taker fee capped per contract, paid at entry only; selling is free, and politics/policy markets carry zero taker and maker fees. PredictIt charges 10% of net profits (assessed after a market resolves) plus a 5% fee on withdrawals. For profitable positions, PredictIt's structure costs materially more. Verify current schedules at kalshi.com/fees and predictit.org/about/fees.
Yes. PredictIt's no-action framework caps each trader's position per contract ($3,500). Kalshi, as a full DCM, publishes no equivalent per-contract cap, though standard exchange risk controls apply. Confirm current limits on each platform's official site.
Both offer substantial political coverage. PredictIt has the longer track record and an established political-trading community rooted in its academic-research partnership. Kalshi has rapidly expanded its political catalog and offers zero platform fees on politics markets. If you want the deepest historical liquidity in politics, PredictIt has tenure; if you want lower fees, broader markets, and stronger regulatory standing, Kalshi leads.
Kalshi pays interest (3.75-4% APY on cash and open positions) on uninvested cash and cash in open positions. PredictIt publishes no interest program on account balances.
State access is evolving. Kalshi is available in most states but faces active litigation in several (NV, NJ, MD, MA, MI, OH, CT, TN, NY, UT, AZ, IA, IL, WA). PredictIt operates in most states under its no-action framework. Confirm current eligibility at each platform's official site before depositing.
