Polymarket vs Kalshi (2026): Which Prediction Market Should You Use?

Both platforms let you trade on real-world events. But they serve different audiences and cover different markets. Here's how to choose.

Key differences

Polymarket is decentralized, requires crypto (USDC), and offers the widest selection of markets with the deepest liquidity. Kalshi is CFTC-regulated, accepts bank deposits, and is fully legal for US residents.

Regulation and US access

Kalshi is regulated by the CFTC and legally accessible to US residents. Polymarket is a decentralized exchange — US users face restrictions and commonly use VPNs, which carries legal risk.

Fees compared

Polymarket charges roughly 2% on profits. Kalshi charges 1–7% depending on the contract. For small trades, Polymarket's flat fee structure is simpler. For larger macro trades, compare specific Kalshi contracts.

Which markets does each cover?

Polymarket covers sports, crypto, politics, entertainment, and international events. Kalshi focuses on macro events: elections, economic data releases, weather, and Fed rate decisions. For maximum coverage, traders use both.

WhenWin works on both

WhenWin scans Polymarket and Kalshi every 2 hours for mispriced contracts — on both platforms simultaneously. You don't have to choose. WhenWin finds the edges across both exchanges and publishes picks with a full public track record.

Frequently asked questions

Can US residents use Polymarket?

Polymarket restricts US access due to regulatory concerns. Many US users access it via VPN, though this carries legal risk. Kalshi is CFTC-regulated and fully legal for US residents.

Which has lower fees — Polymarket or Kalshi?

Polymarket charges ~2% on profits. Kalshi charges 1–7% per contract. Depends on the specific trade.

Do you need crypto to use Polymarket?

Yes. Polymarket requires USDC on the Polygon network and a compatible crypto wallet. Kalshi uses standard bank deposits with no crypto required.