Polymarket vs Kalshi (2026): Fees, Markets & Which Is Better
Polymarket and Kalshi are the two largest prediction markets, and they are now neck and neck on volume. The right pick depends on how you fund your account and what you want to trade. Here is the straight comparison.
Polymarket vs Kalshi
| Feature | Polymarket | Kalshi |
|---|---|---|
| Trading fees | ~0% trading, 2% on winnings | ~1.2% per contract (variable) |
| Funding | Crypto (USDC) or card | Bank transfer / debit card |
| Regulation | CFTC-regulated (Polymarket US / QCEX) | CFTC-regulated (DCM) |
| Market breadth | Largest global menu, high-volume | Vetted, finance-heavy menu |
| Best for | Crypto-native traders, breadth & liquidity | US users wanting bank funding |
Fees: the biggest practical difference
Polymarket charges no trading fee to enter a position and takes a small cut on winnings, which works out far cheaper for active traders than a bookmaker's spread.
Kalshi applies a per-contract fee that scales with price, so frequent trading costs more over time. For occasional bets the difference is small; for high-frequency trading it compounds.
Funding and access
Kalshi is the simpler on-ramp for US users: bank transfer or debit, no crypto wallet needed. Polymarket is crypto-native (USDC), with card funding available, and offers the broader global market menu.
Which should you choose?
Choose Kalshi if you want regulated US access with standard banking. Choose Polymarket if you want the deepest liquidity, the widest market menu and the lowest trading costs. Many traders keep accounts on both and trade whichever has the better price on a given market.
Does Polymarket or Kalshi have higher fees?
Kalshi generally has higher per-trade fees; Polymarket charges roughly 0% to trade and a small cut on winnings.
Are both legal in the US?
Both operate under CFTC regulation in 2026. State-level rules can still vary for sports markets.