The battle of Kalshi vs. Polymarket continues for supremacy in the prediction markets industry. But which one wins out in terms of markets, fees, and promotions?
We compare and contrast the two prediction market heavyweights to see who wins the ultimate fight.
- yes Public Track Record
- yes Push-Alerts for Odds & Outcomes
- yes Bet Tracking History
- yes Trusted Brand
- 2021 Founded
Provided a solid referral program, and offered more than enough time to work through trading credits.
Low trading fees made it really easy to experiment with new markets – and all trades were processed immediately upon request.
Minimum deposit limits were more than reasonable across most popular methods, with each payment confirmed instantly.
The mobile app was reliable for trading throughout every trade – even during major events.
- Market-leading prediction market brand
- Huge range of prediction markets
- High liquidity thanks to big customer base
- User-friendly site and app
- Fees apply for card deposits
- yes Bet Tracking History
- yes Trusted Brand
- 2020 Founded
- yes Has Trading
- yes Limit/Market Orders
This app provided consistent access to trading markets on the world’s biggest events and, importantly for any new users, the platform was deeply beginner-friendly.
Comprehensive customer support options were available, including live chat, which meant it was easy to get in touch with the right person.
Enjoyed taking advantage of the holding rewards system, as this made it easier to trade on and benefit from positions that appeared particularly promising.
The liquidity rewards program stood out as a creative way to connect users with the health of the market, and even offered some notable incentives.
- Good variety of prediction markets
- High trading volume and liquidity
- User-friendly iOS app
- Crypto-only deposits and withdrawals
How prediction markets work
Major prediction markets like Kalshi and Polymarket operate more like trading platforms than sportsbooks.
Instead of placing bets, you buy shares in a position (e.g., USA to win the 2026 FIFA World Cup). These are also known as event contracts.
Other traders will offer a share at an agreed price (for example, $0.51). You buy the 'Yes' share if you think the U.S. will win, or buy ‘No’ at $0.49 that they won’t win.
All winning shares resolve at $1, whereas losing shares resolve at $0. Therefore, you’d profit $0.49 per share if you bought ‘Yes’ on the U.S. and they become the outright winners in World Cup prediction markets.
Alternatively, you'd win $0.49 in profit if you bought ‘No’ and the U.S. fails to win the World Cup. Kalshi and Polymarket charge a small fee for each trade.
Kalshi vs. Polymarket: Quick overview
| Kalshi | Polymarket | |
| U.S. Regulation | CFTC | CFTC (via QCX) |
| Deposit Options | Debit cards, bank transfer, crypto, PayPal, Venmo, bank transfer | pUSD (Polymarket USD) |
| Fees | 2-4% | Dynamic taker fees (up to 1.80%) |
| Event Contracts | 11+ categories, including crypto, sports, entertainment, politics, finance | Crypto, sports, entertainment, politics, finance |
| Bonuses | Liquidity Incentive Program ($10-$1,000 daily rewards) | Liquidity Incentive Program ($10-$1,000 daily rewards) |
Markets and trade volume
Both Kalshi and Polymarket hold the industry lead for prediction market volume. However, Polymarket wins out in terms of the number and range of available markets.
Trading volume between the two is close, with Polymarket (around $56 billion) just edging Kalshi at $45 billion. However, Kalshi has increased its valuation this year following a surge in investment.
- Polymarket Q1 2026 Volume: $26 billion
- Kalshi Q1 2026 Volume: $13.1 billion
In terms of available markets, the two platforms are comparable. Kalshi tends to dominate sports, especially in U.S. markets like the NFL and the NBA. Polymarket tends to focus on more niche trades in culture and entertainment.
Trading fees
Kalshi and Polymarket earn fees based on a contract's expected earnings. However, the framework differs between the two platforms.
Kalshi
Kalshi imposes fees on certain deposits and charges for any contracts you enter into. The fee schedule is complex and applies to the expected earnings you can make.
You may also be charged maker fees. These are orders that haven’t been matched yet, but are charged once the trade is executed.
Polymarket
Many markets at Polymarket are fee-free. These include markets on geopolitics and some global events.
Polymarket introduced fees on its sports markets in March 2026. The fee is capped at 0.75% and is deducted from any shares other traders match.
However, Polymarket has warned that the flat fee will apply to other event contracts in the future, such as politics prediction markets and culture trades.
There are also no fees to deposit into your account using pUSD (Polymarket’s own crypto token).
Bonuses and promotions
Both Kalshi and Polymarket offer rewards programs that pay out when you increase trade on their platforms.
While online sportsbooks regularly give players bonus bets, don't expect to receive free trades from prediction market sites. However, referral programs are available.
Kalshi’s Liquidity Incentive Program
You earn rewards on your Kalshi account when you increase market liquidity. That means helping other traders get better prices.
You earn a share of the reward pool if you offer contracts that are closer to the best available price. It’s possible to earn up to $1,000 per day if you meet the best bid on 100% of your orders.
Polymarket’s Liquidity Rewards
Polymarket offers a comparable rewards scheme where you earn money for being close to the market average. You obviously earn more by making more competitive limit orders.
Polymarket pays out rewards daily, starting with a minimum payout of $1.
Polymarket also offers a referral program that rewards a percentage of fees generated from direct and indirect referrals. You must have $10,000 in trading volume to qualify.
Payment options
Kalshi offers a broader range of payment options for traders. You can transfer funds with over eight deposit options, including bank transfer, PayPal, and debit card.
You can also make mobile payments with Apple Pay and Google Pay, or transfer using cryptocurrency.
PayPal is free to use for your first deposit at Kalshi. However, it incurs a 2% charge thereafter. Similar fees apply to debit card deposits, though bank transfers are free.
Polymarket accepts payments with the pUSD cryptocurrency on its Polygon blockchain. The platform doesn’t charge a fee, but network and gas fees may apply.
Kalshi vs. Polymarket: Final thoughts
Kalshi vs. Polymarket is no longer a battle between David and Goliath. The prediction markets offer different experiences, but both have key strengths. Plus, you can access both prediction market behemoths in the U.S.
The popularity of prediction markets will only continue growing. Kalshi and Polymarket are at the forefront right now, and you can sign up for both platforms to see which one delivers based on your preferred trades.
