rivomarkets

Kalshi vs Polymarket

Updated September 27, 2026

Kalshi

CFTC-regulated since 2020, trading in dollars.

Most markets

$1.75
Taker fee on 100 at 50¢
Who can use it
US residents, plus most countries outside a list of 55
Money
US dollars
Who holds it
Kalshi Klear, a CFTC-registered clearinghouse
Parlays
Combos with 2 or more legs
Who settles
Kalshi's markets team, from the named source
Trader identity
Some traders named on public profiles

Pick Kalshi if

  • You live in the US and bet on sports
  • You want to build a bot with a demo exchange
  • You trade economics: Fed decisions, CPI, jobs and GDP
  • You want Rivo to copy a trader live today

Polymarket

Two exchanges with separate accounts and books.

Polymarket US

$1.74
Taker fee on 100 at 50¢

polymarket.com

$0 to $1.75
By category, politics $1.00
Who can use it
US residents, state by stateMost countries outside the US
Money
US dollarspUSD, a USDC-backed token on Polygon
Who holds it
Polymarket Clearing, fully collateralizedYou, in your own wallet
Parlays
Combos with 2 to 10 legsCombos, sports only
Who settles
The exchange, and its call is finalUMA's oracle, with public disputes
Trader identity
None on the public tapeEvery trade names a wallet

Pick Polymarket if

  • You live outside the US and hold crypto
  • You trade politics at the lowest fee, 0.04 on polymarket.com
  • You post limit orders and want a maker rebate
  • You study traders, since every wallet is public
Gemini Predictions

The fourth US option. CFTC-regulated since December 2025, US residents 18 and older, the same fee formula as Kalshi at $1.75 on 100 contracts at 50¢. Parlays are not confirmed live.

Which should you pick

Polymarket is two products. Polymarket US is a CFTC-regulated exchange trading dollars for US residents. polymarket.com is an international crypto exchange. They are separate businesses with separate accounts, balances, books and rules.
Which exchange to pick by the kind of trader you are
US resident, sports firstKalshiThe deepest sports menu, with combos across a dozen leagues. Courts switch sports off in Nevada and Michigan, so check your state first.
US resident, politics or macroKalshi or Polymarket USSame fee at 50 cents. Kalshi lists more economics markets. Polymarket US pays makers a rebate.
Outside the US, holds cryptopolymarket.comYou keep custody, politics trades at the lowest fee and geopolitics trades free.
Building a botKalshiOne signing scheme, official SDKs and a full demo exchange with fake money.
Copying good tradersResearch Polymarket, copy on KalshiEvery polymarket.com wallet is public. Rivo copies Kalshi traders live through your own key today.

Kalshi vs Polymarket side by side

Gemini Predictions is the fourth venue most US traders compare, so the matrix includes it too.
Kalshi, Polymarket US, polymarket.com and Gemini compared by access, money, fees, trading, resolution and API
QuestionKalshiPolymarket USpolymarket.comGemini
Access
RegulatorYes: CFTC designated contract market since 2020, own clearinghouse Kalshi KlearYes: CFTC designated contract market and clearinghouseNo: No CFTC licenseYes: CFTC designated contract market since December 2025
Who signs upUS residents and most countries outside a list of 55US residents, state by state in the appMost countries outside the USUS residents 18 and older
Money
CurrencyUS dollarsUS dollarspUSD, a USDC-backed token on PolygonUS dollars
Who holds your moneyKalshi Klear's settlement account at Silicon Valley BankPolymarket's clearinghouseYou, in your own walletYour Gemini account
WithdrawalsCard, ACH, crypto, PayPal, Venmo, freeCard or ACH in 3 to 4 business days, wire in 1, freeCrypto to any wallet, freeThrough your Gemini account
Fees
Taker fee formula0.07 x C x P x (1 - P), rounded up, times a series multiplier0.0695 x C x P x (1 - P)0 to 0.07 by category x C x P x (1 - P)0.07 x C x P x (1 - P), rounded up
Resting ordersFree on most markets, 0.0175 on about 160 seriesYes: Paid a rebateYes: Free, paid a rebate0.0175
Trading
ParlaysYes: Combos, 2 or more legsYes: Combos, 2 to 10 legsPartly: Combos, sports onlyNo: Not confirmed live
Trader identityPartly: Some traders named on public profilesNo: None on the public tapeYes: Every trade names a walletNo: Anonymous tape
Resolution
Who settlesKalshi's markets team, from the named sourceThe exchange, from the named source, finalUMA oracle with public disputesPer each contract's rules
Data and API
APIREST, WebSocket, FIX, demo exchangeREST and WebSocket, Ed25519 keysGamma, Data and CLOB APIs, wallet authPrediction markets API

C is the number of contracts and P the price in dollars. Venue rules change, so each venue's own pages have the final word.

Kalshi vs Polymarket fees at every price

Every venue here charges takers rate x contracts x price x (1 - price). The fee peaks at 50 cents and shrinks toward 1 and 99 cents. 30 and 70 cents cost the same, and so do 10 and 90.
KalshiPolymarket USpolymarket.com, politics (bottom) to crypto (top)
Taker fee on 100 contracts by priceKalshi and Polymarket US charge within two cents of each other at every price, peaking at $1.75 and $1.74 at 50 cents. polymarket.com charges between $1.00 and $1.75 at 50 cents depending on the market category, and nothing on geopolitics.$0$0.50$1.00$1.50$2.001¢25¢50¢75¢99¢$1.75 Kalshi, $1.74 Polymarket US$1.00 polymarket.com politics
Taker fee on 100 contracts. Kalshi rounds up to the cent, Polymarket US rounds to the nearest cent, polymarket.com keeps five decimals. Geopolitics trades free on polymarket.com. Hover or tap the chart for any price.
Taker fee on 100 contracts by venue and price
Taker fee on 100 contractsRateAt 10 or 90¢At 30 or 70¢At 50¢
Kalshi, most markets0.07$0.63$1.47$1.75
Kalshi, MLB props0.035$0.32$0.74$0.88
Polymarket US0.0695$0.63$1.46$1.74
polymarket.com crypto0.07$0.63$1.47$1.75
polymarket.com sports, culture, economics0.05$0.45$1.05$1.25
polymarket.com politics, finance, tech0.04$0.36$0.84$1.00
polymarket.com geopolitics0$0$0$0
Gemini0.07$0.63$1.47$1.75

  • Longshots cost more than they look

    $0.63 on a $10 position at 10 cents is 6.3% of your stake. The same fee at 90 cents is 0.7% of $90.

  • Makers win everywhere

    A resting order pays nothing on most Kalshi markets, nothing on polymarket.com, and earns a rebate on Polymarket US.

  • Deposits differ more than trading

    Kalshi charges up to 2% on card deposits and nothing on ACH or wire. Polymarket US and polymarket.com charge nothing to deposit or withdraw.

Worked examples: Kalshi fees explained and Polymarket fees explained.

Is Kalshi or Polymarket better for you

You bet on US sports

Pick Kalshi. Kalshi lists game lines, player props, season futures and combos across the NFL, college football, MLB, NBA, NHL, WNBA, soccer, tennis, UFC and esports. Combos cover first touchdown scorers, passing yards and team totals.

The catch: courts have switched off Kalshi sports in Nevada and Michigan, and most categories in Washington, as of September 2026. Check the state checker first. Polymarket US is the backup, with combos of 2 to 10 legs.

You live outside the US and hold crypto

Pick polymarket.com. You deposit from a wallet, keep custody, and withdraw to Ethereum, Arbitrum, Base, Solana, Bitcoin and more for free. Politics runs at the lowest taker rate, 0.04, and geopolitics trades free.

Kalshi also accepts most countries outside its list of 55, so check both. Polymarket blocks or restricts its own list, and forbids a VPN to get around the block.

You trade politics and macro

In the US, Kalshi and Polymarket US tie on fees at 50 cents. Kalshi has the wider menu on economics: Fed decisions, CPI, jobs reports and GDP.

Polymarket US pays makers a rebate of 0.0125, so a patient limit order earns money on Polymarket US and costs nothing on most Kalshi markets. Outside the US, polymarket.com wins on fees alone.

You want to build a bot

Start on Kalshi. One signing scheme, fixed point prices in dollars, a full demo exchange with fake money and official Python and TypeScript SDKs.

polymarket.com asks for a wallet, a signature type, a funder address and a tick size per market, with no demo exchange. Both guides: Kalshi API and Polymarket API.

You want to copy good traders

Research on Polymarket, execute on Kalshi. Every polymarket.com trade names a wallet, so every trader's history is public. Kalshi names fewer traders, but Rivo copies Kalshi traders live through your own Kalshi key today, with per-trade and daily limits. Live automatic copying on polymarket.com is not available in Rivo yet. Paper copying works on both.

Is Kalshi or Polymarket safer for your money

Regulated custody suits most people. Self custody suits people who already run a crypto wallet and want nobody between them and their money.

  • Kalshi

    Deposits sit in Kalshi Klear's settlement account at Silicon Valley Bank, a division of First Citizens Bank, with an insured cash sweep.

    Kalshi's own agreement says FDIC coverage is not guaranteed to you, and futures accounts carry no SIPC coverage. Cash above $250 earns 3.25% variable APY.

  • Polymarket US

    Dollars clear through QC Clearing LLC, doing business as Polymarket Clearing, a CFTC-registered clearinghouse clearing fully collateralized positions only. No margin, no leverage.

  • polymarket.com

    Your balance is in your own smart wallet on Polygon. Polymarket never holds your funds, so it can't freeze them. Lose your wallet access and nobody restores the balance.

Full detail in is Kalshi legit and is Polymarket legit.

How do Kalshi and Polymarket settle markets

Resolution risk is the real risk on every exchange. Loose wording like “by the end of the month” or “officially announced” starts arguments. Read the rules tab before you size up.

  • Kalshi

    Kalshi's markets team decides, from the named source. Most markets settle within about 3 hours.

    Disputes go to support. Combo legs for players who don't play settle at a fair price.

  • Polymarket US

    The exchange decides, from the named source, per market. The call is final under the exchange rulebook.

  • polymarket.com

    A proposer answers through UMA's oracle, backed by a $750 bond. About 2 hours when nobody disputes.

    A second dispute goes to a UMA token holder vote, which takes 4 to 6 days. The arguments play out in public.

Who trades on Kalshi vs Polymarket

If you follow other traders, this is the difference that matters most: what each exchange shows you about who is trading.

  • polymarket.com

    Every trade settles on chain and names a wallet. Any wallet's full history is public.

  • Kalshi

    The raw trade feed carries no identity. Some traders appear by name on public profiles, and Rivo links those names to their trades.

  • Polymarket US

    An anonymous tape. You see size and price, never the person.

  • Gemini

    An anonymous tape too. Size and price only.

The top 200 traders on each exchange

  • Most profitable trader
    hudson1234 on Kalshi, vito3corleone on Polymarket
    Kalshi$351,283
    Polymarket$6.55 million
  • 10th most profitable
    Kalshi$93,631
    Polymarket$1.94 million
  • Median of the 200
    Kalshi$27,776
    Polymarket$221,235
  • Median win rate
    Kalshi46%
    Polymarket63%
  • Average trade
    Kalshi$291
    Polymarket$1,646
  • Money traded by the 200
    Kalshi$121.7 million
    Polymarket$1.11 billion

The 200 most profitable traders Rivo tracks on each exchange, as of September 27, 2026. Profit counts settled markets only. Median win rate covers traders with 10 or more settled trades. Each row is scaled on its own.

  • Polymarket's winners trade bigger

    The average trade among the top 200 runs more than five times the Kalshi figure.

  • Kalshi's winners win less often and still profit

    A 46% median win rate with steady profit points to cheaper entries, where one win pays for more than one loss.

  • Profit comes from settled markets only

    Rivo scores each position when its market settles, not from what a trader reports.

Browse both rankings on the Kalshi leaderboard and the Polymarket leaderboard. How large traders behave on each exchange is covered in Polymarket vs Kalshi whales.

Can Americans use Polymarket and Kalshi

Pick your state in the location checker for all four at once.

  • Kalshi

    Open to US residents. Kalshi's member agreement lists 55 restricted countries and no US states. Court orders limit Kalshi in Nevada (sports, entertainment, elections), Michigan (sports) and Washington (most categories), as of September 2026.

  • Polymarket US

    US residents, with eligibility checked state by state in the app. Polymarket US publishes no public state list.

  • polymarket.com

    The US, the UK, France, Germany, Australia, Singapore and others are close-only. Sanctioned countries are fully blocked.

  • Gemini

    US residents 18 and older, with availability varying by location.

Which pays out faster

  • Kalshi

    Debit card within hours, crypto in about 30 minutes, ACH in a few business days, plus PayPal and Venmo. No withdrawal fee. See how to withdraw from Kalshi.

  • Polymarket US

    Card or ACH in 3 to 4 business days, wire in 1. Money returns to the method it came from. Free.

  • polymarket.com

    Crypto to any wallet, near instant and free. To reach a bank, sell through an exchange you use. See how to withdraw from Polymarket.

Kalshi alternatives and Polymarket competitors

What are the best Kalshi alternatives?

  • Polymarket US: CFTC-regulated, dollars, maker rebates and combos of up to 10 legs.
  • Gemini Predictions: CFTC-regulated since December 2025, funded from a Gemini account, same fee formula as Kalshi.
  • polymarket.com: for traders outside the US who want crypto and self custody.

Who are Polymarket's competitors?

Kalshi first, in the US and in every country both accept. Gemini Predictions second, as the newest regulated US entrant. Sportsbooks compete for sports money but price with a house margin instead of an order book.

For the tools built on top of these exchanges (trackers, terminals, bot builders), see the tool comparisons.

Can you use Kalshi and Polymarket together

Most active traders keep more than one account, because the same event trades at different prices on different exchanges. Rivo puts all four in one terminal for $15 a month.

  • One market search

    Across Kalshi, Polymarket, Polymarket US and Gemini.

  • One order ticket

    For every venue, showing each venue's exact fee before you send.

  • The whale tape

    Across every venue, with the trader behind each trade where the venue names one.

  • Ranked traders

    On Kalshi and Polymarket, scored on settled markets.

  • Bots

    Backtest a trader or a signal, run on paper, or go live on Kalshi, Polymarket US and Gemini through your own accounts.

  • One portfolio

    Across every connected account.

Rivo never holds your money. Orders go through your own accounts on each exchange. See the prediction market terminal.

Frequently asked questions

Is Kalshi or Polymarket better?

In the US, Kalshi wins for most people: the widest sports lineup, a demo API and live bot support in more tools. Outside the US, polymarket.com wins: self custody, free geopolitics markets and the lowest fees on politics. Polymarket US is the second US choice and edges Kalshi on maker rebates.

Is Kalshi or Polymarket more legit?

Both US exchanges hold the same federal license. Kalshi has been a CFTC designated contract market since November 2020 and clears through its own Kalshi Klear. Polymarket US holds a CFTC designated contract market and clearinghouse license bought as QCEX in July 2025. polymarket.com holds no CFTC license.

Can Americans use Polymarket?

Yes, through Polymarket US, the CFTC-regulated exchange trading in dollars. polymarket.com rejects new positions from US users.

Which has lower fees, Kalshi or Polymarket?

Close to a tie in the US. 100 contracts at 50 cents cost a taker $1.75 on Kalshi and $1.74 on Polymarket US. polymarket.com runs cheaper on politics at $1.00 and free on geopolitics. Resting orders pay nothing on most Kalshi markets and earn a rebate on both Polymarket exchanges.

Which is better for sports, Kalshi or Polymarket?

Kalshi. Kalshi lists games, player props, season futures and combos across the NFL, college football, MLB, NBA, NHL, WNBA, soccer, tennis, UFC and more. Court orders switch sports off on Kalshi in Nevada and Michigan, so check your state first.

Which is better for copy trading, Kalshi or Polymarket?

Research on Polymarket, execute on Kalshi. Every polymarket.com trade names a wallet, so the full record of every trader is public. Kalshi names fewer traders, but Rivo copies Kalshi traders live through your own API key today, while live copying on polymarket.com is not available yet.

Do Kalshi and Polymarket have the same markets?

Many of the same events, rarely the same contract. Each exchange writes its own rules, resolution source and deadline, so two markets on one question settle differently in edge cases. Read both rule pages before you treat them as the same bet.

What are the best Kalshi alternatives?

In the US: Polymarket US and Gemini Predictions, both CFTC-regulated and trading in dollars. Outside the US: polymarket.com, a crypto exchange with self custody.

Who are Polymarket's competitors?

Kalshi is the main one, in the US and in the countries both accept. Gemini Predictions is the newest regulated US entrant. Traditional sportsbooks compete for the sports money.

Which pays out faster, Kalshi or Polymarket?

Kalshi settles most markets within about three hours of the outcome and pays card withdrawals within hours. polymarket.com resolves in about two hours when nobody disputes, and four to six days when a dispute goes to a vote. Polymarket US pays card and ACH withdrawals in three to four business days.

Can I use Kalshi and Polymarket at the same time?

Yes. You need a separate account and balance on each. Rivo puts Kalshi, Polymarket, Polymarket US and Gemini in one terminal, with one market search, one order ticket and one portfolio across every connected account.

Trade Kalshi and Polymarket from one screen

Search every venue at once, compare the books and place orders through your own accounts. See which traders win on each venue before you follow them.

See the terminal

Related