Polymarket vs Kalshi — which is better?
Short answer: Polymarket is better for global users, crypto-native traders, and high-volume / low-fee execution. Kalshi is better for US residents, dollar-fund users avoiding crypto, and traders who need a CFTC-regulated counterparty. Polymarket has 5-10× the daily volume and broader market coverage; Kalshi has lower friction for non-crypto users and stronger regulatory clarity.
Side-by-side
| Dimension | Polymarket | Kalshi |
|---|---|---|
| Settlement | USDC on Polygon (smart contract) | USD via bank ACH |
| Regulation | CFTC event contracts (post-2024 ruling) | CFTC-regulated DCM (since 2020) |
| Available to US residents | Yes (post-2025) | Yes |
| Available outside US | Global, with country restrictions | US-only, blocked elsewhere by IP |
| Fees | 0% trade fee, 2-5¢ spread | $0.01-$0.07 per share, both sides |
| Daily volume (Apr 2026) | ~$30-80M | ~$3-8M |
| Total markets | ~3,000 active | ~150 active |
| Politics depth | Deep — 100+ election markets | Deep — primary US offering |
| Crypto markets | Yes — BTC/ETH price, hashrate, etc. | No |
| Sports markets | Yes | Limited (no NFL/NBA spreads) |
When Polymarket wins
Volume and liquidity. Polymarket consistently runs 5-10× Kalshi's daily volume. Tighter spreads, deeper order books, less slippage on $1k+ trades. For any trader sizing positions above $500, Polymarket's execution quality is materially better.
Market coverage. Polymarket lists ~20× more markets at any given time. Kalshi focuses on US politics, economic data, and weather. Polymarket lists those plus crypto prices, esports outcomes, geopolitical events (Russia-Ukraine, Iran, Gaza), entertainment (Eurovision, Oscars), and sports.
Fees. Polymarket charges 0% per trade — your cost is the spread. Kalshi charges per share on both sides ($0.01-$0.07), which compounds quickly on round-trip trades. For a $1,000 position bought and sold, Polymarket costs ~$20 (2¢ spread × 1000 shares); Kalshi costs ~$60-140 in fees.
Crypto-native flow. Funded directly via USDC, withdrawn directly to any wallet. No bank hold, no ACH delay, no per-transaction limit beyond gas fees.
When Kalshi wins
Regulatory clarity (US). Kalshi has been a CFTC-regulated DCM since 2020. Polymarket's status came via 2024 ruling and is still settling. For US institutional or risk-averse retail users, Kalshi is the safer regulatory bet.
Onboarding for non-crypto users. Kalshi takes USD from any US bank via ACH. No wallet, no seed phrase, no gas-fee education. For a first-time prediction-market user who has never touched crypto, Kalshi is meaningfully easier.
Customer support. Kalshi runs phone + email support with under-1-hour response times. Polymarket support is async-only via Discord/Telegram, response 24-48h.
Where PolyGram fits
PolyGram is a Polymarket browser, not a Kalshi browser. We add German/French/Spanish UI, EUR display, SEPA on-ramp, and Telegram-native trading on top of Polymarket's order book. If you want US-regulated, crypto-free trading, use Kalshi directly. If you want global access, deep markets, and crypto execution with a friendly wrapper, use PolyGram.