Is Kalshi or Polymarket better for U.S. traders?

Kalshi for most U.S. residents — it's CFTC-regulated, accepts USD via ACH/debit, and is legal in all 50 states. Polymarket has deeper global liquidity but settles in USDC and access from the U.S. is more complex.

Which has lower fees, Kalshi or Polymarket?

Polymarket charges no platform fee; you pay only the bid-ask spread and on-chain costs. Kalshi charges a small per-contract trading fee that scales with price. For most retail trades the effective cost is similar.

Are Kalshi and Polymarket prices the same?

Usually within a few cents. Persistent gaps create short-lived arbitrage. Liquidity and product coverage differ — Polymarket lists more crypto and culture markets; Kalshi lists more economics, weather, and CFTC-approved sports contracts.

Can Florida residents use both Kalshi and Polymarket?

Kalshi: yes, openly. Polymarket: technically restricted for U.S. residents — check the platform's current eligibility before signing up.

Which one settles faster?

Kalshi settles same-day after the event resolves and pays out USD instantly to your account balance. Polymarket settles on-chain in USDC within minutes of oracle resolution.

Do Kalshi and Polymarket report to the IRS?

Kalshi issues IRS Form 1099 for reportable U.S. activity. Polymarket does not issue 1099s, but U.S. taxpayers are still responsible for reporting gains.

Kalshi or Polymarket for a Florida resident?

Kalshi. It's fully open in Florida, USD-native via ACH/debit, and CFTC-regulated. Polymarket restricts U.S. residents in its terms, so it's not a practical primary account for Floridians. Some FL traders still use Polymarket as a secondary venue for arbitrage where liquidity is deeper.

Which is better for Florida hurricane and weather markets?

Kalshi — clearly. Its Atlantic-hurricane and named-storm markets are the deepest anywhere and are the exact contracts Floridians tend to search for around June–November.

How do Kalshi and Polymarket compare on our scoring rubric?

Under our six-criteria methodology, Kalshi scores 4.5/5 and Polymarket scores 4.4/5. Kalshi wins on regulation, Florida availability, and payout reliability. Polymarket wins on liquidity depth and fees. See the scoring table below.

8 min read · Updated June 30, 2026

Kalshi vs Polymarket

Reviewed by

Catie Di Stefano — Founder & Editor-in-Chief

15 years in regulated online gamblingHeld a New Jersey DGE vendor licenseLaunched Hard Rock NJ online CRM program (2018)

Short answer: Kalshi if you're in the U.S. and want CFTC-regulated USD trading. Polymarket if you want the deepest global liquidity and don't mind USDC. Here's the full breakdown.

Key takeaways

› Kalshi is CFTC-regulated and legal in all 50 U.S. states; Polymarket has broader global reach.
› Polymarket has zero platform fees; Kalshi charges a small per-contract fee.
› Polymarket dominates politics, crypto, and culture volume; Kalshi leads on economics, weather, and sports.
› Kalshi: USD via ACH/debit. Polymarket: USDC on Polygon.
› Both settle within minutes of event resolution.

The 30-second verdict

👤 U.S. resident (most people): Kalshi.
🌎 Outside the U.S. or crypto-native: Polymarket.
🏈 Sports-focused: Kalshi (NFL, NBA, championships under CFTC framework).
🗳 Politics, culture, crypto: Polymarket for depth, Kalshi for U.S. access.

Full comparison table

	Kalshi	Polymarket
Regulator	CFTC (U.S. federal)	Self-regulated / offshore
U.S. access	All 50 states, open	Restricted for U.S. residents
Currency	USD	USDC on Polygon
Deposits	ACH, debit, wire	Crypto on/off-ramp
Platform fee	~1–7% per fill (scales)	0%
Liquidity leaders	Fed, weather, sports	Politics, crypto, World Cup
Settlement	Instant USD	On-chain USDC, minutes
Tax reporting	1099 issued	Self-report
Min age	18+	18+

Where Kalshi wins

Regulation and U.S. legality. CFTC oversight means Kalshi is the only major U.S.-legal prediction market with full USD on/off-ramps. For Florida residents, it's the path of least resistance — no VPN, no crypto.

Fed rate, jobs, inflation contracts. The economics product is the clear category leader. Bigger size on Fed FOMC and CPI contracts than anywhere else.

Weather and hurricane markets. Kalshi lists named storms during Atlantic hurricane season — relevant for Florida.

Where Polymarket wins

Politics and election depth. Polymarket consistently posts the largest volume on U.S. presidential and global political markets — sometimes 10x Kalshi.

Culture, crypto, World Cup. Polymarket carries hundreds of long-tail markets Kalshi never lists. As of June 2026 the FIFA World Cup winner markets on Polymarket are the most liquid sports markets on the internet.

Zero platform fee. Power users save real money on size.

Fees compared on a $100 trade

Buy 200 contracts of a YES at $0.50 = $100 cost. Resolves YES at $1.00 = $200 payout, $100 profit.

Kalshi: ~$1.75–$3.50 trading fee depending on price → net ~$96–$98 profit.
Polymarket: $0 platform fee; bid-ask spread and ~$0.01 gas → net ~$99 profit.

Small per trade, meaningful over volume.

Head-to-head scoring rubric

Both platforms scored on the same six-criteria editorial rubric. Composite is the weighted average.

Criterion	Weight	Kalshi	Polymarket
Regulatory clarity	30%	5.0	3.5
Liquidity & depth	20%	4.0	5.0
Florida availability	15%	5.0	2.5
Fees & payout	15%	4.0	5.0
UX & reliability	10%	4.5	4.0
Editorial trust	10%	4.5	4.0
Composite	100%	4.5 / 5	4.0 / 5

Kalshi wins on regulation and Florida fit. Polymarket wins on liquidity and cost. For a Florida-based trader who wants a single primary account, Kalshi is the right default.

Florida angle: which one should Floridians pick?

Florida has no state income tax, no state-level ban on CFTC event contracts, and no restrictions on Kalshi. That makes Kalshi the natural primary account for a Florida trader. Polymarket restricts U.S. residents in its terms, so most FL users either don't use it or use it only as a secondary venue for arbitrage on markets where Polymarket is dramatically deeper (World Cup winner, presidential markets, culture).

One local wrinkle: Hard Rock Bet is Florida's sole legal sportsbook, running under the state's gaming compact. That has nothing to do with Kalshi or Polymarket — event contracts are federally regulated commodities, not sportsbook wagers. Floridians can hold a Hard Rock Bet account and a Kalshi account without conflict.

Start trading in 2 minutes

Both platforms are free to sign up. Kalshi is CFTC-regulated USD. Polymarket settles in USDC.

Play responsibly

Prediction markets are real-money trading and you can lose your full stake. We recommend 21+. If trading stops feeling fun, call 1-800-GAMBLER or text 988.

Reviewed by Catie Di Stefano. Every guide follows our editorial standards & review methodology. Affiliate links are disclosed under our affiliate disclosure.