8 min read
Kalshi vs Polymarket
Last updated · fact-checked against live Kalshi and Polymarket data
Quick answer
Key takeaways
- › Both operate under CFTC-regulated structures and settle in USD.
- › Polymarket US advertises no platform fee; Kalshi charges a per-contract fee.
- › Polymarket leads politics, sports, crypto and culture volume; Kalshi leads economics and weather.
- › New Polymarket users: $10 deposit unlocks a $50 trading bonus with code FLPREDICTS.
- › New Kalshi users: trade $25 and get $25 with code FLPREDICTS.
- › Polymarket US is iOS-only; Kalshi works on web and mobile too.
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
The 30-second verdict
- 📱 iPhone user who wants the best offer: Polymarket US ($10 → $50 bonus, code FLPREDICTS).
- 💻 Need web/desktop trading or the $25 Kalshi offer: Kalshi (#3).
- 🌪 Hurricane and weather markets: Kalshi.
- 🗳 Politics, sports, culture, crypto depth: Polymarket.
Full comparison table
| Kalshi | Polymarket US | |
|---|---|---|
| Regulator | CFTC (U.S. federal) | CFTC-regulated exchange & clearing |
| Florida access | Eligible users | Eligible users, iOS app |
| Currency | USD | USD |
| Welcome offer | Trade $25 → $25 bonus (FLPREDICTS) | $10 deposit → $50 bonus (FLPREDICTS) |
| Platform fee | Per-contract fee, shown at trade | $0 advertised |
| Liquidity leaders | Fed, weather, sports | Politics, sports, crypto, culture |
| Devices | Web and mobile | iOS app only |
| Tax records | U.S. tax documentation | Keep your own records |
| Min age | 18+ | 18+ |
Where Kalshi wins
Desktop access and tax paperwork. Kalshi runs in a browser and issues U.S. tax documentation, which suits traders who want everything on one statement.
Fed rate, jobs, inflation contracts. The economics product is the category leader, with the largest size on FOMC and CPI contracts.
Weather and hurricane markets. Kalshi lists named storms through Atlantic hurricane season — directly relevant for Florida.
Where Polymarket wins
Liquidity and breadth. Polymarket consistently posts the largest volume on political markets and carries hundreds of long-tail sports and culture markets.
Advertised $0 platform fee. Your main execution cost is the spread, which matters most when you trade often.
Welcome offer. A $10 deposit with code FLPREDICTS unlocks a $50 trading bonus for new users.
Cost on a $100 trade
Buy 200 contracts of a YES at $0.50 = $100 cost. If it resolves YES at $1.00 that's a $200 return.
- Kalshi: a per-contract fee applies and is displayed before you confirm.
- Polymarket US: $0 advertised platform fee; the spread is your cost.
Small per trade, meaningful over volume. Always read the quote on the screen.
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 | 5.0 |
| Liquidity & depth | 20% | 4.0 | 5.0 |
| Florida availability | 15% | 5.0 | 4.5 |
| Fees & offer value | 15% | 4.0 | 5.0 |
| UX & reliability | 10% | 4.5 | 4.5 |
| Editorial trust | 10% | 4.5 | 4.5 |
| Composite | 100% | 4.5 / 5 | 4.8 / 5 |
Polymarket US takes the top spot on liquidity, fees and offer value. Kalshi remains the strongest desktop and weather-market option.
Florida angle: which one should Floridians pick?
Florida has no state individual income tax and both platforms are available to Florida traders. If you have an iPhone, Polymarket US is the better starting point thanks to the $10 deposit and $50 trading bonus with code FLPREDICTS. Kalshi is a useful additional account for web trading and hurricane markets, with a trade $25, get $25 offer for eligible new users.
Federal reporting may still apply to gains on either platform, so keep records and consult a tax professional about your situation.
Welcome offer · Kalshi
Trade $25 and get $25
New users: open a Kalshi account, trade $25 in event contracts with the code, and get $25 back.
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
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.