Comparison
Polymarket vs Kalshi (2026)
Polymarket is a self-custody, USDC-settled prediction market built on Polygon. Kalshi is a CFTC-regulated event-contracts exchange that custodies funds in the US dollar banking system. They cover overlapping topics but operate under fundamentally different legal and technical regimes.
Choose Polymarket for global access, deeper liquidity on geopolitical and crypto markets, and a permissionless wallet-native experience. Choose Kalshi for US-domiciled traders who need a regulated venue, IRS-friendly tax forms, and dollar-denominated cash-equivalent settlement.
এক নজরে
| Polymarket | Kalshi | |
|---|---|---|
| Settlement asset | USDC.e on Polygon | USD held with Kalshi's clearing partner |
| Custody | Self-custody (you hold the wallet) | Custodial — Kalshi holds the funds |
| Fees | 0%–1.8% taker, 0% maker | Per-contract fee scaling with price |
| KYC | Wallet only | Full KYC + SSN required |
| Deposits | On-chain transfer or Coinbase OnRamp | ACH, debit card, wire |
| Withdrawals | On-chain to your wallet | ACH back to linked bank |
| Geography | Blocks US, UK, FR, DE, and 30+ jurisdictions | US only (50 states + DC) |
| Public API | CLOB + Gamma + Data, free, key-optional | Public REST API with sign-up |
| Categories | Politics, crypto, sports, world events | Politics, weather, financial, sports |
| Resolution | UMA optimistic oracle | Kalshi internal resolution committee |
Crypto-native traders, non-US residents, and arbitrageurs who want raw on-chain access via the CLOB API.
US residents who need a CFTC-regulated venue with bank-rail deposits and 1099 tax reporting.
সতর্ক থাকতে হবে
- Polymarket blocks new orders from US residents and from many EU and Asia-Pacific jurisdictions; trading via VPN violates Polymarket's ToS.
- Kalshi has thinner books on long-tail topics and applies per-contract fees that can dominate small-edge arbitrage.
- Tax treatment differs: Kalshi issues 1099s; Polymarket does not, and you self-report.
FAQ
- Can I run an arbitrage bot on both Polymarket and Kalshi?
- Cross-platform arbitrage between Polymarket and Kalshi is technically possible but constrained by KYC, separate custody pools, and very different fee structures. PolyArb focuses on intra-Polymarket arbitrage, which avoids those frictions.
- Is Kalshi cheaper than Polymarket?
- It depends on price and category. Kalshi's fee scales with the contract price (peaking near $0.50), while Polymarket's taker fee is a flat percentage of notional, capped at 1.8%. For small-edge arbitrage, Polymarket is generally cheaper.