Comparison
Polymarket Perps vs Kalshi Timeless (2026)
Polymarket Perps went live on April 21, 2026, settled in pUSD on Polygon. Kalshi followed on April 27, 2026 with a CFTC-regulated perpetual product codenamed "Timeless", custodied in USD by its clearing partner. Both are betting that 24/7 leveraged exposure pulls volume away from Coinbase, Robinhood, and the offshore crypto venues.
Choose Polymarket Perps for crypto-native execution, self-custody, and global access. Choose Kalshi Timeless for a US-domiciled regulated venue with bank-rail deposits and 1099 tax reporting.
At a glance
| Polymarket Perps | Kalshi Timeless | |
|---|---|---|
| Launch date | April 21, 2026 | April 27, 2026 |
| Collateral | pUSD (USDC-backed, on Polygon) | USD held with clearing partner |
| Custody | Self-custody (your wallet) | Custodial |
| Max leverage | Up to 250x (marketing); 5x–10x default | Conservative caps disclosed at launch |
| Trading hours | 24/7 | 24/7 |
| Settlement | On-chain, continuous | Cash-settled per Kalshi mechanics |
| KYC | Wallet only | Full KYC + SSN required |
| Geography | Blocks US, UK, FR, DE, and 30+ jurisdictions | US only (50 states + DC) |
| API | Will surface through Gamma/CLOB extensions | Public REST with sign-up |
Crypto traders, non-US residents, and arbitrageurs who want on-chain execution and the same wallet they already use for Polymarket prediction markets.
US residents who need a CFTC-regulated venue with cash-equivalent settlement and dollar deposit rails.
Watch out for
- Polymarket Perps still blocks new orders from US residents and from many EU and Asia-Pacific jurisdictions.
- Kalshi Timeless is initially limited to a small set of contract pairs; deep size is not yet available.
- Funding rates on both venues will diverge from CEX perps until liquidity matures.
FAQ
- Are Polymarket Perps and Kalshi Timeless economically equivalent?
- They both expose traders to leveraged, indefinite price exposure with periodic funding payments. The key differences are custody (self-custody vs custodial), regulation (offshore vs CFTC DCM), and settlement asset (pUSD on Polygon vs USD with a clearing partner). Cross-venue arbitrage is technically possible but constrained by KYC, separate funding pools, and the bridging cost between fiat and pUSD.
- Which venue is cheaper to trade on?
- Neither has published a final fee schedule. Historically Polymarket has run lower taker fees than Kalshi on prediction contracts, and on-chain settlement avoids the per-contract fee structure Kalshi uses. Funding rates will dominate cost over time on either venue.