Kalshi vs Polymarket vs Robinhood: 2026 Comparison
Last updated October 25, 2026. By Stock Moe, former financial advisor, MBA and finance teacher.
Disclosure: Some links on this page are affiliate links. If you open an account through them, Stock Moe gets paid by Webull or Kalshi at no extra cost to you. I only link to products I use myself. This is not financial advice.
Kalshi vs Polymarket comes down to this: both are now CFTC regulated exchanges for US traders, and on a 50 cent contract their trading fees are almost identical, $1.75 per 100 contracts on Kalshi and $1.74 on Polymarket US as of October 25, 2026. Kalshi is far bigger by volume, about $18.37 billion in the week of September 28 to October 4 against $2.71 billion on Polymarket US, per DeFi Rate. Robinhood is not a third exchange so much as a broker that routes your order to Kalshi, ForecastEx or its own Rothera exchange.
I trade on Kalshi and I check its odds every day for my videos, so I will tell you where I land. But the right pick depends on where you live, how you want to fund the account and whether you want your event contracts next to your stocks. Here is every difference that matters, with the source for each number.
Key takeaways
- Kalshi has been a CFTC designated contract market since November 4, 2020. Polymarket US runs on QCX LLC, which Polymarket bought in July 2025 and which the CFTC cleared for intermediated US trading in November 2025.
- Polymarket.com, the original crypto site, is offshore and not open to US users. Polymarket US is a separate dollar based app.
- Taker fees: Kalshi uses 0.07 times contracts times price times one minus price. Polymarket US uses 0.0695 in standard markets. Both charge most at 50 cents.
- Robinhood charges a commission that never exceeds $0.01 per contract, plus an exchange fee. Webull charges $0.01 plus a $0.01 exchange fee on Kalshi markets.
- State limits differ. Kalshi restricts some contracts in Michigan, Nevada and Washington. A September 29 check found Polymarket US unavailable in Nevada and Connecticut.
- Event contracts can lose your full stake, and a Kalshi balance carries no FDIC or SIPC insurance.
- Kalshi vs Polymarket: the short answer
- How Kalshi, Polymarket and Robinhood compare
- Are Kalshi and Polymarket the same?
- Why is Kalshi legal but not Polymarket?
- Kalshi vs Polymarket fees
- Deposits and withdrawals
- Is Kalshi or Polymarket bigger?
- Kalshi vs Robinhood prediction markets
- State limits
- Who owns Kalshi and Polymarket?
- Which one I use
- Common questions
Kalshi vs Polymarket: the short answer
If you live in the US, the real choice is between Kalshi and Polymarket US, plus the brokers that resell Kalshi markets, such as Robinhood and Webull. All of them sit under the Commodity Futures Trading Commission, the federal regulator for futures and event contracts. None of them is a sportsbook in the legal sense, even though sports now make up a big share of the trading.
My short version. Kalshi has the deepest menu, the most volume and the longest regulatory record. Polymarket US matches it on fees and has the famous brand, but it is newer here and its US app is still filling in. Robinhood and Webull are the easiest doors if you already keep money there, and you pay a small per contract fee for that convenience.
If you are brand new to all of this, start with my plain English guide, What Is Kalshi and How Does It Work? A $25 Walkthrough, then come back here to compare.
How do Kalshi, Polymarket and Robinhood compare?
Here is the side by side as of October 25, 2026. I opened each company’s own page for these rows and list them in the Sources section at the bottom.
| Kalshi | Polymarket US | Robinhood | |
|---|---|---|---|
| What it is | CFTC designated contract market and clearinghouse | CFTC designated contract market and clearinghouse (QCX LLC) | Broker (Robinhood Derivatives, LLC) that routes to an exchange |
| Regulated since | November 4, 2020 | Amended order November 2025 | Uses KalshiEX, ForecastEX or Rothera |
| Taker fee at 50 cents, 100 contracts | $1.75 | $1.74 | Commission up to $1.00 plus the exchange fee |
| Maker fee on standard markets | None | None, with rebates for high volume makers | Commission applies |
| Funding | ACH, debit card, wire, crypto | Debit card, ACH, Apple Pay, PayPal, Venmo, wire, USDC on iPhone where available | Your Robinhood account |
| Minimum deposit | $10 ($1,000 for wire) | $5,000 for wire | Robinhood account rules |
| Restricted states (examples) | Michigan, Nevada and Washington for some contracts | Nevada and Connecticut (third party check, September 29) | Check the app |
| Public company? | No, private | No, private (ICE is a major investor) | Yes, Robinhood Markets trades as HOOD |
The one row I would not skip is the first. Kalshi and Polymarket US are exchanges, so you deal with them directly. Robinhood is a broker, so your order goes to someone else’s exchange and Robinhood adds its own commission on top.
Are Kalshi and Polymarket the same?
No. They work the same way for you as a trader, but they are separate companies with separate order books. On both, every market is a yes or no question, a contract pays $1 if the answer is yes, and the price you pay is the crowd’s estimate of the odds. A 63 cent contract means the market thinks the event happens about 63% of the time.
Here is the part that confuses people: there are two Polymarkets. Polymarket.com is the original crypto site that runs on the Polygon blockchain, trades in a dollar stablecoin and is operated offshore. Polymarket US is a newer app that Polymarket’s own documentation calls “a fiat based, US regulated platform” operating as a designated contract market under CFTC oversight. If you are in the US, the app you can legally use is Polymarket US. Prices on the two do not have to match.
Kalshi has only one version. It is a US company that started regulated, and the CFTC confirmed its designation as a contract market on November 4, 2020. Its trades clear through Kalshi Klear LLC. I go through how that structure protects your money in Is Kalshi Legit? Safety, Legality and Who Owns It (2026).
Why is Kalshi legal but not Polymarket?
Because Kalshi asked the regulator first and Polymarket did not. Kalshi spent about two years after its 2018 founding getting its CFTC designation before it listed a single contract. Polymarket launched in 2020 as a crypto site without US registration, and in 2022 it left the US market after a settlement with the CFTC, as Covers reported.
That changed in 2025. In July 2025 Polymarket bought QCX LLC and QC Clearing LLC, a CFTC licensed exchange and clearinghouse known as QCEX, for $112 million. In November 2025 the CFTC approved an amended order of designation that lets Polymarket run an intermediated trading platform in the US, onboard brokers and customers, and let people trade through futures commission merchants, according to Covers and Crowdfund Insider. So today the honest answer is that Polymarket US is legal at the federal level, and the offshore Polymarket.com still is not for US users.
Federal approval is not the end of the story for either one. States are fighting both companies over sports contracts, which I cover state by state in Is Kalshi Legal in Your State? 2026 State by State Guide. Nothing here is legal advice.
Kalshi vs Polymarket fees: who charges more?
On the exchanges themselves, almost nobody. Both use the same shape of formula, a rate times the number of contracts times the price times one minus the price. That shape makes the fee biggest at 50 cents and smallest near 1 cent and 99 cents.
- Kalshi: 0.07 times contracts times price times one minus price, rounded up to the next cent, charged only when your order fills right away. Resting maker orders are free on standard markets, per the Kalshi fee schedule dated July 7, 2026.
- Polymarket US: 0.0695 times contracts times price times one minus price in standard markets, 0.10 in table tennis, with maker rebates for traders above $10 million a month and taker rebates above $250,000, per the Polymarket US fee schedule effective October 19, 2026. Polymarket rounds to the nearest cent.
- Robinhood: a commission that varies with price and order size and is “never exceeding $0.01 per contract,” with Gold members paying up to 50% less, plus an exchange fee that varies by exchange, per Robinhood’s June 4, 2026 announcement.
- Webull: $0.01 per contract commission plus a $0.01 per contract exchange fee, charged when you open and again when you close, per Webull’s event contract fees FAQ.
The chart shows how close it is. On 100 contracts at 50 cents, Kalshi charges $1.75 and Polymarket US charges $1.74. Webull’s flat 2 cents comes to $2.00, so it costs a little more at 50 cents and a lot more on cheap contracts. At 10 cents, Kalshi’s formula works out to 63 cents per 100 contracts, while Webull still charges $2.00.
The bigger cost on any of these is the spread, the gap between the best bid and the best ask. A busy market might have a 1 cent spread. A thin one can have 5 cents or more, which dwarfs the fee. The cheapest habit on Kalshi and Polymarket US is the same: use a limit order and let it rest, because makers pay nothing on standard markets. I break down every Kalshi cost, plus taxes, in Kalshi Fees, Withdrawals and Taxes Explained (2026).
Kalshi vs Polymarket deposits and withdrawals
Kalshi takes ACH bank transfers, debit cards, wires and crypto. The minimum deposit is $10, or $1,000 by wire. ACH deposits are free, debit card deposits can carry a fee of up to 2%, and Kalshi charges no fee to withdraw by bank, debit card or crypto, per its help center as of October 23, 2026.
Polymarket US lists debit card, ACH, Apple Pay on iPhone, PayPal, Venmo, USDC on iPhone where available, and wire transfer, per its deposit methods page. Debit card and ACH deposits take 3 to 4 business days to settle and wires take 1, though non wire deposits can show instant buying power while they process. The wire minimum is $5,000, and you can withdraw only after a deposit fully clears.
Robinhood and Webull are simpler: you use the cash already in your brokerage account. That is the main reason to trade event contracts through a broker.
Is Kalshi or Polymarket bigger?
Kalshi, by a wide margin in the US. DeFi Rate’s weekly report for September 28 to October 4, 2026 put Kalshi at $18.37 billion in volume, up 17.28% on the week, Polymarket US at $2.71 billion, down 4.41%, and the international Polymarket.com at $519.01 million, per DeFi Rate.
One caution on those numbers. DeFi Rate counts each platform a little differently: Kalshi and Polymarket US on $1 face value per contract, Polymarket.com on the dollars actually paid by takers. So treat them as a rough ranking, not a scoreboard you can add up. Volume matters to you for one reason: more traders usually means tighter spreads and easier exits.
Kalshi vs Robinhood prediction markets
Robinhood is a broker here, not a rival exchange in the usual sense. Robinhood Derivatives, LLC, a registered futures commission merchant, offers event contracts through KalshiEX LLC, ForecastEX LLC or Rothera Exchange and Clearing LLC, per its June 4, 2026 announcement. Rothera is a CFTC licensed exchange and clearinghouse that Robinhood runs as a joint venture with Susquehanna International Group, and it started with World Cup and pro baseball contracts.
So when you buy a Kalshi listed contract inside Robinhood, you are trading on Kalshi’s exchange and paying Robinhood’s commission on top. The upside is one app, one balance and no new account. The downside is a smaller menu than Kalshi’s own site, a per contract commission on every trade, and less control over order types. Robinhood’s own page notes that futures and cleared swaps trading “involves significant risk and is not appropriate for everyone.”
Where Webull fits
Webull works the same way. It offers Kalshi markets inside the Webull app for $0.01 per contract plus a $0.01 exchange fee, next to stocks, options, futures and crypto. I walk through it step by step in Webull Prediction Markets: How to Trade Them (2026). If you already have a Webull account, it is the fastest way to place a first event trade without opening anything new.
Kalshi vs Polymarket state limits
Both accept adults 18 and older, and both block some contracts in some states. As of October 24, 2026, Kalshi restricted sports contracts in Michigan; sports, election and entertainment contracts in Nevada; and sports, elections, entertainment, culture and mention markets in Washington. Kalshi also geofences by where you are standing, not where you live.
For Polymarket US, the company’s help pages do not list states, so I lean on a third party check. Sharp Football Analysis found Polymarket US fully unavailable in Nevada and Connecticut and limited to non sports contracts in Arizona, Maryland, Michigan and Tennessee, as of September 29, 2026. These lists change fast, so check the app before you deposit.
Who owns Kalshi and Polymarket?
Both are private companies, so you cannot buy stock in either one. Kalshi was founded in 2018 by MIT graduates Tarek Mansour and Luana Lopes Lara and was reported in March 2026 to be valued at $22 billion after a $1 billion raise, per Decrypt.
Polymarket was founded by Shayne Coplan, who is still its CEO. On October 7, 2025, Intercontinental Exchange, the public company that owns the New York Stock Exchange, agreed to invest up to $2 billion in cash at about an $8 billion pre money valuation and to distribute Polymarket’s data to institutions, per ICE. Robinhood Markets, by contrast, is public and trades under HOOD.
Is Kalshi or Polymarket better? Which one I use
For me it is Kalshi, for three reasons. First, the menu: the Fed, CPI, jobs and election markets I pull into my videos all live there, with real depth. Second, limit orders cost nothing on standard markets, and I almost never pay the taker fee. Third, its regulatory record goes back to 2020, which matters when you are leaving cash on a platform.
Polymarket US is a fair choice if you like its markets or want PayPal and Venmo funding, and the fees are a wash. If you want everything in one brokerage, a broker like Webull or Robinhood is the easy door, and you pay a cent or two per contract for it. What I would not do is open an account on any of them to chase a tip. Pick the platform, then pick a market you actually understand.
Pick the one that fits you. If you want event contracts next to your stocks, start with Webull through my link (affiliate link, I get paid if you sign up). If you want the full Kalshi menu and free resting limit orders, open a Kalshi account through my link (affiliate link, I get paid if you sign up). Any offer on either is subject to that company’s current terms and eligibility, so check the offer page before you deposit. Kalshi is available only where it operates and only to adults. Event contracts can lose money, and past results do not predict future results. Trade only money you can afford to lose.
How to compare a Kalshi and Polymarket price before you trade
Because the fees are so close, the price you get matters more than the platform. Here is the five step check I run when the same question trades on both.
How to compare the same prediction market on Kalshi and Polymarket US before you trade, using each fee schedule as of October 25, 2026.
- Find the same question on both
Search Kalshi and Polymarket US for the same event and open the market that settles on the same date and the same source. Two markets with different settlement rules are not the same bet.
- Write down the best ask on each
The ask is what you pay right now. Note the price for the side you want, Yes or No, on both platforms.
- Add the fee
On Kalshi multiply 0.07 by contracts by price by one minus price and round up. On Polymarket US use 0.0695 and round to the nearest cent. On a broker add its per contract commission and exchange fee.
- Check the spread and depth
Look at the gap between bid and ask and how many contracts sit at the best price. A thin book can cost more than the fee.
- Place a limit order where it is cheapest
Set your price instead of taking the ask. A resting limit order pays no maker fee on standard markets on either exchange.
If you do this a few times you will notice that the two prices are usually within a cent or two on busy markets. When they are far apart, read the settlement rules again before you assume the gap is real. Usually the two markets are not asking the exact same question.
Ready to try it? Open Webull through my link (affiliate link, I get paid if you sign up) if you want Kalshi markets inside a brokerage app, or sign up for Kalshi through my link (affiliate link, I get paid if you sign up) if you want to trade on the exchange directly. Offers are subject to each company’s current terms and eligibility, so read the offer page first. Kalshi is available only where it operates and only to adults, and you can lose the full amount you put into a contract.
Common questions about Kalshi vs Polymarket
For US traders, Kalshi has more volume, a broader menu and a regulatory record going back to November 4, 2020. Polymarket US charges almost the same fee and offers PayPal and Venmo funding. Fees are a wash, so pick on markets, funding and where you live.
No. They are separate companies with separate order books, though both list yes or no contracts that pay $1. Polymarket also runs two products: the offshore crypto site Polymarket.com and the CFTC regulated Polymarket US app.
Kalshi registered with the CFTC before it launched. Polymarket left the US in 2022 after a CFTC settlement, then bought the licensed exchange QCEX in July 2025 and won an amended CFTC order in November 2025. Polymarket US is now federally regulated; Polymarket.com is still not for US users.
Kalshi. DeFi Rate counted $18.37 billion of Kalshi volume for September 28 to October 4, 2026, against $2.71 billion on Polymarket US and $519.01 million on Polymarket.com, measured on slightly different bases.
Kalshi is private, founded in 2018 by Tarek Mansour and Luana Lopes Lara. Polymarket is private, founded by CEO Shayne Coplan, and Intercontinental Exchange agreed in October 2025 to invest up to $2 billion in it.
No. Neither company has public stock. Intercontinental Exchange, a Polymarket investor, and Robinhood Markets, which resells event contracts, are public.
Kalshi gives you the full market list and free resting limit orders. Robinhood routes orders to Kalshi, ForecastEx or Rothera and adds a commission of up to $0.01 per contract, but lets you trade from the account you already have.
Yes, through the Polymarket US app, which operates as a CFTC regulated designated contract market. A September 29, 2026 check found it unavailable in Nevada and Connecticut and limited to non sports contracts in four other states.
Keep reading on Stock Moe
- Webull Review 2026: Is Webull Safe and Legit?
- Is Kalshi Legit? Safety, Legality and Who Owns It (2026)
- Is Kalshi Legal in Your State? 2026 State by State Guide
Get more from Stock Moe
Want live trades, my personal indicator and live teachers? Join the Stock Moe Academy with code MOE. Prefer the free version? The Sunday Letter lands every Sunday morning, and I use it to walk through the prediction market odds I am watching for the week.
Sources
- Kalshi Fee Schedule, effective July 7, 2026
- Kalshi Help Center, Transfers FAQ, accessed October 23, 2026
- CFTC, designation of KalshiEX LLC as a contract market, November 4, 2020
- Polymarket US, Fee Schedule, effective October 19, 2026
- Polymarket US, What is Polymarket US, accessed October 25, 2026
- Polymarket US, Deposit methods, accessed October 25, 2026
- Covers, CFTC amended order gets Polymarket one step closer to US return, November 25, 2025
- Crowdfund Insider, Polymarket obtains CFTC approval of amended order of designation, November 27, 2025
- Robinhood Newsroom, The World Cup is now trading on Robinhood and Rothera, June 4, 2026
- Robinhood, Prediction markets, accessed October 25, 2026
- Webull Help Center, Event Contract Fees, accessed October 25, 2026
- DeFi Rate, weekly volume report for September 28 to October 4, 2026, October 6, 2026
- Sharp Football Analysis, Polymarket review, state table checked September 29, 2026
- ICE, ICE Announces Strategic Investment in Polymarket, October 7, 2025
- Decrypt, Kalshi raises $1 billion at a $22 billion valuation, March 2026
I am not a financial advisor and nothing in this article is financial advice. Everything here is my own opinion, for educational and entertainment purposes only. Do your own research and talk to a licensed professional before you make any financial decision.
