Polymarket vs. Kalshi in 2026: Fees, Liquidity, Odds, and Markets

Polymarket and Kalshi are the two names most people hear first when they discover prediction markets. Both let you buy and sell contracts on sports, politics, economics, crypto, and real-world events. Both use order books instead of acting like traditional sportsbooks. Both can show a market price such as 62¢ to represent roughly a 62% implied probability.

But they are not the same product.

The most important detail is that Polymarket now refers to two separate platforms:

1. Polymarket US, a regulated dollar-based exchange for U.S. residents.
2. Polymarket International, the crypto-based product on Polygon available in permitted countries.

That means the real comparison in 2026 is not simply Polymarket versus Kalshi. It is:

Kalshi vs. Polymarket US vs. Polymarket International.

For most U.S. users, Kalshi currently has the broadest product, the easiest funding options, and the most total volume—especially in sports. For eligible international users, Polymarket International is often stronger in politics, geopolitics, crypto, and unusual global markets. Polymarket US is a newer, sports-first product that can still be the best venue when its order book offers a better price.

The most important lesson is that the platform with lower published fees does not always have the best odds. A two- or three-cent price difference can matter more than the fee difference. Serious traders should compare the executable price, fee, spread, depth, and contract rules on every market.

Polymarket vs. Kalshi: the quick answer

First, understand the two versions of Polymarket

A lot of Polymarket-versus-Kalshi articles become confusing because they use “Polymarket” to describe two different exchanges.

Polymarket US

Polymarket US is the company’s regulated product for U.S. residents. It trades in U.S. dollars and operates through a Commodity Futures Trading Commission-designated contract market. The U.S. platform has a separate account, fee schedule, funding system, and market catalog from Polymarket International.

As of August 2026, Polymarket US is still a sports-first product. Its official product page emphasizes the NFL, NBA, NHL, MLB, MLS, college basketball, tennis, golf, and other sports. Its July changelog also shows that some politics futures have begun rolling out, so the catalog is broader than it was at launch but still much narrower than Kalshi or Polymarket International.

You can fund Polymarket US through ACH or debit card. You do not need a crypto wallet to trade there.

Polymarket International

Polymarket International is the original crypto-native exchange on Polymarket.com. It runs on Polygon and uses on-chain contracts. After its April 2026 exchange upgrade, its collateral token is pUSD, which Polymarket says is backed one-for-one by USDC and enforced through smart contracts.

Some users call this product Polymarket Global. Polymarket’s official pages generally call it Polymarket International or simply Polymarket.com. Those names refer to the non-U.S. on-chain product in this article.

Polymarket International is usually what people mean when they talk about:

• Large political markets
• Global elections
• Geopolitical events
• Crypto milestones
• Publicly visible wallet positions
• On-chain prediction-market activity

The United States is listed as a restricted country for Polymarket International. U.S. residents use the separate Polymarket US product.

Polymarket vs. Kalshi comparison table

Fee and product details change frequently. The figures in this article were checked on August 6, 2026.

Which has lower fees: Polymarket or Kalshi?

The simple answer is:

Polymarket International has lower fees in many categories. Polymarket US and Kalshi are both fairly expensive for traders who immediately take liquidity.

Neither exchange charges sportsbook-style “vig.” They are exchanges that match buyers and sellers. Your true trading cost can include:

• The platform’s explicit fee
• The bid-ask spread
• Slippage on a larger order
• Deposit or withdrawal costs
• The cost of selling the position later

The explicit fee is only one part of the trade.

Kalshi fees in 2026

Kalshi’s standard taker-fee formula is:

Fee = 0.07 × contracts × price × (1 − price)

The fee is highest around a 50¢ contract and gets smaller as the price approaches 0¢ or $1.

For 100 contracts under the standard schedule:

At 50¢, the $1.75 fee is 3.5% of the $50 contract cost. Kalshi generally charges the taker fee when an order is matched immediately against an order already resting in the book. An order that rests first may avoid the standard taker fee, although certain market series have separate maker-fee schedules.

Kalshi does not charge a settlement or membership fee. ACH deposits and bank withdrawals are free, while card and other payment methods can have separate costs.

Polymarket US fees in 2026

Polymarket US uses a similar formula with a lower coefficient:

Fee = 0.06 × contracts × price × (1 − price)

At 50¢, the standard taker fee is $1.50 per 100 contracts.

That means someone buying 100 contracts at 50¢ spends:

• $50 on the contracts
• $1.50 in taker fees
• $51.50 total before spread or slippage

The fee is 3% of the $50 contract cost. If a trader enters and later exits near 50¢ as a taker both times, the two fees can remove a meaningful part of a small edge.

Polymarket US also offers a maker rebate. At 50¢, the published rebate is approximately 31¢ per 100 contracts. High-volume takers can qualify for fee rebates based on their prior month’s volume.

Polymarket US therefore looks much better for a trader who provides liquidity than for a retail trader who repeatedly crosses the spread.

Polymarket International fees in 2026

The old claim that “Polymarket has no fees” is no longer accurate for most categories.

Polymarket International now charges taker fees based on market category:

Makers are not charged a trading fee. The taker fees fund maker rebates intended to improve depth and tighten spreads.

Polymarket says it does not charge its own fee for depositing or withdrawing USDC, although an exchange, card provider, bridge, or other intermediary may charge separately.

Fee verdict

Polymarket International is usually the fee winner for politics, finance, sports, technology, and geopolitical markets.

But Polymarket International is not always cheaper. Its crypto fee reaches the same maximum as Kalshi’s standard fee. Polymarket US has a lower maximum standard taker fee than Kalshi, but both can be costly for someone who trades frequently as a taker.

Most importantly, a lower fee does not guarantee a better trade.

Which has better odds: Polymarket or Kalshi?

Neither platform consistently has better odds.

Kalshi, Polymarket US, and Polymarket International all use order books. Traders and market makers submit bids and asks. The platform matches orders. Prices change as information, demand, and available liquidity change.

This creates real price differences between venues.

A market could show:

• Kalshi YES at 49¢
• Polymarket YES at 51¢

Even if Polymarket charges a lower fee, Kalshi may still offer a much cheaper entry.

Worked example: lower fee, worse odds

Assume you want to buy 100 YES contracts in a political market.

Polymarket’s fee is 75¢ lower.

But its contract price is $2 higher across 100 shares. After fees, Kalshi is still $1.25 cheaper.

The fee comparison alone would have produced the wrong decision.

The displayed percentage may not be the price you can buy

Another common mistake is comparing the large probability shown on each market page.

The displayed number may be:

• A midpoint between the bid and ask
• The most recent trade
• A delayed quote
• A price available for only a small amount

Suppose a platform displays 52%, but the order book is:

• Best bid: 49¢
• Best ask: 55¢

A buyer cannot necessarily buy at 52¢. An immediate buyer pays the 55¢ ask.

For a meaningful comparison, use:

All-in entry cost = executable ask + trading fee + expected slippage

For a seller, compare the executable bid after costs.

Depth matters when you trade more size

The platform with the best price for 100 contracts may not be best for 10,000 contracts.

Imagine:

• Kalshi offers 100 contracts at 51¢, then the next large block is at 56¢.
• Polymarket offers 8,000 shares between 53¢ and 54¢.

Kalshi wins for a very small order. Polymarket may win for a larger one because its average fill is better.

This is why serious traders compare:

1. Best bid and ask
2. Spread
3. Touch depth
4. Depth through the full order size
5. Trading fee
6. Contract rules

The Kosmos advantage: compare the market, not the brand

Choosing one prediction-market app and using it for every trade is convenient. It is not always the best-value approach.

Kosmos brings Kalshi and Polymarket markets into one workspace. Its Markets page supports Kalshi, Polymarket, and combined venue views. Its Market Tape can show fields such as:

• Price and midpoint
• Latest movement
• Spread
• Touch depth
• 24-hour volume
• Total volume
• High-low range
• Trend strength
• Realized variation
• Closing time

Kosmos also connects current news and market context to relevant contracts.

That lets you ask a better question than “Which platform has lower fees?”

You can ask:

Which venue gives me the lowest all-in price for the exact contract and size I want right now?

This is where the largest practical value often comes from. A one-cent fee difference matters. A four-cent price difference usually matters more.

Compare live Kalshi and Polymarket markets in Kosmos →

For more detail on why the executable order-book price matters, read How Prediction Market Order Books Work. To understand how price differences translate into value, read Positive Expected Value in Prediction Markets. For the products that run these comparisons for you, read Best Polymarket Analytics Tools.

Which has more liquidity: Polymarket or Kalshi?

Kalshi has more total trading volume in 2026.

According to July 2026 data compiled from The Block and reported by Yahoo Finance:

• Kalshi: approximately $37.7 billion
• Polymarket International: approximately $7.9 billion
• Polymarket US: approximately $5.0 billion

Combined reported volume across the three products reached approximately $50.6 billion for the month.

These figures are useful for comparing scale, but they are not a perfect apples-to-apples measure. Prediction-market volume is often reported as taker or notional volume, and measurement methods can differ across platforms.

Even with that caveat, Kalshi was the clear leader in total reported activity during July.

But total platform volume does not tell you which venue is most liquid for one specific event.

Volume and liquidity are not the same thing

Volume tells you how much has already traded.

Liquidity tells you how easily you can trade now without moving the price too much.

A market can have $10 million in historical volume and still have a weak order book at this moment. Another market can have less total volume but more size available near the current price.

Current liquidity depends on:

• Bid-ask spread
• Contracts available at the best price
• Depth beyond the first level
• How quickly new orders appear
• Market-maker participation
• Your intended order size

Kalshi dominates sports volume

Pew Research Center analyzed category data from July 2024 through April 2026 and found that sports represented approximately 80% of Kalshi’s total volume.

That explains why Kalshi is often the strongest venue for:

• NFL
• NBA
• MLB
• College sports
• Large U.S. sporting events
• Mainstream sports contracts with heavy retail activity

Kalshi’s July volume also benefited heavily from the 2026 World Cup.

Polymarket International is stronger in politics and crypto

The same Pew analysis found a very different mix on Polymarket International:

• Sports: approximately 39% of volume
• Politics: approximately 32%
• Crypto: approximately 20%

On Kalshi, politics represented about 4% and crypto about 7% over the same period.

That means Polymarket International often has better activity in:

• Elections
• Political nominations
• Geopolitical events
• International news
• Crypto prices and milestones
• Global events that receive less attention on U.S.-regulated exchanges

Liquidity verdict

• Most total volume: Kalshi
• Most major U.S. sports liquidity: Usually Kalshi
• Politics and global events: Often Polymarket International
• Crypto: Often Polymarket International
• One exact market: Compare both order books

The platform-level winner is useful context. The order book in front of you is what determines the trade.

Which platform has more markets?

The answer depends on whether you are comparing Kalshi with Polymarket US or Polymarket International.

Kalshi market selection

Kalshi currently offers a broad U.S.-facing menu across categories such as:

• Sports
• Elections and politics
• Economics
• Finance
• Crypto
• Weather and climate
• Technology and science
• Culture and entertainment
• Public mentions
• Commodities

Its biggest strength is that one regulated, dollar-based account provides access to many types of markets.

Polymarket US market selection

Polymarket US is currently narrower and remains sports-first.

Its official product page emphasizes:

• NFL
• NBA
• NHL
• MLB
• MLS
• College basketball
• Tennis
• Golf

The platform's July changelog also shows liquidity incentives for selected politics futures, which means broader categories have started to arrive. Even so, Polymarket US is not yet as complete as Kalshi, and it is far less varied than Polymarket International.

Its strongest use today is as a second U.S. venue for comparing sports prices, depth, and maker economics.

Polymarket International market selection

Polymarket International usually has the broadest and fastest-moving selection of global and internet-driven markets.

Its strengths include:

• U.S. and international politics
• Elections outside the United States
• Geopolitical conflicts
• Crypto
• Technology launches
• Corporate events
• Entertainment
• Internet culture
• Public statements
• Unusual news-driven questions

The international platform’s ability to list global, niche, and controversial events is one reason it remains important even as regulated U.S. prediction markets grow.

Market-selection verdict

Funding and withdrawals: dollars versus crypto

The funding experience may matter more than a small fee difference for a new user.

Kalshi funding

Kalshi supports several funding methods, including:

• ACH bank transfer
• Debit card, including Apple Pay and Google Pay
• PayPal
• Venmo
• Cash App for deposits
• Crypto
• Wire transfer

For a U.S. user, the experience is straightforward: deposit dollars, trade in dollars, and withdraw dollars.

Polymarket US funding

Polymarket US supports ACH and debit-card deposits. It is also dollar-based and does not require a crypto wallet.

The funding experience is simpler than Polymarket International, but the selection of payment methods is currently smaller than Kalshi’s.

Polymarket International funding

Polymarket International is built around blockchain infrastructure.

Its current system uses:

• Polygon
• pUSD collateral
• One-to-one USDC backing
• Smart-contract settlement
• Publicly visible positions and transactions

For someone who already uses crypto, that can be efficient and transparent.

For someone new to crypto, it adds extra concepts and risks:

• Wallet security
• Stablecoins
• Network selection
• On-ramps and off-ramps
• Smart-contract approvals
• Bridge or routing costs
• Lost keys or compromised wallets

Funding verdict

• Easiest for most U.S. users: Kalshi
• Simple U.S. alternative: Polymarket US
• Best for crypto-native users: Polymarket International
• Most publicly transparent transaction history: Polymarket International

Are Kalshi and Polymarket legal in the United States?

This requires a careful answer.

Kalshi

Kalshi has been a CFTC-designated contract market since November 2020. It operates as a federally regulated derivatives exchange rather than as a state-licensed sportsbook.

Polymarket US

QCX, doing business as Polymarket US, became a CFTC-designated contract market in July 2025. Polymarket US is the regulated product intended for U.S. residents.

Polymarket International

Polymarket International is a separate product. The United States appears on its blocked-country list, and Polymarket explicitly says that using a VPN or similar tool to bypass geographic restrictions violates its terms.

Some reporting and research have noted that U.S. users have accessed Polymarket International through VPNs. That reported behavior does not make it allowed. Polymarket explicitly prohibits using VPNs or similar tools to bypass its geographic controls, and doing so can create account, access, withdrawal, and compliance problems.

U.S. users should use Polymarket US rather than attempting to bypass the international platform’s restrictions.

This article does not provide instructions for avoiding geolocation controls.

Why the U.S. legal answer is still not completely settled

Kalshi and Polymarket US are federally designated exchanges, but state regulators and state attorneys general have challenged the treatment of some sports event contracts. The core dispute is whether federal derivatives regulation overrides state gambling law for these products.

That litigation was still active as of August 6, 2026.

The practical answer is:

• Kalshi and Polymarket US operate under federal CFTC designations.
• Access to particular products can change.
• Sports-event contracts remain the subject of state and federal disputes.
• Polymarket International is not the U.S. product and blocks U.S. trading.

Always check the platform’s current eligibility and market-availability rules before depositing.

Which platform is more trustworthy?

Calling one platform “safe” and the other “unsafe” is too simple. They use different structures.

Why Kalshi feels more conventional

Kalshi has the longer history as a CFTC-designated exchange. It uses a conventional dollar account, offers familiar bank funding, and keeps trading activity inside a centralized regulated system.

That makes it easier for many U.S. users to understand.

Kalshi is usually the less complicated choice for someone who wants:

• Traditional identity verification
• U.S. dollar balances
• Bank deposits and withdrawals
• Centralized customer support
• A platform built around U.S. regulation from the beginning

Why Polymarket International feels more transparent

Polymarket International records trades and positions on a public blockchain. Anyone can inspect wallet activity, position sizes, entry timing, and settlement transactions.

That is a real form of transparency. It is one reason whale tracking and wallet analysis are so popular around Polymarket.

But on-chain transparency does not remove risk. It changes the risk.

A user still needs to consider:

• Wallet security
• Smart-contract risk
• Stablecoin risk
• Oracle and dispute risk
• Geographic restrictions
• Anonymous or pseudonymous counterparties

Trust verdict

• More conventional for U.S. users: Kalshi
• Publicly verifiable on-chain activity: Polymarket International
• Regulated Polymarket product for the U.S.: Polymarket US
• Simplest choice for someone unfamiliar with crypto: Kalshi

How market resolution differs

A market’s price is only useful if you understand what makes the contract settle at $1.

Kalshi resolution

Each Kalshi market includes written rules, a deadline, and a named verification source. After trading ends, the exchange applies those rules and determines the outcome.

This is a centralized process.

The benefit is that one regulated exchange is responsible for making the decision. The risk is that traders must rely on its interpretation when the wording or real-world outcome is unclear.

Polymarket International resolution

Polymarket International uses the UMA Optimistic Oracle.

In simplified form:

1. An outcome is proposed with a bond.
2. A challenge period opens.
3. The proposal can be disputed.
4. A disputed outcome moves through UMA’s resolution process.
5. Winning shares settle at $1 after finalization.

This process is visible and challengeable, but an ambiguous market can take longer to settle.

Polymarket US resolution

Polymarket US is a separate regulated exchange. It does not use the international platform’s crypto-wallet and UMA process in the same way. Its contracts settle through the U.S. exchange according to their written rules.

Resolution verdict

Neither system is automatically better for every event.

The important rule is:

Never treat two contracts as equivalent until you have compared their complete resolution rules.

A five-cent difference is not an arbitrage if one contract uses a different deadline, source, threshold, or definition.

Is Kalshi better than Polymarket?

For the average U.S. user in 2026, Kalshi is the better all-around platform.

It currently offers:

• More total volume
• Stronger major U.S. sports liquidity
• A broader U.S. market catalog
• More funding options
• A longer CFTC operating history
• No need to interact with crypto

But that does not make Kalshi better for every trade.

Polymarket International is usually stronger for eligible users who care about:

• Politics
• Geopolitics
• Crypto
• Global events
• On-chain transparency
• Lower fees in many categories
• Fast-moving or unusual markets

Polymarket US is useful when:

• Its price is better than Kalshi’s
• Its order book has more depth
• A trader wants to provide liquidity and earn maker rebates
• A U.S. user wants another venue for sports comparison

Who should use each platform?

Final verdict: Polymarket or Kalshi?

Choose Kalshi when:

• You are a U.S. user who wants the simplest all-around platform
• You mainly trade major U.S. sports
• You want conventional bank and payment options
• You want several market categories in one regulated account
• You do not want to handle wallets or stablecoins
• Its all-in order-book price is better

Choose Polymarket International when:

• You are legally eligible to use it
• You already understand crypto and wallets
• You trade politics, geopolitics, crypto, or global news
• You value public on-chain positions and activity
• You want lower category fees
• Its all-in order-book price is better

Choose Polymarket US when:

• You are in the United States
• It offers a better sports price than Kalshi
• It has more depth for your intended order
• You plan to provide liquidity
• You qualify for taker-volume rebates
• You want a second regulated U.S. venue

The most useful answer

For most U.S. beginners:

Kalshi is better overall.

For eligible international and crypto-native traders:

Polymarket International is often better.

For anyone trying to get the best expected value:

Do not choose one platform forever. Compare both markets before every trade.

Fees matter. The executable price usually matters more. Liquidity determines whether the price is available at your size. Contract rules determine whether the two markets are even equivalent.

Kosmos brings those comparisons into one place so traders can evaluate price, spread, depth, volume, movement, news, and contract context before entering.

Open the live market comparison in Kosmos →

Sources and methodology

Platform fees, access rules, and product details were checked on August 6, 2026. Primary sources were used wherever possible.

• Kalshi fee schedule
• Kalshi transfer methods
• Kalshi CFTC designation
• Polymarket US fee schedule
• What is Polymarket US?
• Polymarket US product changelog
• Polymarket US CFTC designation
• Polymarket International fees
• Polymarket International geographic restrictions
• Polymarket 2026 exchange and pUSD upgrade
• Polymarket resolution process
• Pew Research Center category and volume analysis
• July 2026 volume report
• Associated Press overview of active state litigation
• Kosmos Markets
• Kosmos Market Tape

Fees, market availability, legal access, and product functionality can change quickly. Recheck all time-sensitive details before publication and update the page whenever either platform changes its fee schedule or access rules.

Frequently asked questions

Is Kalshi better than Polymarket in 2026?

Kalshi is better for most U.S. users because it currently has more total volume, stronger major-sports activity, more funding methods, and a broader U.S. product. Polymarket International is generally better for eligible users focused on politics, geopolitics, crypto, global events, and on-chain transparency.

Which has lower fees, Kalshi or Polymarket?

Polymarket International has lower taker fees in many categories. At a 50¢ contract, politics and finance cost $1 per 100 shares, sports costs $1.25, and geopolitics is fee-free. Polymarket US charges $1.50 per 100 contracts at 50¢, while Kalshi’s standard fee is $1.75. Spread and slippage can be larger than the fee difference.

Which has better odds, Polymarket or Kalshi?

Neither always has better odds. Compare the executable bid or ask, fee, spread, depth, and contract rules. A platform with lower fees can still have a worse all-in price because its contract trades several cents higher.

Which has more liquidity, Kalshi or Polymarket?

Kalshi currently has more total volume and is especially strong in U.S. sports. Polymarket International is often more liquid in politics, crypto, and geopolitical markets. Liquidity for a specific trade depends on the live order book, not only historical volume.

Are Kalshi and Polymarket legal in the United States?

Kalshi and Polymarket US are CFTC-designated contract markets. Legal disputes over some sports-event contracts remain active in several states. Polymarket International is a separate product that lists the United States as restricted.

Can U.S. residents use Polymarket International with a VPN?

Polymarket explicitly prohibits using VPNs or similar tools to bypass geographic restrictions. Some reporting has described U.S. users doing so, but that does not make it permitted. U.S. residents should use Polymarket US and should not attempt to bypass the international platform’s controls.

Is Polymarket US the same as Polymarket.com?

No. They are separate products. Polymarket US is a dollar-based, CFTC-regulated exchange for U.S. residents. Polymarket International is an on-chain product for users in permitted countries. Accounts, fees, markets, funding, and support are separate.

Is Polymarket Global the same as Polymarket International?

Yes. “Polymarket Global” is an informal name people use for the international product on Polymarket.com. Polymarket’s own documentation generally calls it Polymarket International. It is separate from Polymarket US.

Do I need crypto to use Polymarket?

You do not need crypto for Polymarket US. Polymarket International is a crypto-based product on Polygon and uses pUSD collateral backed by USDC.

Can I use Kalshi and Polymarket at the same time?

Eligible users can maintain accounts on both available platforms. Doing so allows them to compare prices and choose the venue with the better all-in cost and liquidity on each event.

Can you arbitrage between Kalshi and Polymarket?

Sometimes, but a price difference is only true arbitrage when the contracts have identical rules, both orders can fill, fees do not remove the profit, and neither price changes before execution. Different deadlines or resolution sources can turn an apparent arbitrage into two separate directional trades.

Why use Kosmos instead of checking both platforms manually?

Kosmos aggregates Kalshi and Polymarket markets and adds venue-level volume, spread, touch depth, market movement, news, and context in one workspace. This makes it faster to compare the real all-in opportunity rather than switching between several tabs and comparing headline prices manually.