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Analysis · Prediction markets

Polymarket vs Kalshi, compared on regulator, who can use them, money rails, fees, settlement and state lawsuits

Published 2026-10-13By the CryptoGuardz Register Desk7 min read35 sources

Photo: Myles Bloomfield / Unsplash

In short, from the documents

Polymarket vs Kalshi: fees, markets and legal status

Kalshi and Polymarket US are both CFTC-designated contract markets that trade in dollars; polymarket.com is a separate crypto platform, not CFTC-regulated, that blocks US trading. Both US exchanges face the same state gambling fights, including a New York suit against Polymarket US filed on 24 September 2026.

Piece published 2026-10-13Reviewed by CryptoGuardz Register Desk, editorial desk

Polymarket vs Kalshi is now a comparison of two CFTC-regulated US exchanges, plus one offshore crypto site. Kalshi has been a designated contract market since 4 November 2020. Polymarket's US exchange, QCX LLC d/b/a Polymarket US, was designated on 9 July 2025. The original polymarket.com is a separate crypto platform that says it is not regulated by the CFTC and blocks trading in the United States.

Every figure below comes from a primary document read on 13 October 2026. Nothing here ranks or recommends either platform.

Who regulates Polymarket and Kalshi?

The CFTC regulates both US exchanges. Kalshi's own help page says it "is regulated as a Designated Contract Market (DCM)". Its contracts clear through an affiliate, Kalshi Klear LLC.

Polymarket took a longer road. On 3 January 2022 the CFTC ordered its operator, Blockratize Inc., to pay a $1.4 million civil penalty for "failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF)." Polymarket came back through QCX LLC, an exchange the CFTC had designated on 9 July 2025. The CFTC's amended order names "QCX LLC d/b/a Polymarket US" and vacates a condition that barred futures commission merchants from intermediating trades. The amended order itself carries no date; it cites petitions dated 14 August to 24 November 2025.

The international site is a different legal entity. Its footer reads:

This international platform is not regulated by the CFTC and operates independently.

polymarket.com terms page, retrieved 2026-10-13

So the difference between Polymarket and Kalshi depends on which Polymarket you mean. Kalshi vs Polymarket US is exchange against exchange. Kalshi vs polymarket.com is a CFTC exchange against an offshore crypto venue.

Polymarket vs Kalshi side by side

	Kalshi	Polymarket US	polymarket.com
Operator	KalshiEX LLC	QCX LLC	Adventure One QSS, Inc.
Regulator	CFTC (DCM since 2020)	CFTC (DCM since 2025, also DCO)	Not CFTC-regulated
Minimum age	18	18	Not verified
Currency	USD	USD	pUSD on Polygon, backed by USDC
Deposit rails	Card, ACH, PayPal, Venmo, Cash App, crypto, wire	Card, ACH, Apple Pay, PayPal, Venmo, USDC, wire	Crypto bridge from 15 chains
Taker fee formula	0.07 x C x P x (1-P)	0.0695 x C x p x (1-p)	0 to 0.07 by category
Settlement	Kalshi, Outcome Review Committee	Exchange, Rule 10.4 review	UMA Optimistic Oracle
US access	Yes	Yes, state list not verified	US is close-only

Who can use each one?

Kalshi accepts individuals who "Be 18 years or older" and pass document checks. It also takes many non-US users. Its help centre says restricted countries are listed in "Section VI. Representations and Warranties" of the Member Agreement. That section names 55 countries, among them Canada, the United Kingdom and Australia, but no US states. Which states Kalshi serves was not published in any document read: not verified.

Polymarket US requires a "natural person, at least 18 years of age" under section II.1 of its participant agreement. Section II.8 bars OFAC-sanctioned regions and FATF-listed jurisdictions. No state list was published: not verified.

polymarket.com runs the other way. Its geoblock page lists 4 countries and 3 Ukrainian regions as fully blocked and 37 jurisdictions as close-only, the United States among them: "Users can close existing positions but cannot open new ones". The site's pop-up says "Trading is blocked in the United States on polymarket.com." Its help centre goes further and lists the US among countries that are completely restricted; the two pages disagree. For how state law treats the US app, see is Polymarket legal in the US.

How does money go in and out?

Both US exchanges hold dollars. Kalshi's minimum deposit is $10, wires $1,000. Debit deposits "may incur a 2% processing fee". Bank deposits are free and settle "typically within 5 business days". US crypto deposits run through Zero Hash, which converts them to dollars, usually within 30 minutes. Withdrawals by bank, card and crypto carry no Kalshi fee.

Polymarket US caps card and ACH deposits at $50,000 a day, each clearing in 3 to 4 business days. Wires need $5,000 and clear in 1 business day. Its withdrawal rules are tight:

All withdrawals must return to the same payment method used for deposit. Funds cannot be redirected to new or third-party accounts.

Polymarket US Withdrawal Rules, retrieved 2026-10-13

Withdrawals are also processed first-in-first-out against your deposits. The details are in Polymarket withdrawal times.

polymarket.com holds pUSD, "a standard ERC-20 token on Polygon, backed by USDC". Deposits from Ethereum need at least $7, Bitcoin and Tron $9, most other chains $2.

What do the fees look like?

Both charge takers a fee that peaks at a 50-cent price. Kalshi's schedule, effective 7 July 2026, sets "round up(M x 0.07 x C x P x (1-P))" for immediate fills and 0.0175 for resting orders that later fill. Polymarket US charges takers 0.0695, a maximum of $1.74 on 100 contracts at $0.50, and pays makers a -0.0125 rebate. That rebate moves to volume tiers on 19 October 2026, with Tier 1 makers getting none. polymarket.com never charges makers; taker rates run from 0.07 on crypto to 0 on geopolitics. The worked examples are in Polymarket and Kalshi fees explained.

What markets do they list?

Sports, politics and plenty else on both. Polymarket US lists "sports (NFL, NBA, NHL, MLB, MLS, college sports, tennis, golf, and more), politics, crypto, economics, weather, tech, and culture." Kalshi's help centre has category guides for weather, crypto, Spotify and Netflix markets, combos and protected NFL player markets. Kalshi's election contracts were the subject of its own lawsuit against the CFTC, covered in is Kalshi gambling.

A hand dropping a ballot paper into a ballot box — Illustration: a ballot box. Election contracts are one of the market types the section compares; the photo shows no specific election. Photo: Element5 Digital / Unsplash

How are markets settled?

Kalshi and Polymarket US settle centrally. polymarket.com settles by oracle. Kalshi says most markets settle "often within about 3 hours" once a source agency publishes. Disputes go to Rule 7.1 of the rulebook (version 1.29):

The Outcome Review Committee has full discretion in resolving the Market Outcome Review Process. The determinations made by the Outcome Review Committee are final.

KalshiEX LLC Rulebook v1.29, Rule 7.1(c), retrieved 2026-10-13

Polymarket US's Rule 10.4, in its rulebook of 30 September 2026, reads almost the same: "The Company has full discretion in reviewing markets. Determinations made by the Company are final."

polymarket.com uses the UMA Optimistic Oracle. Anyone can propose an outcome by posting a bond of "typically $750 pUSD". A 2-hour challenge window follows. A twice-disputed market goes to a vote of UMA token holders, 4 to 6 days in total.

Which states are fighting Polymarket and Kalshi?

The same states are going after both. On 24 September 2026 New York's Attorney General sued "QCX LLC d/b/a Polymarket US (Polymarket)", alleging its markets "meet the legal definition of gambling" and are open to users aged 18 to 20, below the state's age of 21 for mobile sports betting. Her office said on 8 July 2026 that Kalshi lost its own suit against the New York Gaming Commission, and on 31 July 2026 New York sued Kalshi too.

On 16 September 2026 Missouri's Attorney General sent identical letters to QCX and KalshiEX. Each says the exchange must cease and desist or obtain a Missouri Gaming Commission licence and "stop offering sports wagering to persons in the State of Missouri under the age of 21." Crypto.com, Novig, Underdog and Robinhood got letters too. See the state pages for New York and Missouri.

The federal question sits with the Supreme Court in Flaherty v. KalshiEX, No. 26-299, a New Jersey petition against a Third Circuit ruling of 6 April

On 13 October 2026 the docket showed no decision and Kalshi's response due 9 November 2026.

What this does not show

Which US states each exchange serves, since neither published a list we could read. How Polymarket's acquisition of QCX was priced or dated. Tax treatment is in Kalshi and Polymarket taxes.

Quick answers

Is Polymarket or Kalshi regulated by the CFTC?

Kalshi since November 2020 and Polymarket US since July 2025, both as designated contract markets. polymarket.com says it is not CFTC-regulated. More in is Polymarket legal in the US.

Can US residents use polymarket.com?

No. Its geoblock page lists the United States as close-only, one of 37 close-only jurisdictions, and its help centre lists the US as completely restricted. US users are pointed to the Polymarket US app.

Which charges higher fees, Polymarket or Kalshi?

At the taker rate, Kalshi uses 0.07 and Polymarket US 0.0695 on the same price formula, and Kalshi rounds up. Polymarket US puts the 100-contract fee at $0.50 at $1.74. See the fees post.

Are Polymarket and Kalshi legal in every state?

Not settled. New York has sued both, Missouri sent both cease and desist letters on 16 September 2026, and Supreme Court case 26-299 is pending. The Kalshi post tracks the court split.

Where can I get help with gambling in the US?

The National Problem Gambling Helpline is 1-800-MY-RESET (1-800-697-3738), with call, text and chat. More options are on the responsible gambling page.

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Sources

About this piece

Compiled by the CryptoGuardz register team from the sources listed above. Research and drafting are AI-assisted and reviewed by a named editor before publication. Nothing here is a recommendation to gamble. If a figure or a reading is wrong, tell us and the correction is logged in public.