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Guide
Polymarket vs Kalshi: fees, liquidity, markets and regulation
Both venues let you take a position on a real-world outcome, but they are built on different rails — one on-chain and permissionless, one regulated and cash-settled. Here is how they actually differ for a trader deciding where an order should go.
Side by side
| Polymarket | Kalshi | |
|---|---|---|
| Structure | Decentralized CLOB, contracts settled on-chain in USDC | Centralized exchange, cash-settled event contracts in USD |
| Regulation | Crypto-native venue; access rules vary by jurisdiction | CFTC-regulated designated contract market (US) |
| Trading fees | No headline maker/taker fee; cost sits in spread and network gas | Explicit fee curve, peaking around 50c contracts |
| Funding | Self-custody wallet, USDC deposits | Bank transfer / debit to an exchange account |
| Strongest markets | Global politics, crypto, culture, sports, breaking news | US macro prints, rates, inflation, weather, financial series |
| Market creation | Fast-moving, community-driven long tail | Exchange-listed, standardized recurring series |
| Settlement | Oracle resolution with dispute window | Exchange resolution against a published source |
| API access | Public REST/CLOB APIs plus on-chain data | Authenticated REST API with signed keys |
Fees: headline vs effective
Kalshi publishes a fee curve that scales with contract price and is heaviest around 50c, where uncertainty — and volume — is greatest. Polymarket has historically not charged a maker/taker fee, so its cost shows up as spread, slippage and network gas rather than as a line item.
For anything but the tightest books, the spread you cross dominates the fee you pay. A 2c spread on a 50c contract is a larger drag than either venue's fee schedule, so compare the live book on the specific market before assuming one venue is cheaper.
Liquidity is per market, not per venue
Polymarket concentrates depth in globally-followed events: elections, geopolitics, crypto price levels, sports and culture. Kalshi concentrates depth in standardized US series that recur on a schedule — CPI, Fed decisions, jobs prints, weather and index levels — where the same contract structure trades month after month.
That recurrence matters if you run systematic strategies: a repeating Kalshi series gives you comparable history, while Polymarket's long tail gives you more one-off opportunities and, often, more mispricing.
Regulation and settlement risk
Kalshi runs as a CFTC-regulated designated contract market, with exchange-published resolution sources and customer funds held at the exchange. Polymarket settles on-chain in USDC against an oracle, with a dispute window before a market finalizes. You are trading a different risk profile, not just a different fee schedule: counterparty and custody risk on one side, oracle and resolution-ambiguity risk on the other.
Which should you use?
- Trading US macro or weather: Kalshi, for standardized recurring series and clean resolution sources.
- Trading global events or crypto levels: Polymarket, for breadth and depth in the long tail.
- Hunting cross-venue spreads: both — the same question is often priced differently on each book.
Trading both from one terminal
Running two venues means two ledgers, two fee models and two definitions of P&L. Infiniti Terminal connects Polymarket and Kalshi behind one interface: a unified ledger and portfolio analytics, AI research over both books, and autonomous bots that can route to either venue.
FAQ
Is Kalshi or Polymarket cheaper to trade?
Kalshi charges an explicit trading fee that scales with contract price and is highest near 50c, while Polymarket has historically charged no maker/taker fee and instead costs you gas plus spread on its on-chain order book. Effective cost depends far more on spread and slippage than headline fees.
Which platform has deeper liquidity?
Liquidity is market-specific. Polymarket tends to lead on global politics, crypto and culture markets; Kalshi tends to lead on US economic data, rates, weather and recurring financial series. Compare the live book per market, not per platform.
Is Kalshi regulated?
Kalshi operates as a CFTC-regulated designated contract market for event contracts in the United States. Polymarket is a decentralized order book settled on-chain in USDC; availability and access rules differ by jurisdiction.
Can I trade both platforms from one place?
Yes. Infiniti Terminal connects Polymarket and Kalshi in a single interface with shared portfolio analytics, a unified ledger, AI research and autonomous bots.
Disclaimer: Portions of this content may be generated with the assistance of AI and are provided for educational and informational purposes only. This content does not constitute financial, investment, legal, or tax advice. Fee schedules, market availability, and eligibility rules may change without notice. Always confirm current terms, fees, and trading requirements directly with each exchange, broker, or trading venue before making any trading or investment decisions.