Dimension
Polymarket
Kalshi
Regulation & safety
Crypto-native and originally offshore; acquired the CFTC-licensed exchange QCEX to re-enter the US, giving it a dual structure (a global platform plus a CFTC-regulated US venue).
CFTC-regulated as a Designated Contract Market (DCM), with an affiliated clearing organization — the same regulatory footing as conventional futures exchanges. Some sports/event categories still face state-level legal challenges.
Money & funding
USDC stablecoin, settled on the Polygon blockchain (global); USD-style flow on the US venue.
US dollars via bank/ACH, debit card, or wire; customer funds held in segregated US accounts.
Markets & coverage
Deep liquidity on major political, macro, crypto and cultural events; broad and fast-moving market creation.
Strong economic, financial and political coverage (CPI, rates, elections) and heavy sports volume; markets cleared through CFTC review.
Fees
Historically low, especially on the global platform, with some categories fee-free and others fee-bearing; structure has changed over time, so check current rates on-platform.
Tied to the contract price (a maker–taker model); peaks for mid-probability contracts and falls toward the extremes. Check current rates on-platform.
Best for
Crypto-comfortable and experienced traders who want depth and breadth of events.
Beginners, US bank users, and anyone who values regulatory clarity and USD custody.