Kalshi vs Polymarket: which fits a US user?

Who regulates Kalshi and Polymarket US?

Both are federally regulated exchanges. The CFTC designated KalshiEX LLC as a contract market in November 2020, and lists QCX LLC, trading as Polymarket US, as a designated contract market since July 9, 2025. On both, an event contract pays $1 if the outcome happens and nothing if it does not, so prices run from 1 cent to 99 cents.

Federal oversight has not ended state challenges, which is why some contracts are blocked in a few states.

Can US users use Polymarket?

Yes, through Polymarket US, not polymarket.com. Polymarket describes polymarket.com as its international, crypto-based product and Polymarket US as a separate, US-regulated platform that trades in US dollars. Polymarket's own geoblock list marks the United States as close-only on the international site, so people in the US can close old positions there but cannot open new ones. Polymarket US is a separate signup with its own identity check. How does Polymarket work? explains its contracts, deposits and withdrawals.

Where can you use Kalshi and Polymarket US?

Kalshi's help center says 18 or older, with document verification if requested. Polymarket US requires you to be at least 18 and to have reached the age of majority in your state, under its rulebook and participant agreement.

Kalshi said in February 2026 that its prediction markets were available in all 50 states. State actions now limit or challenge what Kalshi and Polymarket US can offer in some places:

• Washington: an order announced by the attorney general on August 13, 2026 bars Kalshi from offering sports, elections, politics, entertainment, culture, tech and science, and mentions contracts to people in Washington. Other categories are outside the order.
• Michigan: a preliminary injunction announced on September 2, 2026 requires Kalshi to geofence its sports contracts from people in Michigan while the case continues.
• Massachusetts: the attorney general announced a preliminary injunction on January 20, 2026 that bars Kalshi from taking sports contracts from Massachusetts customers until it is licensed by the state. We could not confirm from an official source whether the order is in force today.
• Nevada: the attorney general says Kalshi is enjoined from operating there while the state's case continues. For QCX LLC, the company behind Polymarket US, the attorney general announced on June 3, 2026 that a judge would grant a preliminary injunction covering sports, election and entertainment contracts, with a written order to follow. We could not confirm that order.
• Wisconsin, Kentucky and New York: Wisconsin sued Polymarket, Kalshi and others (April 23, 2026), Kentucky sued QCX LLC and related companies (June 17) and New York sued QCX LLC (September 24), over what they call illegal gambling. These are lawsuits, not court orders. Is Polymarket legit? lists each case.
• Polymarket US does not publish a state list in its help docs. These cases are still moving, so check what the app offers for your state before you deposit.

Kalshi vs Polymarket fees: which is cheaper?

Both charge takers a fee that is largest near 50 cents and shrinks toward 1 cent and 99 cents. For a single taker trade the cost is almost the same. The differences come from resting orders and debit card deposits.

• Kalshi: the taker fee in the July 7, 2026 edition of Kalshi's fee schedule is round up(M × 0.07 × contracts × price × (1 − price)), where M is a per-series multiplier that is 1 unless the schedule says otherwise. The schedule defines "round up" as rounding the fee plus the position cost to a centicent, and its table lists whole cents, such as $1.75 for 100 contracts at 50 cents. Resting orders pay nothing unless the series is listed with maker fees, which use a 0.0175 rate. A few series carry no trading fee, and the app shows the fee before you buy.
• Polymarket US: the Polymarket US fee schedule, effective October 7, 2026, charges takers 0.0695 × contracts × price × (1 − price), rounded to the nearest cent with exact halves going to the even cent, or $1.74 for 100 contracts at 50 cents. Polymarket US's CFTC notice of September 21, 2026 says the taker rate rose from 0.06 to 0.0695 on September 17. Until 1 PM ET on October 19, 2026, resting orders on standard trades earn a rebate of 0.0125 × the same formula, up to $0.31 per 100 contracts. After that, only makers with $10 million or more of maker volume in the prior month earn one. Polymarket fees walks through the whole schedule, and the Polymarket calculator runs your own trade.
• Funding: Kalshi says debit card deposits can carry a processing fee of up to 2%. Polymarket US lists no deposit fee. Kalshi lists no fee for debit card or bank withdrawals, and Polymarket US describes its withdrawals as free.

Deposits and withdrawals on Kalshi and Polymarket US

Both take debit cards, bank transfers, wires, PayPal and Venmo. Kalshi adds Cash App and crypto, and its debit option covers Apple Pay and Google Pay. Polymarket US adds Apple Pay and USDC on iPhone.

• Kalshi: the standard minimum deposit is $10 and wires start at $1,000. Debit card withdrawals usually arrive within hours and bank withdrawals within a few business days. New deposits can have a short security hold first.
• Polymarket US: wires start at $5,000, and debit card and ACH deposits take 3 to 4 business days to clear. Withdrawals go back to the method you deposited with, and only after that deposit has cleared.

Which has more volume, Kalshi or Polymarket US?

We did not find a dated, primary-source figure that compares the two on equal terms, so this guide does not rank them on liquidity. Depth differs market by market, so check the order book for the market you want before you trade.

Kalshi promo code and referral code terms (October 2026)

Kalshi does not publish one signup amount. Its referral program FAQ says amounts vary by offer, and your offers and their terms appear under Your rewards in the app. The published rules:

• Use a referral link or code when you sign up. If none was attached, you can add a valid code within 72 hours of creating the account. The clock starts at account creation, and depositing or trading does not close that window. Adding a code does not by itself qualify you for a bonus.
• Requirements vary by offer and can include identity verification, location and qualifying activity. Trades can lose money.
• Deadlines differ by offer. Code entry, qualifying activity, reward claims and credit use can each have their own deadline, and unused credits may expire and be forfeited. There is no single expiry for every referral offer.
• Referral rewards may be issued as trading credits with withdrawal restrictions. Some must be traded on an eligible product before they become withdrawable, and standard withdrawal holds still apply.
• Referral offers are for eligible US users only. Limits such as a per-referral limit or an overall earnings cap depend on the program, so check the cap on your offer.
• doddo's Kalshi page shows the steps, the credit rule and an estimated usable value for the campaign doddo last reviewed, with the review date.

Polymarket US promo code and bonus terms (October 2026)

Polymarket US posts its campaigns on its User Incentive Programs page and files each program with the CFTC. As of October 11, 2026, with the Deposit Incentive Program notice amended September 18, 2026:

• Deposit incentive (Campaign A): deposit at least $10 and receive a $25 promotional trading credit. A code is optional under the notice effective October 2, 2026: you get the campaign tied to your code or link, or the one running when you finish signup, once per person.
• Refer a friend (Campaign A): when a new user signs up with your username as the code and deposits at least $10, you each get $25. You can earn up to 50 referral bonuses, and credits post within seven days.
• You cannot stack the two. The referral program's August 26, 2026 CFTC filing says referred users may not also take the deposit incentive.
• The deposit credit expires 7, 10 or 30 days after it is issued, as posted for each campaign. That is in the September 18 notice, effective October 2, 2026. The incentives page does not list the period for Campaign A, so confirm it in the app. Referral credits expire 1, 3, 7, 10, 14 or 30 days after issue, also posted for each campaign.
• Credits can open positions and pay fees but cannot be withdrawn. Your own cash is used before the credit, and only the balance above the credit can be withdrawn.
• A separate Deposit and Trading Incentive Program lists larger tiers, such as a $250 credit for a deposit of at least $500 in Campaign A. Some campaigns add a trading incentive with a minimum trading amount. The app shows whether one is running for you.
• doddo's Polymarket US page shows the requirements and an estimated usable value, labeled as an estimate.

What is a $25 signup credit actually worth?

Less than $25 in cash, and sometimes nothing. The Polymarket US credit cannot be withdrawn, and Kalshi says its rewards may carry withdrawal restrictions, so the value is the gain you can keep above the credit, after fees, before it expires.

Say you deposit $10 on Polymarket US and get the $25 credit. This is an illustration, not a quote. You buy 60 contracts at 50 cents for $30, plus a $1.04 taker fee. Your $10 is spent first, then about $21 of credit. If the contracts settle Yes, they pay $60 and your balance is about $64, but only the part above the $25 credit, about $39, can be withdrawn. If they settle No, your $10 is gone and about $4 of credit remains until it expires.

On Kalshi the requirements, deadlines and withdrawal rules come from the specific offer, so read its terms under Your rewards before you trade.

Trading can lose the whole stake, including your deposit. If it stops feeling like a choice, see responsible gaming resources.

Kalshi or Polymarket US: which should you pick?

It depends on where you live and how you trade. These points describe the published terms. They are not trading advice.

• You want a fixed, published signup offer: Polymarket US posts $25 for a $10 deposit. Kalshi's amount depends on your link or code.
• You want the credit deadline spelled out: Polymarket US files its expiry options (7, 10 or 30 days for the deposit credit) and posts the one for each campaign. Kalshi deadlines vary by offer, so read the offer terms.
• You leave limit orders on the book: Polymarket US pays a rebate on standard trades until 1 PM ET on October 19, 2026, and after that only to makers with $10 million or more of prior-month maker volume. Kalshi charges maker fees only on the series it lists.
• You fund with a debit card: Kalshi may add up to 2%. Polymarket US lists no deposit fees.
• You want Cash App or crypto deposits without an iPhone: Kalshi lists both.
• You live in Washington, Michigan, Massachusetts or Nevada: check category by category, since court orders limit Kalshi in Washington, Michigan and Nevada, Nevada's attorney general says a judge will limit Polymarket US there, and the current status of the Massachusetts order is unconfirmed.

How doddo helps with Kalshi and Polymarket US credits

doddo is a free web app with one Money Inbox for claims and refunds, bank bonuses, sportsbook bonus conversion and prediction market signup credits. Its Kalshi and Polymarket US pages show the published requirements, the credit and withdrawal rules, the date doddo last reviewed them and an estimate of usable value, labeled as an estimate.

doddo does not trade for you, hold your money or ask for your Kalshi or Polymarket password, and it does not add promotional value to your Inbox total until issuance and withdrawal rules are confirmed. It is web only and US only. Novig credits are on hold. New accounts are on a waitlist right now, so start a check to join the waitlist. The prediction markets hub has the details.