Kalshi vs Robinhood: what changes when you trade through Robinhood

How do Robinhood prediction markets work?

Robinhood's prediction markets are event contracts offered by Robinhood Derivatives, LLC, a futures commission merchant registered with the CFTC and a member of the National Futures Association. Robinhood's event contracts overview lists four exchanges behind them: KalshiEX LLC, ForecastEX, LLC, Rothera Exchange and Clearing LLC, and North American Derivatives Exchange, Inc.

The exchange lists the contract and decides the outcome from the official data source named in the contract terms. Robinhood says it cannot override that result. Robinhood's job is the app, passing your order to the exchange and holding your account.

Rothera is Robinhood's own venture. Rothera Exchange and Clearing LLC belongs to a joint venture managed by Robinhood and Susquehanna, and in June 2026 Robinhood began sending a selection of World Cup and pro baseball contracts there. Robinhood points you to each event's About section and the exchange's terms for the details of a contract.

Does Robinhood use Kalshi?

Yes, for some contracts. KalshiEX LLC is one of the four exchanges Robinhood lists, and the Robinhood Derivatives fee schedule sets the exchange fee for KalshiEX products at $0.01 per contract, per side. Kalshi's own fee schedule says people who reach Kalshi through a futures commission merchant may be charged that broker's fees, which can differ from Kalshi's listed fees.

Not every Robinhood contract is a Kalshi contract, though. Robinhood also uses ForecastEX, Rothera and North American Derivatives Exchange, and those exchanges set their own fees.

Kalshi vs Robinhood fees: which is cheaper?

In a Robinhood vs Kalshi fee comparison for Kalshi-listed contracts, a taker order in Kalshi's own app costs less at every price we checked. The gap is smallest near 50 cents and largest near the extremes.

Kalshi's general taker fee is 0.07 × contracts × price × (1 − price), rounded up. Orders that rest on the book pay nothing unless the market is listed with maker fees. Kalshi charges no settlement fee.

Robinhood charges a commission of 10% × price × (1 − price) × contracts, or 5% with Robinhood Gold, rounded up to the next cent. Its help center caps the commission at $0.01 per contract, and it applies to every trade. On top of that, Robinhood lists a Kalshi exchange fee of $0.01 per contract, per side. Because of the cap, Gold changes the commission only below 28 cents or above 72 cents.

Funding costs differ too. Kalshi charges nothing for ACH deposits and withdrawals and up to 2% on card deposits. Robinhood says instant deposits are not available for event contracts, so you trade with settled cash. To try other prices, use the Kalshi fee calculator.

Kalshi vs Robinhood signup offers (October 2026)

Kalshi's referral program FAQ is the only prediction market signup offer we found between the two:

• Kalshi: add a referral code within 72 hours of creating your account, if no code is attached yet. Amounts vary by offer and show under Your rewards. Referral offers are for eligible US users only.
• Kalshi credits are not cash. Rewards may come as trading credits with withdrawal restrictions, some become withdrawable only after you trade the credited amount, and unused credits can expire.
• Robinhood: we found no prediction market signup credit on Robinhood's own pages as of October 11, 2026. Its fee schedule says it may vary rates and fees for special offers or promotions. In June 2026 it announced $0 commissions on World Cup trades for customers who referred five friends.
• Kalshi's referral terms describe credits in a Kalshi account. Robinhood's pages do not mention Kalshi credits.
• doddo's Kalshi page tracks the published Kalshi credit terms with the date doddo last reviewed them.

Who can use Kalshi and Robinhood, and where?

Both require you to be at least 18. The state picture differs because Kalshi faces court orders directly, while Robinhood sets its own limits across its exchanges.

• Kalshi: 18 or older, with document verification if Kalshi asks. Kalshi says it is also open in some countries outside the US.
• Kalshi state limits: court orders cover some contracts in Washington (announced August 13, 2026), Michigan (announced September 2, 2026) and Nevada. In Massachusetts the attorney general has sued Kalshi; check the current status. Wisconsin sued Kalshi on April 23, 2026, which is not a court order. The Is Kalshi legit? guide lists each action.
• Robinhood: 18 or older, a US resident with an individual brokerage account. You then apply for a Robinhood Derivatives account in the app by opening any contract and tapping Yes or No.
• Robinhood state limits: Maryland and Nevada residents cannot trade sports contracts, and Michigan residents cannot open new sports contracts as of September 9, 2026. The Nevada attorney general says Robinhood stopped offering sports, election and entertainment contracts to Nevada residents on its own. Wisconsin's April 23, 2026 lawsuit against Kalshi also names Robinhood; it is not a court order.

Account protection and taxes on Kalshi and Robinhood

Neither account is a bank deposit, and both leave taxes to you:

• Kalshi says all customer trading funds sit in segregated customer accounts with Kalshi Klear, its clearinghouse, which the CFTC registered in August 2024.
• Robinhood says Robinhood Derivatives is not FDIC insured or SIPC protected. Robinhood describes its role as safeguarding customer funds while the exchange lists and settles the contracts.
• Kalshi issues 1099 forms, including a 1099-MISC for credits and rewards, when IRS reporting thresholds are met, plus a yearly profit and loss statement.
• Robinhood says it does not provide a 1099 for event contract trades or report them to the IRS. Its annual event contracts statement lists costs, proceeds, fees and net profit or loss. Ask a tax professional how to report either.

Polymarket vs Robinhood

Polymarket US is not one of the four exchanges Robinhood lists, so its markets are not part of Robinhood's offering. It is a separate CFTC-designated exchange, run by QCX LLC, with its own app and signup.

The Polymarket US fee schedule charges takers 0.0695 × contracts × price × (1 − price), rounded to the nearest cent with exact halves going to the even cent, or $1.74 on 100 contracts at 50 cents, and pays resting orders a rebate of up to $0.31 per 100 contracts until 1 PM ET on October 19, 2026. After that, only makers with $10 million or more of maker volume in the prior month get a rebate. Its posted Campaign A offer is a $25 trading credit after a qualifying deposit of $10 or more, once per person, and the credit cannot be withdrawn. For the full side by side, see Kalshi vs Polymarket, and for how the app itself works, see How does Polymarket work?.

Kalshi or Robinhood: which fits you?

It depends on how you trade and what you already use. These points describe published terms, not trading advice.

• You already use Robinhood and trade now and then: one app is convenient, and on 100 contracts at 50 cents you pay $2.00 instead of $1.75.
• You trade often or at prices near 10 or 90 cents: Kalshi's own fee is lower at every price in the table, and resting orders are free in most Kalshi markets.
• You want a signup credit: Kalshi has a referral program. We found none for Robinhood prediction markets.
• You want contracts from several exchanges in one place: Robinhood routes to four.
• You live in Maryland, Massachusetts, Michigan, Nevada or Washington: check each app's categories before you deposit.
• Trading can lose your whole stake. If it stops feeling like a choice, see responsible gaming resources.

Where doddo fits

doddo is not a prediction market or a broker. It does not trade, hold money or ask for your Kalshi or Robinhood password. Its Kalshi and Polymarket US pages track published signup-credit terms with review dates, and any value is labeled as an estimate. The prediction markets hub has the details. doddo is web only and US only, and new accounts are on a waitlist right now.