Kalshi is a US exchange regulated by the CFTC where you trade event contracts in dollars. A contract pays $1 if the event happens and $0 if it doesn't, and the price in cents works as a probability. For US residents it's one of the main regulated options, alongside Polymarket US.
Kalshi at a glance
| Type | CFTC-designated contract market |
| Currency | US dollars |
| Payout | $1 per winning contract |
| Taker fee | round up(0.07 × C × P × (1 − P)) |
| Markets | Politics, economics, sports, weather, culture, crypto |
| KYC | Required |
How Kalshi works
You buy YES or NO contracts priced from 1¢ to 99¢.
Example. You buy 100 YES at 40¢ ($40). If the event happens, you receive $100: a $60 profit before fees. If not, you lose the $40. You can also sell before settlement at the market price.
Kalshi supports market orders and limit orders, and shows each contract's rules and resolution source.
Kalshi fees
According to Kalshi's fee schedule:
- Taker fee = round up(0.07 × contracts × P × (1 − P))
- Maker fee on some markets = round up(0.0175 × contracts × P × (1 − P))
At 50¢, 100 contracts cost about $1.75 in taker fees; at 90¢, about $0.63. Some markets have exceptions. Compare with Polymarket fees in Polymarket vs Kalshi.
Markets
Kalshi lists contracts on elections, Fed decisions, inflation, jobs data, weather, sports, culture and crypto prices. Each contract type is certified with the CFTC. Sports contracts are the most-traded — and the most disputed by some states.
Pros and cons
Pros
- Federally regulated, with dollar accounts.
- Broad range of events and strong liquidity on popular markets.
- Clear contract rules.
Cons
- Taker fees of up to about 1.75¢ per contract.
- Sports contracts face state legal challenges.
- US-focused: check Kalshi for availability outside the US.
Is Kalshi regulated?
Yes. Kalshi was the first CFTC-designated exchange built around event contracts. It's no longer the only one: Polymarket US and broker-linked exchanges also operate under CFTC oversight. Regulation means rules and supervision, not protection from losses.
Verdict
Kalshi is a solid choice for US residents who want a regulated, dollar-based prediction market. Compare fees and liquidity on the specific markets you trade, and size positions carefully with expected value.
Related guides
Next step
In the United States, the regulated route is the Polymarket US app. Read our guides on signing up and depositing to get started, start small and only use money you can afford to lose.