What Is Kalshi?
Kalshi is the first CFTC-regulated prediction market exchange in the United States, launched in 2021. Unlike crypto-based platforms, Kalshi operates as a designated contract market (DCM) under federal oversight, accepting US dollars and requiring identity verification.
Getting Started
Account Requirements
Kalshi requires full KYC (Know Your Customer) verification including government ID, SSN, and proof of address. Currently available to US residents who are at least 18 years old. Institutional accounts are also available.
Funding Your Account
Deposit via ACH bank transfer (free, 1-3 days), wire transfer (same day), or debit card (instant, small fee). Minimum deposit is $1. Kalshi also supports Apple Pay and Google Pay for quick deposits.
Contract Types
Kalshi offers several contract structures:
Binary contracts: Pay $1 if the event happens, $0 if not. Example: "Will GDP growth exceed 3%?"
Range contracts: Pay $1 if the value falls within a range. Example: "Will the S&P close between 5000-5100?"
Above/Below contracts: Pay $1 if a value is above or below a strike price. Example: "Will Bitcoin be above $100K?"
Fees
Kalshi uses a fixed fee structure. Standard fees are typically 7¢ per contract for trades that settle in your favor. No fees on losing trades. This asymmetric fee structure is unique compared to other platforms.
Key Differences from Polymarket
Regulation: CFTC-regulated DCM vs. unregulated crypto platform.
Currency: USD vs. USDC (stablecoin).
Access: US-only (Kalshi) vs. global (Polymarket, except US for some markets).
Market types: Kalshi offers more structured financial contracts (weather, economics, ranges).
Settlement: Kalshi settles to your bank account; Polymarket settles to your crypto wallet.