Kalshi review 2026

What is Kalshi?

Kalshi is a US exchange for event contracts: yes/no contracts that pay $1 if something happens and $0 if it doesn’t, on anything from NFL games to economic data. It is regulated by the Commodity Futures Trading Commission (CFTC), and it’s #1 in our ranking of the best prediction markets in the US.

Kalshi runs both halves of its market. The exchange, KalshiEX LLC, was designated a contract market by the CFTC in November 2020, and its clearinghouse, Kalshi Klear LLC, was registered in August 2024. You can trade directly in Kalshi’s app or website, and brokers such as Robinhood and Interactive Brokers also route orders to Kalshi, adding their own fees.

Founded in 2018 by Tarek Mansour and Luana Lopes Lara and based in New York, Kalshi is by far the largest US prediction market. According to The Block, it handled $52.98 billion of volume in September 2026 through the 29th, an all-time high, while Polymarket US traded about $8.5 billion in the whole month (DeFi Rate data). New to the format? Start with how prediction markets work.

Is Kalshi legal in the US?

Yes. Kalshi is a federally regulated exchange available in most states, but its sports contracts are at the center of an unresolved fight between federal and state regulators. As of September 30, 2026, court orders block some Kalshi markets in Nevada, Michigan and Washington.

The question is whether federal commodities law overrides state gambling laws for sports contracts, and the federal appeals courts are split. The Third Circuit sided with Kalshi against New Jersey on April 6, 2026, while the Ninth Circuit (Nevada, August 28) and the Sixth Circuit (Ohio and Tennessee, September 25) sided with the states. New Jersey has asked the Supreme Court to take its case (No. 26-299), one of three related petitions; none had been granted as of September 30. The CFTC backs Kalshi and used emergency powers twice on its behalf in 2026, including an August 11 order to keep operating despite a lawsuit from New York’s attorney general.

Connecticut, Missouri, Iowa, Maryland, Arizona, Wisconsin, Kentucky and some tribal nations are also in legal disputes with Kalshi, so this list changes often. Blocks follow your physical location, not just your home address. Our guide to whether prediction markets are legal tracks the cases.

Kalshi’s federal registration doesn’t override a court order in your state. Trade only what Kalshi offers where you are, and don’t use a VPN to get around a block.

What can you trade on Kalshi?

Kalshi offers the widest range of markets in our top five. Its public API sorts them into 16 categories, including sports, elections, politics, economics, financials, crypto, climate and weather, companies, entertainment, science and technology, and “mentions” (whether a public figure will say a particular word).

• Combos: bundle several outcomes into one position, priced by request-for-quote and paying at most $1 per contract. Combos made up about 62% of Kalshi’s volume in the week of September 14–20, 2026, according to DeFi Rate data.
• Trading tools: limit orders, quick (market-style) orders, auto-sell to take profits, and block trades.
• Perpetual futures: a separate product. The CFTC approved Kalshi’s bitcoin perpetual on May 29, 2026, the first in the US, and Kalshi now lists 18 crypto perps plus gold and silver for US users with a margin account.
• API: REST, WebSocket and FIX, plus a demo environment.

Kalshi also pays interest. Its help center lists a 3.25% variable APY on cash and open positions for eligible US accounts with $250 or more, paid monthly; some third-party sites quote a different rate, so check the app. You need to provide your Social Security number to receive more than $10 of interest a year.

Kalshi fees

Kalshi’s trading fee depends on the contract price: it peaks at 1.75¢ per contract at 50¢ and shrinks toward zero near 1¢ or 99¢. Most resting limit orders (maker orders) pay nothing.

Under the schedule effective July 7, 2026, the taker fee is 0.07 × contracts × price × (1 − price), rounded up to the next cent. Maker fees (0.0175 × the same formula) apply only to series Kalshi flags, some series are fee-free, and a few markets, such as certain elections and award shows, carry non-standard fees. Kalshi’s own fee-schedule PDF couldn’t be retrieved for this review, so the formula comes from a third-party site that quotes the schedule; it matches Kalshi’s help center, which says fees are charged on expected earnings.

Worked example: you buy 100 Yes contracts at 50¢ as a taker, paying $50.00 plus a $1.75 fee, $51.75 in total. If the event happens, the contracts pay out $100. To compare Kalshi prices with sportsbook odds, use our odds calculator or read about prediction market odds.

Bank deposits are free, but card, PayPal, Venmo and Cash App deposits can carry fees (see below). Our prediction market fees guide compares costs across platforms, and our gambling taxes guide covers what to do with any profits at tax time.

Deposits and withdrawals

Kalshi’s minimum deposit is $10 ($1,000 by wire). It accepts ACH (via Plaid or Aeropay), instant RTP payments, wire, debit card (Visa, Mastercard or Discover), Apple Pay, Google Pay, PayPal, Venmo, Cash App (deposits only, with a fee) and crypto.

Withdrawing by a different method than you deposited with can add up to 2 days after the deposit settles, while PayPal, Venmo, Cash App, crypto and wire deposits carry no hold. Crypto withdrawals require an earlier crypto deposit.

App and experience

Kalshi runs on iOS and on the web at kalshi.com. Its iOS app was rated 4.82 out of 5 from about 565,000 ratings on Apple’s App Store as of September 30, 2026; its Google Play listing couldn’t be checked for this review, so we don’t quote an Android rating.

Kalshi Social adds posts, comments and live chat, alongside a leaderboard and a Discord community. To sign up, you’ll need personal details that match your ID, a residential address and a live photo of your driver’s license or passport.

Safety and customer support

Kalshi is a safe choice by regulatory standards: its exchange and clearinghouse are both registered with the CFTC, and retail event contracts are fully collateralized, so you can’t lose more than you put into a position. It has drawn scrutiny in 2026, though:

• Wash-trading claims: in September 2026, traders and Wall Street Journal reporting alleged inflated volume in Kalshi’s ETH perpetual futures. Kalshi denies wash trading and says it isn’t under investigation; it has filed to end a trader incentive program, its Volume Incentive Program, no earlier than October 13, 2026.
• Insider trading: in August 2026 the CFTC ordered a trader who used advance copies of presidential remarks to trade Kalshi “mention” markets to pay about $172,000, and in September it warned that mention markets carry a heightened manipulation risk. Kalshi also fines and suspends traders itself.
• Lawsuits: consolidated class actions in federal court in New York, plus a suit over how one political contract was resolved.

Kalshi offers a trading break, voluntary self-exclusion and a monthly funding cap you can’t reverse until it expires; our responsible gambling guide covers more tools. Support is by in-app and web chat or by email (support@kalshi.com), with no phone or text support.

Who is Kalshi best for?

• Beginners who want the widest choice of markets in one regulated app.
• Sports traders outside the restricted states; our prediction markets vs sportsbooks guide explains how trading differs from betting.
• Active and API traders, who get mostly free maker orders and FIX access.
• Savers, with a 3.25% variable APY on balances of $250 or more.
• PayPal, Venmo and crypto users, although some deposits carry fees.

Our verdict

Kalshi is the best all-round prediction market in the US in 2026. It pairs a CFTC-regulated exchange and clearinghouse with the most liquid order books, the broadest range of markets and plenty of payment methods, at competitive fees of at most 1.75¢ per contract for takers.

Its biggest weakness is legal: sports contracts are blocked in Nevada, Michigan and Washington, and the Ninth and Sixth Circuits have now sided with the states. If Kalshi doesn’t work where you live, compare the best Kalshi alternatives or see our full list of the top US prediction markets.