Kalshi
CFTC-regulated US exchange for event contracts on economics, politics, sports and more, with crypto deposits.
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Kalshi key facts
| Category | Prediction market |
|---|---|
| Platforms | Web, iOS, Android, API |
| Custody | Custodial |
| US availability | Yes, CFTC-regulated Designated Contract Market |
| Fees | Transaction fee on the contract's expected earnings |
| Company | KalshiEX LLC; clearing by Kalshi Klear LLC |
What is Kalshi?
Kalshi is a US exchange for event contracts, regulated by the CFTC as a Designated Contract Market. It earns a transaction fee based on a contract's expected earnings rather than taking positions. Crypto deposits are available to US and international users.
How Kalshi works
Trading on Kalshi comes down to Yes or No on an event, and each contract is worth $1 if you are right.
Kalshi says it has no financial stake in which way an event resolves and earns only transaction fees. Orders that rest on the book instead of matching right away can carry a maker fee in some markets, charged only if the order later executes. Canceling a resting order costs nothing.
Trades clear through Kalshi Klear LLC, an affiliate that took over clearing from MIAXdx after CFTC approval. If you think a market's outcome is already known, the Request to Settle option on the market page sends it to Kalshi's markets team for review. Kalshi also offers perpetual futures on crypto and metals in a separate margin account, with its own fees and funding payments.
How to start with Kalshi
- Every user must verify their identity.
- Kalshi asks for a residential address (no PO boxes or commercial addresses), your legal name and date of birth exactly as on your ID, and a live photo of a driver's license or passport taken in the app.
- It stores an encrypted Social Security number for regulatory purposes and may ask for proof of address, employment or source of funds.
- Bank transfers have a $10 minimum, no fee and usually settle within 5 business days, though Kalshi often credits part of the deposit right away.
- Bank links run through Plaid or Aeropay.
- Crypto deposits for US users go through Zero Hash, which converts them to dollars, and usually post within 30 minutes.
Kalshi fees and limits
The trading fee is charged on a contract's expected earnings, and the full formula sits in Kalshi's fee schedule PDF. Some markets, such as elections or big championships, carry different fees, and you can see the exact fee by tapping the i icon next to You're buying before you confirm. Bank deposits are free. Crypto deposits can add a transfer provider fee plus network gas.
Risks to know before using Kalshi
- Your money is held on Kalshi, a CFTC-regulated Designated Contract Market, and trades clear through Kalshi Klear, so you rely on them rather than your own wallet.
- Kalshi passes your ID image to a third-party KYC provider and bank data to Plaid or Aeropay.
- Settlement requests are reviewed by Kalshi's markets team, and fees can differ by market, so check the fee line on each trade.
Kalshi alternatives
Other projects people compare with Kalshi.
Prediction market with a crypto-based international app and Polymarket US, a CFTC-regulated exchange for US residents.
Prediction market on Base for hourly, daily and weekly markets on crypto, stocks and events, settled in USDC.
Onchain prediction market on BNB Smart Chain, Abstract and Linea, with AMM and order book markets.
Prediction exchange for macro data, news and event outcomes, with an order book where only takers pay fees.
Peer-to-peer sports prediction market where users bet against each other in USDC through an order book.
Where Kalshi ranks on DappAtlas
Kalshi pros and cons
- Regulated by the CFTC as a Designated Contract Market
- Crypto deposits for US and international users
- Also supports bank, card, PayPal and Cash App deposits
- Custodial account with identity verification
- ACH, PayPal and Venmo unavailable to international users
- Fee depends on contract price; full schedule is a PDF
Kalshi FAQ
What is Kalshi?
Kalshi is a US exchange for event contracts, regulated by the CFTC as a Designated Contract Market. It earns a transaction fee based on a contract's expected earnings rather than taking positions. Crypto deposits are available to US and international users.
How much does Kalshi cost?
Transaction fee on the contract's expected earnings, according to Kalshi’s own page (checked Sep 26, 2026).
Is Kalshi available in the US?
Yes, CFTC-regulated Designated Contract Market, according to Kalshi’s own page (checked Sep 26, 2026).
Does Kalshi hold my funds?
Yes. Kalshi is custodial: it holds the keys to your balance.
Sources
- Kalshi: official site
- Kalshi: How is Kalshi regulated?
- Kalshi: How does Kalshi make money?
- Kalshi: What is Kalshi Klear?
- Kalshi: What is Kalshi?
- Kalshi: What are prediction markets?
- Kalshi: Fees
- Kalshi: Request to Settle Market
- Kalshi: What information is required to verify my account?
- Kalshi: How is data stored?
- Kalshi: Bank Deposits
- Kalshi: Crypto Deposits
- Kalshi: Help Center index
How this page works
Sources: Kalshi: official site, Kalshi: How is Kalshi regulated?, Kalshi: How does Kalshi make money?. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.