Kalshi and Robinhood both let you trade event contracts in the United States, and both sit close to CFTC oversight. But they are not the same kind of product. Kalshi runs its own regulated exchange. Robinhood does not. It sells access to event contracts inside the same app you use for stocks and crypto. Here is how they compare on markets, fees, and who each one fits.
The short version
If you want event contracts next to your stocks and crypto in one login, Robinhood is the simpler choice. If you want the deepest dedicated prediction market with the most liquidity per question, Kalshi is the better venue. Robinhood pulls its catalog from Kalshi and ForecastEx, so in many cases you are trading Kalshi markets either way. The real differences are depth, fees, and how much else lives in the same app.
Kalshi
Kalshi is a standalone prediction-market exchange regulated by the CFTC. You fund it with US dollars from a bank account and trade contracts across politics, economics, sports, weather, and crypto price targets. It carries deep liquidity, with about $12.14B in volume over the trailing 30 days, which usually means tighter spreads and more size available on popular questions.
Robinhood
Robinhood does not operate its own prediction exchange. It offers event contracts sourced from KalshiEx and ForecastEx, shown alongside stocks, options, and crypto in the same app. For existing Robinhood users, that means no new account and no separate transfer. You trade events from the same balance you already use for everything else.
| Kalshi | Robinhood | |
|---|---|---|
| What it is | Standalone CFTC-regulated prediction exchange | Broker app that resells event contracts |
| Markets source | Its own KalshiEx order book | KalshiEx and ForecastEx |
| Fees | About $0.02 per contract per side, price-based | Flat $0.01 per contract per side |
| Other assets in-app | Event contracts only | Stocks, options, crypto, event contracts |
| New exchange | None planned | MIAXdx venture, expected to operate in 2026 |
| Best for | Depth and liquidity per market | Everything in one app |
Fees
Robinhood charges a flat $0.01 per contract per side. On Kalshi, the KalshiEx exchange fee is also about $0.01 per contract per side, and Kalshi adds its own trading fee on top, so a Kalshi trade can total around $0.02 per side. Kalshi's fee also scales with the contract price, so the exact number moves with the market.
A concrete example from reporting makes it clearer. On 100 contracts priced at $0.50, Kalshi's fee comes to about $1.75. On Robinhood the same trade costs about $1.00 to open and about $1.00 to close, so $2.00 on a full round trip. Which one is cheaper depends on the contract price and whether you count one side or both. Check the fee on the exact market before you trade. This is not financial advice.
Markets and depth
Robinhood's catalog is broader because it pulls from two sources, KalshiEx and ForecastEx, so you see more distinct contracts in one place. Kalshi is narrower by source but deeper within each category. When a question is popular, Kalshi tends to have more resting orders and more size, which matters if you want to enter or exit without moving the price.
Neither Kalshi nor Robinhood uses a token, and both settle in US dollars. Global crypto traders who want on-chain markets and self-custody usually look at Polymarket or SmartX instead, though those sit in a different regulatory lane from these two US venues. For a closer look at the regulated side, see our Polymarket vs Kalshi comparison.
Which should you use
The right pick depends on how you already trade and how much depth you need.
- You want everything in one app next to stocks and crypto. Robinhood.
- You want the deepest dedicated prediction markets with the most liquidity. Kalshi.
- You want the widest single catalog of event contracts. Robinhood, since it lists both KalshiEx and ForecastEx.
- You care most about size and tight spreads on one question. Kalshi.
One more thing to watch. In November 2025 Robinhood announced a joint venture with Susquehanna to acquire 90% of MIAXdx, a CFTC-licensed exchange. The deal closed in January 2026, and the new venue is expected to begin operating in 2026. If that plays out, Robinhood could eventually run its own event-contract exchange rather than only reselling others, which would change this comparison. For now, it still routes to KalshiEx and ForecastEx.
If you are still deciding, our guides to the best prediction markets and apps like Polymarket cover more venues side by side.
Frequently asked questions
Is Robinhood the same as Kalshi?
No. Kalshi runs its own CFTC-regulated exchange. Robinhood does not operate a prediction exchange. It offers event contracts sourced from KalshiEx and ForecastEx inside its main app, so you are often trading Kalshi markets through Robinhood rather than a separate Robinhood exchange.
Which has lower fees, Kalshi or Robinhood?
It depends on the trade. Robinhood charges a flat $0.01 per contract per side. Kalshi charges about $0.01 for the KalshiEx exchange fee plus its own fee, and it scales with price. On 100 contracts at $0.50, Kalshi came to about $1.75, while Robinhood was about $1.00 to open and $1.00 to close. Check the fee on your exact market. This is not financial advice.
Can I trade Polymarket on Robinhood?
No. Robinhood's event contracts come from KalshiEx and ForecastEx, not Polymarket. Polymarket is a separate crypto-based platform in a different regulatory lane. Robinhood and Kalshi both settle in US dollars, and neither uses a token.
Are Robinhood event contracts regulated?
Yes. The event contracts Robinhood offers trade on CFTC-regulated venues, KalshiEx and ForecastEx. Robinhood itself is a regulated US broker. Regulation covers how the markets operate, not whether any given trade will make money. This is not financial advice.