As of 2026 both Polymarket and Kalshi are legal for US residents, so the old "Kalshi is the only US option" advice is out of date. The choice now comes down to crypto versus dollars, how much KYC you want, and whether a token airdrop matters to you.
The short version
Polymarket and Kalshi are the two biggest names in event trading, and in 2026 they are no longer an either or split by geography. Polymarket now runs two separate products, one crypto based and international, one dollar based and regulated for the US. Kalshi stays a single US exchange. Here is how each one lines up.
Polymarket
Polymarket International (polymarket.com) runs on Polygon and settles in USDC. Sign up needs only an email and a wallet, with no KYC, and you get thousands of markets and the deepest liquidity in the space at effective fees around 1%. It is geoblocked for US IP addresses. For US residents there is now Polymarket US, operated by QCX LLC as a CFTC regulated Designated Contract Market. It launched on December 3, 2025, uses full KYC, settles in US dollars, and opened to all US users in May 2026. A POLY token and airdrop have been confirmed by Polymarket's CMO, though no date is set. Visit Polymarket.
Kalshi
Kalshi is a CFTC regulated US exchange, available to US residents only. You fund it with US dollars straight from a bank account, so there is no crypto step at all. Liquidity is deep, with $12.14B in 30 day volume, and the market list spans politics, economics, sports, weather, and crypto price targets. There is no token and no airdrop, so what you see is what you get. For a US trader who wants a clean dollar in, dollar out experience, that simplicity is the appeal.
| Polymarket | Kalshi | |
|---|---|---|
| Regulation | International: none. US: CFTC regulated (QCX LLC) | CFTC regulated |
| US access | Yes, via Polymarket US (all US users since May 2026) | Yes |
| Outside US | Yes, Polymarket International | Not available |
| Currency | USDC (International) or US dollars (US) | US dollars |
| KYC | None (International), full KYC (US) | Full KYC |
| Fees | Around 1% effective (International) | Exchange fees per contract |
| 30d volume | Deepest liquidity in the market | $12.14B |
| Token/airdrop | POLY confirmed, not yet dated | None |
| Custody | Self custody wallet (International) | Held at the exchange |
Fees
On Polymarket International the effective cost of trading sits around 1%, which is low for the volume and depth on offer. Because the international product runs on Polygon, you also deal with small network costs when you move USDC, but those are minor. Kalshi charges exchange fees per contract, priced in dollars, so there is no gas to think about. For most traders the practical gap is small. Pick the fee model that matches how you want to fund, crypto or bank dollars, rather than chasing a fraction of a percent.
Markets and liquidity
Polymarket International carries thousands of markets and the deepest liquidity of any event platform, which matters most when you want to enter or exit a large position without moving the price. Kalshi is not far behind on the topics US traders care about, with $12.14B in 30 day volume across politics, economics, sports, weather, and crypto price targets. If your interest is breadth and size, Polymarket International leads. If you want a regulated US venue with strong depth on mainstream events, Kalshi delivers.
Access and regulation
This is where the 2026 picture differs from older guides. Polymarket is now two products. The international site is geoblocked for US IP addresses and is not KYC gated for everyone else. Polymarket US, run by QCX LLC, is a CFTC regulated Designated Contract Market that opened to all US residents in May 2026 with full KYC and dollar settlement. So US residents can use Polymarket, but only the US version. Kalshi is CFTC regulated and US only, with no international access. Outside the US, the international Polymarket is the crypto native option and Kalshi is simply not on the table. Our is Polymarket legal in the US guide covers this in detail. This is general information, not legal advice.
Tokens and airdrops
Polymarket's CMO has confirmed a POLY token and an airdrop, though there is no date and no confirmed mechanics yet. That means trading activity on Polymarket could carry future upside that Kalshi does not offer. Kalshi has no token and no airdrop, and has not signaled plans for one. If potential token distribution is part of why you trade, that is a point for Polymarket. Treat any airdrop as unconfirmed in timing and do not size your activity around a reward that has not been announced. See our Polymarket airdrop page for the current status.
Which should you pick
- US resident who wants crypto and a possible airdrop: Polymarket US, then watch the POLY token news.
- US resident who wants dollars and the widest US market list: Kalshi, funded straight from your bank.
- Outside the US: Polymarket International for crypto settlement and the deepest liquidity. Kalshi is not available.
If you trade the international markets and want more tooling around them, SmartX is an AI trading terminal built on the Polymarket international ecosystem. It adds smart money tracking, signals, and charts at a 0.5% fee for global users on its Global plus tier. It sits on top of the international markets, so it is for traders outside the US rather than Polymarket US users.
For more, see Polymarket vs SmartX and our roundup of apps like Polymarket.
Frequently asked questions
Can US residents use Polymarket?
Yes. US residents can use Polymarket US, operated by QCX LLC as a CFTC regulated Designated Contract Market. It launched on December 3, 2025 and opened to all US users in May 2026, with full KYC and US dollar settlement. The international site (polymarket.com) stays geoblocked for US IP addresses. This is general information, not legal advice.
Is Kalshi available outside the US?
No. Kalshi is a CFTC regulated US exchange for US residents only. It is funded with US dollars from a bank account and has no international version. Outside the US, Polymarket International is the option that is open to you.
Which has lower fees?
Polymarket International runs at around 1% effective fees. Kalshi charges exchange fees per contract in dollars with no network costs. The real difference is the funding model, crypto versus bank dollars, more than the headline percentage.
Does Polymarket have a token?
A POLY token and airdrop have been confirmed by Polymarket's CMO, but no date has been set and the mechanics are not yet public. Kalshi has no token and no airdrop. Treat any airdrop as unconfirmed until Polymarket announces details.