Kalshi and PredictIt are the two longest-running ways for Americans to trade on politics with real money. They work the same way on the surface, with shares from 1¢ to 99¢ that pay $1 if you’re right, but they’re built very differently. Kalshi is a full CFTC-licensed exchange covering everything from elections to the weather; PredictIt is a politics-only market run under special permission from the CFTC, with caps on how much you can put in.
Side by side
| Kalshi | PredictIt | |
|---|---|---|
| Legal basis | CFTC-designated contract market (exchange) since 2020 | CFTC staff no-action relief, first granted in 2014 and amended in July 2025 |
| Markets | Politics, sports, economics, weather, culture, crypto and more | Politics and policy only |
| Position limit | Set per market in each contract’s terms | $3,500 per contract per trader, tied to the federal campaign-contribution limit |
| Trading fee | Taker fee, up to 1.75¢ per contract at 50¢; makers often free | 10% of profit on winning trades; no per-trade fee |
| Who can use it | US (some sports markets restricted by state) plus 140+ countries | US persons, 18+ |
| Money | USD by bank, card, wire, PayPal, Venmo, crypto | USD by bank transfer or card |
From each platform’s documentation, CFTC Letter 25-20 and recent reporting, checked October 2026.
Regulation: exchange vs no-action letter
Kalshi is a designated contract market, the same federal licence as the big futures exchanges, and it won the right to list congressional control markets in court in 2024. PredictIt began in 2014 as a research project under a CFTC staff “no-action” letter, a promise not to recommend enforcement as long as it stays within set limits. The CFTC tried to withdraw that letter in 2022; after years of litigation, it was amended in July 2025, moving operation to a US non-profit, removing the old 5,000-traders-per-contract cap and raising the per-contract limit from $850 to the federal individual contribution limit, reported as $3,500.
Fees: which is cheaper?
They charge in different ways, so it depends on how you trade:
- Kalshi charges a fee when your order fills immediately, whether you win or lose: about 1.75¢ per contract at 50¢, less at extreme prices, and often nothing on resting limit orders.
- PredictIt charges nothing to trade but takes 10% of your profit on each winning trade. On a 50¢ share that pays $1, that’s 5¢ of the 50¢ gain.
For a winning trade at 50¢, PredictIt’s cut is larger; for a losing trade, PredictIt costs nothing and Kalshi’s taker fee still applies. PredictIt has also historically charged a fee on withdrawals; check its current fee page before depositing. More on Kalshi in Kalshi fees.
Markets and liquidity
PredictIt lists US elections, Congress, policy and some international politics, often including niche questions the bigger exchanges skip. Kalshi lists far more: every major US race plus sports, economics, weather and culture, with much larger volume. On the biggest political questions, Kalshi’s markets are usually deeper. Here’s what’s trading on Kalshi’s politics markets now:
Kalshi politics: most traded
Latest price for “Yes”, shown as an implied chance. Polymarket volume in USD, Kalshi in contracts. Updated just now.
Choose Kalshi
You want one regulated account for politics, sports and economics, deeper markets, bigger limits, and the option to avoid fees with limit orders.
Choose PredictIt
You only trade US politics, prefer to pay fees only when you win, and are happy with a $3,500 cap per contract.
FAQ
Is PredictIt legal?
What is PredictIt’s limit?
Does Kalshi have election markets too?
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