Robinhood is one of the biggest places Americans trade event contracts, and many of those contracts come from Kalshi. So is it better to go to Kalshi directly, or to trade through Robinhood? The answer comes down to range, cost and convenience. This comparison explains how Robinhood’s prediction markets work in 2026 and how they differ from using Kalshi itself.
How Robinhood prediction markets work
Robinhood isn’t an exchange itself. Its futures arm, Robinhood Derivatives, acts as a broker and routes your orders to regulated exchanges. Its event pages list contracts offered through KalshiEX (Kalshi), ForecastEx and Rothera Exchange and Clearing, and some football contracts through Crypto.com’s exchange. Rothera is Robinhood’s own venture: it was announced with Susquehanna in November 2025 and completed its purchase of the exchange MIAXdx in January 2026. From Robinhood’s newsroom and event pages, checked October 2026.
Side by side
| Kalshi | Robinhood | |
|---|---|---|
| What it is | A CFTC-regulated exchange | A broker that routes to several CFTC-regulated exchanges |
| Markets | Kalshi’s full list: politics, sports, economics, weather, culture, crypto and more | A selection across sports, politics, economics, crypto, weather and culture |
| Costs | Kalshi’s trading fee only | Robinhood’s own commission plus the exchange’s fee |
| Account | A Kalshi account | A Robinhood brokerage account plus a separate derivatives application |
| Funding | Bank, card, wire, PayPal, Venmo, crypto | Your Robinhood cash balance (settled cash only) |
| Outside the US | 140+ countries | US only |
| Order types | Limit orders, combos, API access | Simpler order ticket inside the Robinhood app |
Cost: why going direct is usually cheaper
On Kalshi you pay Kalshi’s trading fee, which on most markets is up to 1.75¢ per contract at 50¢ and often nothing for resting limit orders (see Kalshi fees). Through Robinhood you pay the exchange’s fee plus Robinhood’s own per-contract commission, so the same trade costs a little more. Robinhood publishes its current commission in its fee schedule; check it before trading, as it has changed during 2026.
Range and features
Kalshi lists far more events than appear in any one broker app, and gives you its full order book, combos, limit orders, the API and features like interest on cash balances. Robinhood’s advantage is convenience: if your money is already there, you can trade an election or a game from the same app as your stocks, with no new account to fund.
Availability
Both are US-regulated, but sports contracts face state challenges on both. Robinhood has stopped offering new sports contracts in some states, and Kalshi’s sports markets are restricted in some states too. Non-sports markets such as economics and politics are much less affected. Check each app for what’s open in your state.
What’s trading on Kalshi now
Kalshi: 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 the widest range, the lowest cost per trade, limit orders and combos, or you’re outside the US.
Choose Robinhood
You already invest with Robinhood, trade occasionally, and value having everything in one app more than the extra commission.
FAQ
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Related: Robinhood prediction markets · Robinhood fees · Kalshi alternatives · Best prediction market apps · Kalshi review · Kalshi vs Polymarket