Kalshi Review 2026: Fees, Interest, State Limits and Who It Suits

Kalshi is the largest US prediction market by trading volume and the first exchange the CFTC designated specifically for event contracts. For most US traders who want to trade in dollars rather than crypto, it is the default place to start. The main caveat in 2026 is geography: a run of state lawsuits means the markets you can trade, especially sports, now depend on where you live.

This review covers how Kalshi works, what it costs, how money moves in and out, and where it falls short. Our scores follow the criteria on our methodology page. The facts below come from Kalshi's help center, its published fee schedule, court and regulatory coverage, and the app stores, each linked where it appears. We earn nothing when you open a Kalshi account.

Account basics

Pros and cons

Pros

• Federally regulated exchange. Kalshi is a CFTC-designated contract market, the same category of licence that futures exchanges hold.
• The deepest US order books. Kalshi accounted for about 76% of tracked prediction-market volume between September 16 and October 15, 2026 (DeFi Rate, as of October 2026).
• Broad catalog. Economics, politics, sports, weather, culture, companies and crypto prices sit in one app.
• Interest on cash and open positions. A variable 3.50% APY on balances of $250 or more, as of October 2026.
• Dollar funding with many rails. ACH, debit card, PayPal, Venmo and others, so no crypto wallet is needed.
• A highly rated app. 4.8 out of 5 from about 604,000 ratings on the US App Store, as of October 2026.

Cons

• State restrictions are growing. Nevada and Washington users have lost whole categories of markets, Michigan's sports boards are dark, and more states are in court.
• The fee curve takes work to read. Fees depend on price, peak near 50¢ and differ for some market types.
• Event contracts only. No stocks, options or ETFs, so it cannot replace a brokerage account.
• Thin books away from the headline markets. Niche contracts can have wide spreads and little size.
• Interest has conditions. Nothing is paid below $250, and you need to provide an SSN to receive more than $10 a year.
• Support complaints are common. Slow replies during busy events are a recurring theme in public user forums.

What Kalshi is

Kalshi runs an exchange for event contracts: yes-or-no contracts on whether something will happen. Each contract settles at $1.00 if the event happens and $0 if it does not, so a price of 62¢ means the market puts the chance at roughly 62%. You trade against other users through an order book, and you can sell before the event resolves.

The company was founded in 2018. The CFTC designated it a contract market in November 2020, and it opened to the public in 2021. Two things since then shaped what it is today:

• Election contracts. The CFTC tried to block Kalshi's contracts on which party would control Congress. A federal district court ruled for Kalshi in September 2024, and in May 2025 the CFTC dropped its appeal, leaving that ruling in place (Covers).
• Sports contracts and the states. Kalshi's expansion into sports brought it into conflict with state gaming regulators. That fight is now the biggest variable for users, and it is covered in the section on legal status below.

Kalshi is no longer the only CFTC-regulated option. Polymarket's US app runs on its own designated exchange, and Robinhood, Novig, DraftKings and Crypto.com's OG all offer event contracts through CFTC-regulated venues. Kalshi's edge today is liquidity and breadth, not exclusivity.

Kalshi also said in October 2025 that it had opened to users in more than 140 countries, with a list of excluded jurisdictions (Cointelegraph). Later reporting found real access outside the US to be patchy (Sportico). This review covers US accounts.

How a trade works

Say a market asks whether the Fed will cut rates at its next meeting, and Yes trades at 40¢. You buy 100 Yes contracts for $40.00. At the general fee rate the trading fee is $1.68, so you pay $41.68 in total.

• If the Fed cuts, each contract settles at $1.00. You receive $100.00, a profit of $58.32 after the fee.
• If it does not, the contracts settle at $0 and you lose $41.68.
• If the price rises to 60¢ before the meeting, you can sell for $60.00, less another $1.68 fee, and keep a profit of $16.64 without waiting for the result.

Buying No works the same way. At a 40¢ Yes price, No costs about 60¢, because the two sides of a contract add up to $1.00 before fees and spreads. You can never lose more than you paid.

How to open an account

1. Sign up at kalshi.com or in the app with an email address.
2. Verify your identity. Kalshi asks for your legal name, address, date of birth and SSN, as any CFTC-regulated venue must under know-your-customer and anti-money-laundering rules.
3. Add a code within 72 hours if you have one (see the section on welcome offers below).
4. Fund the account. A linked bank account through ACH is free.
5. Choose a market, read its rules, and place a market or limit order.

What you can trade

Kalshi lists hundreds of markets at any time, from a few hours long to more than a year. The main categories:

• Economics: monthly CPI (headline and core), jobs reports, quarterly GDP, weekly jobless claims and Fed rate decisions (cut, hold or hike).
• Politics: control of Congress, Senate, House and governor races, presidential approval thresholds, cabinet confirmations and Supreme Court outcomes. See our 2026 midterm tracker.
• Sports: NFL, NBA, MLB and NHL games and futures, college football and basketball, soccer, golf majors, tennis Grand Slams, UFC and F1, subject to the state restrictions below.
• Weather and climate: daily temperature highs in cities such as New York, Chicago and Los Angeles, hurricane activity and snowfall.
• Financials and crypto: S&P 500 and Nasdaq closing levels and bitcoin price ranges.
• Tech and science: AI benchmark results, FDA decisions, rocket launches and IPO timing.
• Culture and companies: the Oscars and Grammys, opening-weekend box office, streaming charts, earnings beats and executive moves.

Kalshi's strongest areas compared with Polymarket are US economic data and sports. Polymarket remains strong on global politics and crypto. Robinhood Event Contracts lists a narrower menu inside a full brokerage app.

Where Kalshi falls short

It only does event contracts. You cannot hold stocks, options or ETFs on Kalshi, so you still need a separate brokerage. Robinhood offers fewer event markets but puts them next to everything else.

Liquidity drops off fast outside the big markets. Fed decisions, major elections and big games have deep books and tight spreads. A Senate race in a safe state, a single city's snowfall or an obscure tech milestone can show spreads of several cents and little resting size. Check the order book before sending a large order, and use limit orders where the book is thin.

The rules on what you can trade keep moving. A market open to you today can be geofenced next month if your state wins a court ruling. Existing positions in Washington, for example, can be closed under that state's order. Do not build a strategy that depends on one state staying open.

Kalshi fees

Trading on Kalshi has two possible costs: a trading fee on each order that executes, and in a few cases a funding fee.

Trading fees

Kalshi's general taker fee formula, from its published fee schedule, is:

Fee = round up ( 0.07 × number of contracts × price × (1 − price) )

The fee is highest when the price is near 50¢ and shrinks toward zero near 1¢ or 99¢. Some series, including certain sports and index markets, use different rates, and resting maker orders are charged differently. Check the schedule or the order ticket for the market you are trading.

Worked examples at the general rate. The single-contract column shows the effect of rounding up to the next cent:

At the peak the fee is about $1.75 per 100 contracts, which is $50 of capital at 50¢. Putting $100 into 50¢ contracts (200 contracts) costs about $3.50 in fees each way. The fee is charged when you buy and again if you sell before settlement. Holding to settlement avoids the second trading fee.

Rounding hurts small orders. One contract at 50¢ pays a 2¢ fee, which is 4% of the cost rather than 3.5%. A single 10¢ contract pays 1¢, or 10%. If you trade in small sizes, one larger order costs less than several small ones.

In practice, the curve favours trading at confident prices and penalises frequent in-and-out trading near 50¢. For comparison, Polymarket's US app charges takers 0.0695 × contracts × p × (1 − p), which peaks at $1.74 per 100 contracts, almost the same as Kalshi. Its rate was 0.06 from July 1, 2026 and was raised to 0.0695 in October (Polymarket US fee schedule). Robinhood charges up to $0.01 per contract plus the exchange's fee. Our Kalshi vs Polymarket comparison runs the numbers side by side.

Funding fees

Bank transfers in and out are free. Debit-card deposits carry a processing fee of up to 2%. Kalshi's fee schedule reserves the right to charge 0–2% on any funding method (Kalshi help center, as of October 2026). Kalshi charges no account or membership fee.

Interest on cash

Kalshi pays interest on both uninvested cash and the money tied up in open positions. As of October 2026, its help center says:

• The rate is 3.50% APY, and it is variable and "can change at any time".
• Interest is paid only on balances of $250 or more.
• You must provide an SSN to receive interest payments above $10 a year.

Source: Kalshi help center, APY on Kalshi. Interest is taxable and appears on a 1099-INT. See our Kalshi tax guide.

This matters most for traders who keep a few thousand dollars on the platform between trades. Kalshi is not unique here: Robinhood also pays interest on uninvested brokerage cash. Treat the rate as a small offset to fees, not a reason to park savings on an exchange. A Kalshi balance is not an FDIC-insured bank deposit.

Deposits and withdrawals

As of October 2026, Kalshi's help center lists these methods (transfers FAQ):

On bank deposits, Kalshi's bank deposits page says the amount available right away "depends on your account history and the deposit amount". The exact figure appears on the review screen before you confirm. Bank-deposited funds can be held for a short period after settlement before you can withdraw them.

For most users, linking a checking account and using ACH is the cheapest route both ways. Withdrawable cash excludes promotional credit and money locked in open positions.

App and support

The iOS app is rated 4.8 out of 5 from about 604,000 ratings on the US App Store, as of October 2026 (App Store). The Android and web versions offer the same markets. Each market page shows a price chart, the order book and the rules, including the exact source used to settle the contract. Beginners can tap Yes or No and enter an amount. More experienced traders can place limit orders and read the depth of the book.

Support runs mainly through the help center and ticketed email. Complaints about slow replies during busy periods, and about account reviews and restrictions, recur in public forums. Read a market's rules before you trade. Most disputes come down to how a contract was worded or which source settled it.

Is Kalshi legit and safe?

Yes. Kalshi is a CFTC-regulated exchange. Customer funds are held in segregated accounts, separate from the company's own money, and there is no margin, so you cannot lose more than you put into a position. Our is Kalshi legit guide covers fund safety, what Kalshi does with your SSN, scams to watch for and what users report.

Is Kalshi gambling, and where is it restricted?

Federally, Kalshi's contracts are regulated derivatives, but federal courts now disagree on whether that shields sports contracts from state gambling law. As of October 2026, Kalshi has blocked sports, entertainment and election boards for Nevada users after an August 28 Ninth Circuit ruling. Michigan's sports boards are paused under a state injunction. Washington, Ohio, Tennessee and several other states are in active litigation. Our is Kalshi gambling guide tracks the classification question and each state's case.

Welcome offers and referrals

Kalshi's new-user offers change often and differ depending on which partner or referral code you use. In October 2026, published codes offered fixed or "up to" trading credit after a qualifying trade, with Nevada and Washington typically excluded (Covers, October 9, 2026). The credit is for trading, not cash. Profits from it can be withdrawn, but the credit itself cannot. Expiry dates vary by offer.

Kalshi's referral FAQ says you can add a code within 72 hours of creating your account, provided none is attached already. Bellwether has no Kalshi code and earns nothing from Kalshi sign-ups. Our Kalshi promo code guide explains how the program works.

Optional third-party tool: KalshiSpy

KalshiSpy is a paid analytics tool from a third party, not part of Kalshi. It tracks the positions of top Kalshi traders. Bellwether earns an affiliate commission on KalshiSpy subscriptions. Nothing it shows is a recommendation to trade, and following other traders does not remove the risk of loss.

Try KalshiSpy, a paid third-party Kalshi analytics tool (affiliate link) →

Kalshi vs the alternatives

Polymarket and Robinhood facts are as of October 2026; see our Polymarket review, Robinhood review and the Kalshi vs Polymarket head-to-head. For sports-first apps, see Novig, FanDuel Predicts and DraftKings Predictions.

Final verdict

Kalshi remains the default US prediction market. It has the deepest order books, the widest catalog, dollar funding through ordinary payment apps, a well-rated app and a CFTC licence. Interest on balances is a modest extra. Its weak points are a fee curve that punishes frequent trading near 50¢, thin books on niche contracts, uneven support, and a state-by-state legal fight that has already removed whole market categories in some states.

Kalshi suits you if you live outside the restricted states and want economics, politics or general event markets in dollars. If you mainly want sports and live in Nevada, Washington or Michigan, check what is open to you before funding an account.

Overall rating: 4.6 / 5 (how we rate).

Frequently asked questions

Is Kalshi legal in my state?

Kalshi operates nationally as a CFTC-regulated exchange, but as of October 2026 users in Nevada and Washington cannot trade several categories, Michigan's sports markets are paused, and other states are in court. The app shows what is open at your location. Our state-by-state guide has the details.

How does Kalshi make money?

Mainly from trading fees on each executed order, plus funding fees on some methods such as debit cards.

What is the minimum deposit?

$10 for most methods and $1,000 for a wire, per Kalshi's help center as of October 2026. Many markets let you buy a single contract for under $1.

How long do withdrawals take?

Debit-card withdrawals are normally instant. Bank withdrawals are free but take longer, and recently deposited bank funds can be held briefly after they settle. Kalshi shows the timing for each method in the app.

Does Kalshi report to the IRS?

Yes, for some items. Kalshi's help center lists 1099-INT for interest and 1099-MISC for credits and rewards, among others, issued when IRS thresholds are met. See our Kalshi tax guide.

Can I have more than one Kalshi account?

No. Kalshi allows one account per person, and duplicate accounts are grounds for closure.

What happens to my money if Kalshi fails?

CFTC rules require customer funds to be kept separate from Kalshi's own money, which is meant to protect them in an insolvency. That is not insurance: a Kalshi balance is not FDIC- or SIPC-insured.

Is KalshiSpy part of Kalshi?

No. KalshiSpy is a separate, paid analytics tool. Bellwether earns a commission on KalshiSpy subscriptions but nothing from Kalshi itself.

Sources

• Kalshi help center: APY on Kalshi, Transfers FAQ, Bank deposits, Card deposits, Referral program FAQ, Tax info (checked October 2026)
• Kalshi fee schedule
• Kalshi on the US App Store (checked October 2026)
• DeFi Rate prediction-market volume tracker (October 2026)
• Covers: CFTC drops appeal in Kalshi election case (May 2025)
• OddsShopper: where Kalshi is legal (updated October 15, 2026)