"Polymarket vs Kalshi: what's the difference"

The two largest prediction exchanges are Polymarket and Kalshi. Both trade event outcomes priced from 0 to 1 dollar, but they work differently.

Key differences

• Regulation. Kalshi is a US exchange supervised by the CFTC. Polymarket runs on a blockchain, and availability depends on your country.
• Money. Kalshi uses regular dollars in an account. Polymarket uses the USDC stablecoin.
• Transparency. Polymarket trades are visible on the blockchain together with the wallet address. Kalshi shows trades without names — so Kalshi trades in the PrognosX whale feed are anonymous.
• Sports. Both list many matches: US leagues, football, tennis, combat sports, esports.

Why prices differ

The same match can be priced several points apart. Reasons: different audiences, different liquidity and speed of reaction to news. A big gap usually means one exchange is wrong — or there is little money there.

PrognosX shows the Kalshi price next to Polymarket on the match card, so such gaps are visible immediately.

Which one to use

It depends on where you live and what your country's law allows. Check before signing up. Betting is risky, 18+.