Polymarket vs Kalshi: key differences and which fits your country

The difference in a few lines

Polymarket and Kalshi are both prediction markets: you buy contracts on whether an event happens. The real difference is who they are built for. Kalshi is an event-contract exchange regulated by the CFTC in the United States, it runs in dollars and it is aimed at US residents. Global Polymarket runs on crypto on the Polygon network and does not accept US users. If you live in Africa, Asia or Latin America, the practical question is usually whether Polymarket works in your country.

Side-by-side comparison

	Polymarket (global)	Kalshi
Regulation	Operates outside the US with its own list of restricted countries; several national regulators have blocked it	Event-contract exchange regulated by the CFTC in the US
Currency	pUSD, Polymarket’s stablecoin on Polygon; you deposit USDC	US dollars
How you fund it	Send USDC from an exchange or wallet	Bank deposit or card
Audience	Users outside the US and outside restricted countries	US residents
US users	Not accepted; the US has polymarket.us, a separate entity	Yes, its main audience
Spain	Blocked by the DGOJ	Blocked
Fees	Only takers pay, by market category	Check Kalshi’s official page

Polymarket data comes from its official documentation and its list of restricted countries.

Regulation: the point that changes everything

Kalshi operates inside the US regulatory system. The CFTC, the US derivatives regulator, oversees it. That has practical effects: Google, for example, requires certification to advertise prediction markets in the US and limits it to markets registered with the CFTC.

Global Polymarket does not operate in the United States. It runs its own list of restricted countries, and several national regulators have ordered it blocked on their own: Spain, Argentina, Colombia, India and the Philippines. For the full picture of how the platform works, read what Polymarket is.

What is the CLARITY Act and does it affect Polymarket?

The Digital Asset Market Clarity Act (H.R. 3633) is a US bill on crypto market structure. It splits oversight of digital assets between the CFTC and the SEC. The House passed it on 17 July 2025 by 294 to 134. On 15 September 2026 the Senate fell short on a procedural vote to take it up, 49 to 50 against 60 needed, and Senator Thom Tillis entered a motion to reconsider (Paul Hastings; DeFi Rate). As of October 2026 it is not law, and whether it returns is uncertain.

It does not directly address prediction markets or event contracts, so it does not change how Kalshi is regulated or where global Polymarket operates. It does show up on both platforms as a market people trade on.

Currency and access

This is the difference you feel day to day.

Kalshi works in dollars. You fund it with a bank account or a card, much like a traditional US broker.

Polymarket works with crypto. Your balance sits in pUSD, a Polymarket stablecoin on Polygon. To deposit, you send USDC (native or USDC.e), which converts to pUSD automatically. When you withdraw, pUSD converts back to native USDC. Outside the US, the usual route is to buy USDC on an exchange and send it to your Polymarket deposit address on a supported network.

That means Polymarket requires some comfort with crypto. Send an unsupported token or use the wrong network and the money can be lost.

Polymarket fees vs Kalshi fees

On Polymarket only takers pay, meaning whoever accepts an order already sitting in the book. Makers pay nothing. The rate depends on the category: for example 0.07 for crypto, 0.05 for sports, 0.04 for politics and 0 for geopolitics. The full formula is in the fees guide.

We do not quote Kalshi figures here. Its fees are on its official page, and that is the place to check them with current numbers.

Who can use each one

• If you live in the United States: Kalshi is built for you. Global Polymarket does not accept you; Polymarket’s US option is polymarket.us, a separate entity.
• If you live outside the United States: Kalshi is aimed at US residents, so it is not the natural choice. Global Polymarket is designed for users abroad, as long as your country is not restricted or blocked.

Polymarket or Kalshi in Spain

Spain has neither option. The DGOJ ordered Polymarket blocked on 26 May 2026, with an order to internet providers and a sanctioning procedure. Kalshi is blocked too. In Spain, promoting unlicensed operators can also be sanctioned. Details are on the Spain page.

Using a VPN to get around a block breaks Polymarket’s terms and can leave your account in close-only mode. We advise against it.

Polymarket or Kalshi in Latin America, Africa and Asia

Because Kalshi is aimed at the US, the comparison outside the US mostly comes down to whether Polymarket works where you live:

Country	Polymarket status
Mexico, Peru, Chile, Ecuador, Uruguay, Paraguay, Bolivia, Guatemala, Dominican Republic	No known restriction
Nigeria, Kenya, South Africa, Philippines	No known restriction
Argentina	Blocked by court order (11 March 2026)
Colombia	Coljuegos block order (September 2025), enforced unevenly
India	Blocked since May 2026 (DNS block under Section 69A of the IT Act); X account withheld in October 2026
Brazil, Venezuela	Close-only: you cannot open new positions

“No known restriction” is not the same as “regulated”. In Mexico, for instance, Polymarket is not regulated by SEGOB or the CNBV, which leaves it in a grey area. Check your country’s page before signing up: Nigeria, Kenya, South Africa, India or Mexico.

Which one fits your country

• United States: Kalshi, or polymarket.us.
• Spain: neither; both are blocked.
• Countries with no known restriction: global Polymarket is the option built for you, provided you are willing to use USDC.
• Argentina, Colombia, India and the Philippines: local block orders exist. Read your country’s page before doing anything.
• Brazil and Venezuela: Polymarket is close-only.

If you only want to see what the markets are saying, with no account anywhere, the markets board shows live probabilities.

Frequently asked questions

What is the difference between Polymarket and Kalshi?

Kalshi is a CFTC-regulated exchange that runs in dollars and is aimed at US residents. Global Polymarket runs on crypto on Polygon and does not accept US users.

Can I use Kalshi from outside the US?

Kalshi is aimed at US residents. If you live elsewhere, check Kalshi’s own terms directly before trying to sign up.

Do Polymarket or Kalshi work in Spain?

No. The DGOJ ordered Polymarket blocked in May 2026, and Kalshi is blocked in Spain as well.

Which has lower fees, Polymarket or Kalshi?

Polymarket’s fees are public and depend on the market category. Kalshi’s are on its official page; compare them there with current figures.