How Kalshi works
Kalshi is an exchange, not a sportsbook. You don’t bet against Kalshi; you buy a contract from another trader. Each contract pays $1 if the event happens and nothing if it doesn’t, so a price of 30¢ means the market gives it roughly a 30% chance. You can sell before the event ends if the price moves your way.
KalshiEX LLC became the first exchange of its kind designated by the CFTC, on November 3, 2020. Since August 2024 its trades also clear through its own CFTC-registered clearinghouse, Kalshi Klear, whose rules keep customer money separate from the company’s. Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara, who met at MIT.
Fees
Kalshi charges takers, meaning anyone whose order fills straight away, 0.07 × contracts × price × (1 − price), rounded up. The fee is highest at 50¢. On a $100 trade at that price you buy 200 contracts and pay $3.50. At 10¢ or 90¢ the same formula charges much less.
Makers pay nothing on most markets. If you set your own price and wait for someone to take it, the trade is free. Only Polymarket does better, by paying makers a small rebate. Combos are the exception, where makers pay half the taker fee. There are no settlement, membership or clearing fees.
Deposits and withdrawals
Kalshi takes almost every way to pay, and the minimum deposit is $10.
| Method | Deposit | Withdrawal |
|---|---|---|
| Bank transfer (ACH) | Free, 1–4 business days | Free, a few business days |
| Debit card, Apple Pay, Google Pay | Up to 2% | Free, usually within hours |
| RTP (instant bank payment) | Free, minutes | Not offered |
| PayPal | First deposit free, then up to 2% | Free |
| Venmo | First deposit free, then a fee | Free |
| Cash App | Fee applies | Not offered |
| Crypto | Network fees, about 30 min | Free, about 30 min |
| Wire | Free, $1,000 minimum | Only for $500,000 or more |
Card and ACH deposits can only go back out the same way until they’ve settled, and Kalshi’s fee schedule allows it to charge up to 2% on any payment method, so check the fee before you confirm.
Interest on your balance
Kalshi pays a variable 3.50% APY on your cash and on open positions, accrued daily and paid monthly. You need a balance of at least $250 and to live in the US. On $1,000 that’s about $35 a year. One of Kalshi’s own help pages still shows 3.25%, so treat the rate as something that moves.
What you can trade
Kalshi has more categories than anyone else: elections, politics, sports, economics, finance, crypto, commodities, climate and weather, culture, tech and science, and “mentions” markets on what people will say. You can build combos, where several picks go into one trade and all of them have to win, and Kalshi also offers perpetual futures and a desktop trading terminal called Kalshi Pro, launched on July 13, 2026.
Sign-up offer
There’s no sign-up offer on kalshi.com. Kalshi runs a referral program for US users. A friend’s code has to be added within 72 hours of your first login, credits must be used within 7 days, and the amounts only appear in the Rewards section of the app.
Where it’s available
Kalshi’s help centre sets the minimum age at 18, but its member agreement asks for the age of majority in your state, which is higher in a few states. Kalshi doesn’t publish a list of US states where it’s restricted, but state regulators have confirmed three. In Nevada, Kalshi agreed in July 2026 to geofence its sports contracts or pay $120,000 a day. In Washington, a court ordered it to stop offering sports and other contracts in August 2026, and in Michigan a court order has barred its sports contracts since June 29, 2026. Other states, from New York to Ohio, are fighting Kalshi in court, so check the app before you deposit, and see are prediction markets legal? for the latest. Outside the US, Kalshi works in many countries but blocks about 55, including the UK, Canada and Australia.
The app and support
The Kalshi app is the best rated of any prediction market app, with 4.8 on the App Store from 581,000 ratings and 4.7 on Google Play from 130,000. You can also trade on kalshi.com. Support is chat and email ([email protected]) only. There’s no phone line, and Kalshi doesn’t publish hours.
Who it suits
Kalshi is our top pick for most people, because it has the most markets, the best app and free withdrawals, and it pays interest on money you leave in it. If you want to deposit by PayPal or Venmo without a fee, or start with as little as $1, OG.com from Crypto.com is the better fit.