Kalshi vs Polymarket: Which Is Better for New Yorkers in 2026?

Kalshi and Polymarket are the two prediction-market venues most New Yorkers actually consider. They look similar at a glance — both let you trade contracts on real-world outcomes — but the underlying products are different enough that picking the wrong one wastes time and money.

Here's a clear side-by-side, then a use-case pick at the bottom.

The one-line summary

• —Kalshi — federally regulated US event-contracts exchange. iPhone, Android, desktop. Trade $25, get $25 with code NYPREDICTS.
• —Polymarket — the world's deepest prediction market. $25 trading bonus with code NYPREDICTS after a $10 deposit.

Regulation and legality in New York

Both accept New York residents as of October 1, 2026, but New York disputes that they may. Kalshi operates as a CFTC-designated contract market under federal commodities law. Polymarket returned to the US in December 2025 through an app on a CFTC-designated exchange, available to verified residents in 49 states plus D.C., New York included. The state's position is that their sports contracts are unlicensed gambling.

New York sued Kalshi on July 31, 2026 and Polymarket US on September 24, 2026. Kalshi keeps operating under an August 11, 2026 CFTC emergency order, and the CFTC has its own lawsuit against New York. None of these cases has been decided. Our CFTC v. NY coverage and the New York legality guide follow each step.

Liquidity and markets

• —Kalshi is the deepest US-regulated venue for politics (NYC mayor, federal elections), macro (CPI, Fed decisions, jobs), and sports event contracts. Liquidity is solid on flagship markets and thinner on niche ones.
• —Polymarket has the deepest liquidity in the prediction-market world overall, particularly on global news, geopolitics, and election markets that get media attention. It's the venue most often quoted on cable news.

Signup offers — head to head

Both use the promo code NYPREDICTS. The structures are different:

• —Kalshi NYPREDICTS — trade $25 and get $25 as a new US trader. You need to verify identity, fund the account and trade $25 to activate.
• —Polymarket NYPREDICTS — $25 trading bonus after you deposit $10 in the app. The bonus is trading funds, not withdrawable cash.

Step-by-step claim flows: Kalshi promo code walkthrough and Polymarket promo code walkthrough.

Fees and settlement

• —Kalshi — a fee charged when your trade fills. USD deposits and withdrawals through a US bank. No crypto required.
• —Polymarket — the US app runs on a CFTC-regulated exchange and clearing organization; you fund, trade and withdraw in US dollars. The fee is shown in the app before you confirm.

Who should pick which

• —You want US politics, the Fed, NYC races → Kalshi has the cleanest regulated slate.
• —You want global news, geopolitics, deepest media-quoted markets → Polymarket.
• —You want to try the product cheaply → Kalshi's trade $25, get $25 offer works on any device.
• —You're already comfortable depositing $10 → Polymarket's $25 trading bonus needs only the $10 deposit.
• —You're serious about it → Open both. Most active New York traders end up running both accounts and using each for what it's best at.

The honest version

Neither platform is a sportsbook and neither is a casino. They're regulated event-contract venues with real loss risk. Both accept New Yorkers today, though the state is suing both. The right starting move for most readers is to open Kalshi first (lower friction, trade $25 and get $25), see whether the product clicks, then add Polymarket if you want deeper liquidity on global news.

Editorial only — not a recommendation to trade. See our Kalshi review, Polymarket review, and NY legality guide. For a sibling-site take that scores both head-to-head, the outcome-focused comparison is worth a read.

Picks by use case

Which app for which job

• Best for politics, the Fed and New York races

  Kalshi

  Kalshi runs the most active US politics slate we cover, including the New York City mayoral race, plus contracts on Fed decisions and inflation data, and it works on iPhone, Android and desktop.

  Watch out: Order books can be thin on niche markets, and New York sued Kalshi on July 31, 2026; the case is pending.

  Trade $25, Get $25 on Kalshi

  Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com. Kalshi's minimum age is 18; we recommend 21+. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.

• Best for beginners

  Kalshi

  Kalshi has a $10 minimum deposit, works on any device, and you can sell a position before the event settles.

  Watch out: Sign-up needs full identity verification, including your Social Security number.

  Trade $25, Get $25 on Kalshi

  Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com. Kalshi's minimum age is 18; we recommend 21+. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.

• Best sign-up offer for a small deposit

  Polymarket

  A $10 deposit unlocks a $25 trading bonus, one of the smallest commitments of the five; ProphetX has the largest credit in dollars ($75), but you trade $50 first.

  Watch out: The bonus is trading credit rather than cash, and New York sued Polymarket US on September 24, 2026; the case is pending.

  Trade Now on Polymarket

  Polymarket's minimum age is 18; we recommend 21+. Restrictions and eligibility requirements apply. Not available in all jurisdictions. $10 minimum deposit unlocks the $25 trading bonus. Trading is risky. 100% loss can occur. See polymarket.com/tos for more information. The Polymarket US App serves as an independent software provider and affiliate of Polymarket US and Polymarket Clearing, the CFTC-regulated exchange and clearing organization.

Methodology

How we rank

This ranking is for people trading from inside New York. A platform that does not accept New Yorkers cannot be ranked, whatever it pays us.

1. New York availability. Whether the platform accepts adult New York residents today, checked against its own eligible-state list. Rebet, Sleeper and Chalkboard do not, so they are listed separately as travel-only and never ranked.
2. Regulation status. Whether trades run on an exchange registered with the CFTC, the federal derivatives regulator, and whether New York is disputing that in court.
3. Fees. How clearly the cost of a trade is shown before you confirm. We only repeat fee figures the operator publishes.
4. Market range. What you can trade (politics, economic data, sports, culture) and how deep the order books are on the main markets.
5. Deposits and withdrawals. Minimum deposit, funding methods, identity checks and how withdrawals work.
6. Sign-up offer. The size of the offer and what you must do to unlock it. Offers break ties; they do not decide the order.

Scores and order

Each review shows six editorial scores out of 5 (New York access, cost clarity, market depth, app, funding and payouts, support). They are one editor's judgement, not a lab test. The overall order is an editorial call too: Polymarket is first for market depth and for the size of its offer on a $10 deposit. If your device or the topic matters more to you, use the picks by use case.

Who tested what

Reviews are written by Catie Di Stefano. Kalshi was tested on her own funded account; the screenshots on the Kalshi review were taken on September 27, 2026. The Polymarket and OG screenshots, taken the same day, show the apps' screens only. We have not published funded-account screenshots for ProphetX or Novig; those two are assessed from the operators' published terms and their current offer sheets.

How we are paid

We earn a commission when you sign up through our links to Polymarket, ProphetX, Kalshi, OG, Novig and Rebet. Partners cannot pay for a position or change a review. We have no deal with Sleeper or Chalkboard. Affiliate disclosure.

When each review was last updated

• Polymarket · Score 4.2 / 5 · October 1, 2026
• ProphetX · Score 4.3 / 5 · October 1, 2026
• Kalshi · Score 4.3 / 5 · October 1, 2026
• OG · Score 3.8 / 5 · September 29, 2026
• Novig · Score 3.8 / 5 · September 29, 2026

Check it yourself

• Designated contract markets (the CFTC's list of registered exchanges) — U.S. CFTC
• ProphetX LLC, designated June 11, 2026 — U.S. CFTC
• QCX LLC d/b/a Polymarket US, designated July 9, 2025 — U.S. CFTC
• New York sues Kalshi (July 31, 2026) — New York State Attorney General
• New York sues Polymarket US (September 24, 2026) — New York State Attorney General
• CFTC emergency order telling Kalshi to keep operating (August 11, 2026) — U.S. CFTC
• New York State Gaming Commission — NY.gov

Each operator's own rules are named in its offer terms (kalshi.com/regulatory, polymarket.com/tos, novig.com/terms).

FAQ

Frequently asked questions

Kalshi vs Polymarket — which is better for a New Yorker?

For most New Yorkers, Kalshi is the better default: federally regulated, available on iPhone, Android, and desktop, with a trade $25, get $25 offer via promo code NYPREDICTS. Polymarket has deeper liquidity on global news and politics markets and requires a $10 deposit to unlock its $25 bonus.

Kalshi vs Polymarket — what is the difference?

Kalshi is a CFTC-regulated US exchange with USD rails (ACH/debit) on iPhone, Android, and desktop. Polymarket US is an app on a CFTC-regulated exchange that also trades in US dollars. Same conceptual product — event contracts on real-world outcomes — different devices and market menus.

Is Polymarket bigger than Kalshi?

Polymarket has the larger global trading volume, particularly on geopolitics and election markets. Kalshi has deeper liquidity inside the US regulatory perimeter on politics, macro, and weather contracts. Both are real, both are active, and the right one for a given trade depends on the market.

Are both Kalshi and Polymarket legal in New York?

Both accept verified New York residents as of October 1, 2026. New York has sued both — Kalshi on July 31, 2026 and Polymarket US on September 24, 2026 — arguing they are unlicensed gambling operations. The cases are pending, so access could change.

Can I use both Kalshi and Polymarket?

Yes, and most active New York traders do. The platforms specialize in different things — Kalshi for US politics, macro, and NYC races; Polymarket for global news and deepest media-quoted markets. Running both accounts is the standard setup for serious users.

Which promo code is better, Kalshi or Polymarket?

It depends on your device and how you want to qualify. Kalshi's NYPREDICTS gives $25 after you trade $25, on any device. Polymarket's NYPREDICTS gives a $25 trading bonus after a $10 deposit. The bonus is the same size; Polymarket's takes a smaller first step.

Is Kalshi or Polymarket safer?

Both are real, CFTC-regulated venues at the platform level — Kalshi as a designated contract market, Polymarket US through its regulated exchange and clearing organization. Both keep US users' funds in dollars after identity verification. Market risk on individual contracts is the same on either: you can lose what you put in.