Best Kalshi Alternatives in February 2026
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Kalshi is the leading US-regulated prediction marketplace, but it is not available to everyone and may not be suitable for certain users. After testing various competing platforms, we have listed down the best regulated alternatives, crypto-native platforms, and decentralized (on-chain) prediction markets.
These Kalshi alternatives matter for crypto users, non-US users, and privacy-focused traders with limited access to the Kalshi platform. In this guide, we discuss how the competing sites compare with Kalshi, what each alternative offers, and how traders can get started on those platforms.
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Kalshi Competitors Overview
Here’s a table comparing Kalshi’s key features with those of the top alternatives.
| Name | Regulation Status (U.S.) | KYC Required | Currency | Fees | Availability |
|---|---|---|---|---|---|
| Kalshi | CFTC-regulated | Full KYC | Fiat and Crypto | Variable trading fees; 2% debit deposit fee; $2 debit withdrawal fee | Global |
| Polymarket | Decentralized (limited access in the US) | None | Crypto | No trading fees (except 15-minute crypto markets); on-chain gas fees apply | Global (separate app for U.S. residents) |
| PredictIt | CFTC-regulated | Full KYC | Fiat (USD) only | 10% fee on net profits; 5% withdrawal fee | U.S. only |
| OPINION | Decentralized | None | Crypto | 0-2% taker fees (minimum $0.50); on-chain gas fees apply for non-trading actions | Global |
| Myriad | Decentralized | None | Crypto | 0-3% purchase fees; on-chain gas fees apply | Global |
| Hedgehog Markets | Decentralized | None | Crypto | 1.5% swap fee; on-chain gas fees apply | Global |
| Predict.fun | Decentralized | None | Crypto | 0.018-2% taker fees; on-chain gas fees apply | Global |
Best Alternatives to Kalshi Reviewed
Let’s review each of the leading Kalshi alternatives and discuss their core features, offerings, and markets.
1. Polymarket – Best Crypto-Native Alternative
Polymarket is one of the world’s largest prediction exchange platforms by user base. It’s an on-chain application developed by Shayne Coplan, who built it on Ethereum and later migrated it to Polygon.
We consider Polymarket the top platform among Kalshi competitors for various reasons. For one, Polymarket sees substantially more volume across most of its markets than Kalshi, where volume is usually higher just for sports events. As a decentralized prediction exchange, Polymarket does not require KYC verification and is more widely available (only 33 countries are restricted).
Based on our findings, the most significant downside of Polymarket is its limited support in the US. As of this writing, U.S. residents can only use a separate version of the platform called “Polymarket US,” which operates on a waitlist with certain market restrictions.
Check out our Polymarket guide to learn more about the platform and how it works.
Key Details
- One of the highest trading volumes across prediction market platforms
- Operates on the Polygon chain; no KYC required
- Fee-free structure (except for 15-minute crypto markets)
- An expansive collection of markets
2. PredictIt – Best Regulated Competitor
Launched in 2014, PredictIt is an online prediction exchange platform for research and academic purposes. It’s exclusive to U.S. residents and operates legally under a special case by the Commodity Futures Trading Commission (CFTC).
For users looking to trade events under U.S. jurisdiction, PredictIt is the top regulated alternative to Kalshi. Both platforms offer transparent pricing, require KYC, and feature global and U.S. political markets for trading. However, PredictIt has higher fees (a 10% profit fee and a 5% withdrawal fee), making it harder for traders to earn money than on Kalshi.
PredictIt’s markets are limited to politics and finance. In contrast, Kalshi users can trade real-world events on sports, culture, crypto, politics, economics, and more. Moreover, PredictIt limits trading participation to $3,500 per contract per user, capping users’ earning potential. For more information, read our review of PredictIt, which also covers its legality and how it works.
Key Details
- CFTC-regulated prediction market platform with 400,000 active users
- KYC required like Kalshi
- Higher fee structure
- Markets are currently limited to political and financial events
3. OPINION – Best for Political Markets and Election Trading
OPINION is an on-chain event-trading platform built on BNB that aims to democratize access to global markets and indicators. While the prediction exchange focuses on political markets, users can also trade on crypto, business, sports, and other events.
As a decentralized site, OPINION does not require users to complete any KYC processes, and traders can start accessing markets by connecting a BNB-compatible wallet. One of the platform’s main distinctions from Kalshi is OPINION’s combination of AI oracles and blockchain infrastructure for event trading. Its future application in DeFi composability (users can borrow against in-app tokens) also makes it an attractive option for Web3 users.
While prediction market trading is one of OPINION’s main offerings, the site also aims to provide macroeconomic tools and data to retail investors, institutions, and global decision makers. In contrast, Kalshi focuses on being a US-regulated prediction exchange that caters to a broader audience.
Key Details
- BNB-based prediction exchange platform with no KYC requirements
- 0-2% taker fees (minimum $0.50); no maker fees
- Powered by a four-layer structure that resolves markets with an AI oracle
- Features a referral where users can earn extra points and fee discounts
4. Myriad – Best Mobile-First Alternative
Founded in 2025, Myriad is a multi-chain prediction market platform for BNB and Ethereum Layer-2s Abstract and Linea. Among other decentralized Kalshi alternatives, this platform blends event-trading with media and news content.
From our research, Myriad is one of the best mobile-ready alternatives to the Kalshi prediction market platform. In fact, it’s the first in-wallet prediction market integration, following a partnership with Trust Wallet in December 2025. Whether on mobile or desktop, users can create an account in minutes by connecting a wallet or signing up via email or Google account.
Myriad’s featured market categories include crypto, sports, politics, economy, gaming, culture, and sentiment. While the on-chain platform supports trading on more unique events, Kalshi’s markets offer greater liquidity and higher user participation.
Key Details
- Offers prediction markets combined with media (video, news, creator content)
- Multiple platforms on BNB, Abstract, and Linea chains
- Trading fees range from 0-3%
- In-app availability for Trust Wallet users
5. Hedgehog Markets – Top Emerging Decentralized Competitor
Hedgehog Markets is a new decentralized prediction market platform on the Solana blockchain. It supports the top Solana wallets, and users can immediately start trading events after connecting to the site with USDC in their wallets.
Featured markets on the platform cover crypto, politics, tech, sports, and other events, as anyone can create a market on Hedgehog Markets. Our analysis suggests that the site could be one of the best decentralized prediction markets for 2026 due to its low on-chain fees and integration in the Solana ecosystem.
Privacy-conscious users may want to consider trading on Hedgehog Markets rather than Kalshi, since the former does not require KYC verification and operates on the blockchain. However, volume on Kalshi is still higher than on Hedgehog. According to DefiLlama, Hedgehog Markets’ total value locked (TVL) is over $51,000.
Key Details
- Solana-based prediction market exchange
- Lower on-chain fees and 1.5% swap fee
- Best for privacy-focused users
6. Predict.fun – Best for Casual Traders
Predict.fun is another event-trading platform that uses the BNB blockchain and operates on a hybrid model that integrates centralized and decentralized features. Users can create an account by linking a Google account or signing up with a Web3 wallet.
As of January 2026, Predict.fun has over 87,500 users and a monthly trading volume of nearly $650 million. The platform’s most popular markets include politics, crypto, and sports, but events on culture and economy are also available. Since it’s a decentralized platform, Predict.fun is a strong Kalshi alternative for Europe.
While most platforms lock your money in a contract until it settles, Predict.fun allows users to earn yield on their deposited funds while simultaneously using them to make predictions.
Key Details
- Popular prediction marketplace in the BNB ecosystem
- Features yield-bearing contracts where traders can earn on deposited funds
- No maker fees; taker fees range between 0.018% to 2%
Why Look for Kalshi Alternatives?
Kalshi has quickly become one of the most popular regulated prediction markets in the world, but the platform isn’t for everyone. Users on Reddit and online trading forums have raised several concerns about access and usability. Some of the most common pain points include:
- Geographic restrictions: Kalshi is available in the U.S. and over 130 other countries. However, it is restricted in 50 countries, including China, the UK, France, Italy, and Canada.
- Mandatory KYC and custodial accounts: Kalshi requires users to complete KYC verification and holds users’ funds in segregated accounts. This may not be an option for users who wish to stay anonymous and prefer self-custody of assets.
- Limited cryptocurrency support: While Kalshi accepts crypto deposits, it supports only a limited number of tokens.
- UI/UX and liquidity limitations: With various requirements and its adherence to U.S. regulations, the platform may not offer the best user experience for many traders. Liquidity may also be thinner in certain markets than on other sites.
The Kalshi decentralized alternatives are best for crypto traders who prefer on-chain security, anonymity, and self-custody. They’re also attractive options for some international users who are restricted from using Kalshi.
Fees: Centralized vs On-Chain Prediction Markets
On-chain prediction markets typically have lower fees compared to centralized platforms like Kalshi. This is because decentralized sites like Polymarket use mostly fee-free trading models and only charge gas fees, which are low on Polygon, BNB, and other networks.
Meanwhile, centralized platforms Kalshi and PredictIt charge fees for trading, settlement, and transfers, which can quickly add up for retail users. As a result of these transaction costs, on-chain platforms with low network fees benefit small traders more.
Accuracy, Liquidity, and Trust
Event-trading platforms with markets that often see high liquidity tend to produce more accurate forecasts. While this is true up to a certain point, higher volumes still help traders enter positions more easily.
Accuracy is also a goal for many prediction markets that share their forecasts and data with academic researchers and major institutions. Let’s outline accuracy comparisons among top prediction markets based on a Vanderbilt University study:
- PredictIt (93%): Historically demonstrated the highest accuracy, which could be a result of its academic participants.
- Kalshi (78%): Somewhat reliable forecasts as a regulated platform.
- Polymarket (67%): Lower accuracy could be attributed to more uninformed participants, especially for major geopolitical or macroeconomic events.
One core difference between centralized and decentralized prediction market exchanges is how they resolve markets. Centralized platforms rely on in-house or publicly authorized data, whereas decentralized markets use on-chain oracles and external data feeds.
Types of Kalshi Alternatives
When choosing among the different Kalshi alternatives, it is important to understand the types of prediction market platforms available. Let’s discuss in detail the different kinds of event-trading platforms and how they function.
Centralized, Regulated Platforms
Users who want to trade prediction markets under regulatory frameworks should consider regulated platforms like PredictIt. These exchanges are usually CFTC-regulated and require fiat-based funding. They have strong regulatory compliance, but limited global access and reduced privacy.
Centralized Crypto-Native Platforms
Platforms like Predict.fun operate similarly to centralized exchanges that accept cryptocurrency deposits and are either offshore or have limited availability in the US. These apps typically use either a partial or a full custodial model, giving users greater control over their funds than on regulated platforms.
Decentralized, On-Chain Prediction Markets (No-KYC)
For traders who prioritize self-custody and anonymity, decentralized prediction markets are the best option. Polymarket, OPINION, Myriad, and Hedgehog are the top on-chain Kalshi competitors and rely on smart contract execution and blockchain settlements for trading. They also do not require KYC verification but are more technically complex to operate.
Best Kalshi Alternatives in the U.S., Europe, and Canada
Kalshi competitors’ legal availability varies by region.
United States
- One of the most stringent regulatory environments, with only a handful of legal platforms
- Best options include: PredictIt, OPINION
Europe
- Wider legal tolerance, especially for on-chain markets
- Best options include: Polymarket, Myriad, Predict.fun
Canada
- More conservative with regard to regulatory requirements
- Best options include: Polymarket, Hedgehog Markets
Kalshi vs. Polymarket: Head-to-Head Comparison
Kalshi and Polymarket are currently the leading prediction market platforms in the U.S. However, both platforms operate differently; one is centralized and regulated, while the other is decentralized and still working on its legal status.
Regarding compliance, Kalshi is well-regulated by the CFTC, which matters to legally conscious traders. For Polymarket, the regulatory status isn’t as clear-cut. Initially, the platform was forced out of the U.S. following a 2022 CFTC enforcement action, but it re-entered the U.S. in late 2025. As of 2026, residents have access to a restricted version of the platform limited to sports markets.
In terms of liquidity, Kalshi’s sports markets typically have higher volume than Polymarket’s. On almost all other markets, however, Polymarket has greater liquidity.
When storing and managing funds, Kalshi holds users’ assets in segregated accounts that comply with the CFTC’s requirements. It also charges transfer fees (2% on debit deposits and withdrawals) and a trading fee based on a contract’s expected value.
By contrast, Polymarket is more aligned with crypto users who prioritize self-custody and trustless settlements via smart contracts. Additionally, Polymarket fees are mostly from Polygon or Ethereum gas fees. The platform uses a fee-free structure, only charging taker fees on 15-minute crypto markets.
For crypto users seeking on-chain prediction market trading outside the U.S., Polymarket is the clear winner. However, Kalshi is a better option for U.S. residents seeking a regulated platform and comfortable with KYC and custodial accounts.
How to Get Started With a Kalshi Alternative
After choosing a suitable alternative to Kalshi, follow these short guides on how to register and start trading on regulated or decentralized prediction market platforms.
Regulated Platforms
Here are the typical steps to get started with regulated event-trading exchanges:
- Visit the platform and create an account
- Complete KYC verification
- Deposit funds using fiat options like ACH, wire, and card payments
- Select a market and open a trade
Note: Users who reach certain thresholds must file their taxes, and regulated platforms will provide the necessary documentation for the process.
Crypto and Decentralized Platforms
Follow these steps to get started with crypto and decentralized prediction market platforms.
- Set up a crypto wallet (anonymous wallet options include MetaMask and WalletConnect)
- Choose the right blockchain for your wallet. Polymarket uses Polygon. OPINION, Myriad, and Predict.fun use BNB, while Hedgehog Markets uses Solana.
- Fund your account with gas tokens and stablecoins like USDC, but make sure to use the right blockchain
- Visit your preferred platform and connect your crypto wallet
- Find a market to trade and make your first prediction
For more details on how to trade on a decentralized prediction exchange, see our Polymarket guide.
Final Verdict – Choosing the Right Kalshi Alternative
The closest alternative to Kalshi in terms of U.S. accessibility and regulatory compliance is PredictIt. It has over 400,000 active users and popular markets in politics and finance, but it lacks events in other areas.
If the goal is deeper crypto liquidity, Polymarket is the best fit. The platform is available in most countries and has one of the highest trading volumes among event-trading exchanges. Fees are also minimal, limited mostly to network fees.
For those who value privacy and decentralization, Hedgehog Markets is a top option. Built on Solana, it offers low fees and is accessible to anyone with a Solana wallet. The best Kalshi alternative ultimately depends on your needs, so choose the one that fits your comfort level and risk tolerance.
FAQs
Who is Kalshi’s biggest competitor?
Is Kalshi just gambling?
Is Kalshi legal in the U.S.?
Are there prediction markets without KYC?
Which prediction market is the most popular?
How legit is the Kalshi app?
Which is bigger, Kalshi or Polymarket?
What kind of prediction market is Kalshi?
References
- Meet Polymarket CEO Shayne Coplan, the college dropout turned billionaire behind the online betting platform (CBS News)
- 25-20 | CFTC (CFTC)
- Introducing Predictions in Trust Wallet: Earn On Real-World Outcomes (Trust Wallet)
- Hedgehog Markets (DeFiLlama)
- Prediction Markets? The Accuracy and Efficiency of $2.4 Billion in the 2024 Presidential Election (IDEAS)
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