Kalshi Review 2026: Is It Legit?
- Stock trade fee
- N/A
- Minimum deposit
- $0
Our verdict
Trade events from $0.01 per contract, add perps and earn 3.50% on cash and open positions.
Kalshi is a regulated prediction market platform, letting customers trade on the outcome of specific yes-or-no events. Kalshi offers event contracts on a wide range of topics, including economics, politics, sports, culture, weather and financials such as commodities, forex and the S&P and Nasdaq indexes. It also offers perpetual futures (perps) on crypto, metals, energy and stock indexes, which you can trade with leverage after applying for a separate margin account. You can earn a variable 3.50% on your cash and open positions, and you'll find a user-friendly platform that makes event contracts trading accessible to all traders and investors.
However, Kalshi doesn't offer stocks, ETFs or options, its fees vary with contract price and the sports markets you can trade depend on your state.
Best for: Traders who want to take a view on real-world events through a simple app and earn interest on their cash, and who don't need stocks, ETFs or options.
Pros
-
Large selection of event markets
-
Event contracts and perps on one platform
-
Earn a 3.50% interest rate on cash and open positions
-
User-friendly platform
-
Web and mobile trading
-
Quick account funding to trade without delay
Cons
-
Variable fee structure
-
No stocks, ETFs or options
-
No phone support (help via in-app messenger and email only)
What is Kalshi?
Kalshi is an exchange regulated by the Commodity Futures Trading Commission (CFTC).(1) It built its name on event contracts, a type of financial derivative that lets you trade on the outcome of future events, spanning everything from political elections to sporting events to economic indicators, and almost everything in between. Kalshi now also offers perpetual futures, or “perps,” which track the price of assets like bitcoin, gold and stock indexes instead of the outcome of an event.(2)
Kalshi’s event contracts let people trade on timely events like:
- How many initial jobless claims will there be this week?
- Who will win the Super Bowl?
- How high will bitcoin get this year?
- What will the highest temperature in New York City be today?
Kalshi isn’t the only platform offering event contracts. Robinhood and Interactive Brokers (IBKR) offer them too, alongside other assets.
What I like about Kalshi
Kalshi stands out among event trading platforms for its range of markets, interest on uninvested cash and open positions, user-friendly platform and expansion into perpetual futures.
Large selection of event markets
Kalshi’s got an impressive selection of markets available for trading.(3) It offers access to:
- Politics
- Sports
- Culture
- Crypto
- Commodities
- Climate
- Economics
- Mentions
- Finance
- Tech & Science
Availability of some categories, particularly sports, varies by state.
Event contracts and perpetual futures in one place
Kalshi isn’t limited to event contracts anymore. It also offers perpetual futures on crypto, metals, energy and stock indexes, so you can trade views on events and on asset prices without leaving the platform.(2), (4) Perps are a separate product with their own margin account and application.
Earn interest on cash and open positions
Kalshi lets you earn interest on the cash and the underlying collateral for your positions. This means you can earn interest on the uninvested cash in your Kalshi account and on your open positions, even before a market resolves. Kalshi currently pays 3.50% APY on your cash and open positions, and the same rate applies to perps balances for users approved to trade perps.(5) The rate is variable and can change at any time. Interest is available to eligible US users with an average monthly balance of $250 or more.
User-friendly platform
Kalshi stands out for its clean, intuitive interface on both web and mobile. Markets are neatly categorized and odds are clearly displayed, making it easy even for beginners to interpret market sentiment and place trades.
Quick account funding to trade without delay
Event contracts can move quickly, depending on the nature of the event and how new information becomes available. This makes it important to get cash into your account quickly to trade. Kalshi offers immediate funding on eligible bank transfers. The amount available instantly depends on your account history and the size of the deposit, and Kalshi shows you the exact amount on the deposit review screen before you submit.(6)
Where I think Kalshi falls short
No stocks, ETFs or options
Kalshi offers event contracts and perpetual futures, but not stocks, ETFs or options. Robinhood and Interactive Brokers offer event contracts alongside stocks and other assets. If you’re looking for a consolidated trading platform, Kalshi may not be right.
Variable fee structure
Kalshi’s fees are harder to predict than a flat commission. For most event markets, Kalshi charges a fee of 7% of the contract price multiplied by the maximum potential earnings per contract (1 minus the price), then multiplied by the number of contracts and rounded up to the next cent.(7) The fee is highest near 50 cents, at about 1.75 cents per contract, and lowest near 1 cent or 99 cents. For example, 100 contracts at 50 cents cost $1.75 in fees.
Some markets use different fees. Resting orders that fill before they’re canceled may also carry a maker fee, and selling a contract before the market settles incurs a second trading fee.(7)
Sports contracts face legal challenges
Several states have challenged Kalshi’s sports contracts in court, and courts have so far reached different conclusions. That means the sports markets you can trade depend on where you live and may change.
Kalshi perpetual futures (perps)
Perps are a big step beyond what Kalshi was known for. Instead of betting on whether something happens, you’re trading the price of an asset like bitcoin, gold or oil, and the contract never expires.(2)
Kalshi rolled perps out in stages. The CFTC approved the bitcoin perp in May 2026, gold and silver followed in September and the first stock index perp arrived in October.(8), (9), (10) Today, Kalshi’s perps page lists crypto, metals, energy and stock indexes, with maximum leverage above 15x on some markets.(4)
| Feature | Kalshi perps |
|---|---|
| What it tracks | The price of an underlying asset, such as bitcoin, gold, oil or a stock index |
| Expiration | None. You hold the position until you close it |
| Leverage | Varies by market, from low single digits to more than 15x. Limits can change |
| Account | Separate margin account that you apply for |
| Trading fees | Percentage of the full position size, tiered by trading volume |
| Interest | 3.50% APY (variable) on eligible balances of $250 or more |
You can’t trade perps from your regular Kalshi account. You apply for a separate margin account, and Kalshi limits perps to US-based users.(11)
Leverage magnifies losses as well as gains, and Kalshi warns that perps carry a significant risk of loss.(12) Perps also face a legal challenge. CME Group sued in June 2026, arguing the CFTC broke the law when it approved perps from Kalshi and Coinbase, and the outcome could affect which products stay available.(13)
Kalshi’s fees
Kalshi’s standard fee schedule for event contract taker orders gives you an idea of what you’ll pay for each trade. Perps fees work differently and are charged on the full size of your position.(14)
| Price of 1 contract | Fee for 1 contract | Price for 100 contracts | Fee for 100 contracts |
|---|---|---|---|
| $0.01 | $0.01 | $1 | $0.07 |
| $0.05 | $0.01 | $5 | $0.34 |
| $0.10 | $0.01 | $10 | $0.63 |
| $0.15 | $0.01 | $15 | $0.90 |
| $0.20 | $0.02 | $20 | $1.12 |
| $0.25 | $0.02 | $25 | $1.32 |
| $0.30 | $0.02 | $30 | $1.47 |
| $0.35 | $0.02 | $35 | $1.60 |
| $0.40 | $0.02 | $40 | $1.68 |
| $0.45 | $0.02 | $45 | $1.74 |
| $0.50 | $0.02 | $50 | $1.75 |
| $0.55 | $0.02 | $55 | $1.74 |
| $0.60 | $0.02 | $60 | $1.68 |
| $0.65 | $0.02 | $65 | $1.60 |
| $0.70 | $0.02 | $70 | $1.47 |
| $0.75 | $0.02 | $75 | $1.32 |
| $0.80 | $0.02 | $80 | $1.12 |
| $0.85 | $0.01 | $85 | $0.90 |
| $0.90 | $0.01 | $90 | $0.63 |
| $0.95 | $0.01 | $95 | $0.34 |
| $0.99 | $0.01 | $99 | $0.07 |
Information accurate as of October 20, 2026
Kalshi charges no fees on bank deposits or withdrawals.(6), (15) However, debit card deposits may carry a 2% processing fee.(16) Debit card withdrawals are free.(17)
Is Kalshi legit?
Yes, Kalshi is a legitimate company. It was founded in 2018 by MIT graduates Tarek Mansour and Luana Lopes Lara, and it’s headquartered in New York City.
In November 2020, the CFTC designated Kalshi as a Designated Contract Market (DCM), which allows it to operate as a federally regulated exchange where investors trade directly on the anticipated outcome of future events.(1)
A few months later, in February 2021, Kalshi announced that it had secured $30 million in Series A funding. Sequoia Capital led the funding round, with participation from Charles Schwab, Henry Kravis and other investors.(18) The Kalshi exchange launched in 2021.
Federal regulation doesn’t settle every legal question, however. Several states have challenged Kalshi’s sports contracts in court, and CME Group has challenged the CFTC’s approval of perpetual futures.
Kalshi reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | F |
| BBB customer reviews | 1.1 out of 5 stars, based on 30 customer reviews |
| Trustpilot score | 2.7 out of 5 stars, based on 398 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 619,000 customer reviews |
| Google Play Score | 4.7 out of 5 stars, based on 142,339 customer reviews |
| Customer reviews verified as of | 20 October 2026 |
Reviews of Kalshi on the major review sites largely lean negative. On Trustpilot, Kalshi has a 2.7 out of 5 TrustScore, and reviewers commonly cite delayed withdrawals, account restrictions and slow customer support.(19) In contrast, reviewers on the major app stores generally rate the app highly.
What do people on Reddit say?
Compare Kalshi to other platforms
Available asset types
Event contracts
Minimum deposit
$0
Signup bonus
N/A
Available asset types
Cryptocurrency, Real estate, Precious metals, Investment funds, Private equity, Tax liens/deeds
Minimum deposit
$0
Signup bonus
N/A
Frequently asked questions
Your reviews
Matt Finder
Investments editor and market analyst
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