Kalshi
The longest-running CFTC-regulated exchange built for event contracts, with one of the broadest market menus.
Strengths
- Federally regulated exchange operating since 2021
- Broad market menu: sports, politics, economics, weather and culture
- Many funding options, including PayPal, Venmo and bank transfer
- Fees are published and fall to near zero at extreme prices
Limitations
- Sports contracts blocked or limited by court order in several states
- Taker fees are highest on contracts priced near 50¢
- The referral credit amount varies by account and expires in 7 days
- Subject of active state lawsuits, so availability can change quickly
Sign-up offer
Referral credits for new users (amount shown in your account)The referral code must be entered at signup or within 72 hours, before your first deposit. Credits must be used within 7 days, and only the profits from them can be withdrawn. Confirmed on Kalshi's site October 4, 2026. Eligibility rules and terms apply. Official terms. Not available in: MA, MI, NV, UT, WA. 18+.