Robinhood vs Kalshi: broker app or direct exchange?

The verdict

Choose Kalshi if you want every market Kalshi lists, more ways to deposit and the lower fee at most prices. Choose Robinhood if you already invest there, want event contracts beside your stocks without opening a new account, and value a help center that states plainly where sports are restricted.

The two are not simple rivals. Robinhood is a broker that sends some of its event-contract orders to Kalshi, so in many markets you are trading Kalshi contracts either way. The real question is whether you want Robinhood’s account and fee structure wrapped around them.

How Robinhood and Kalshi are connected

Robinhood Derivatives, LLC is a CFTC-registered futures commission merchant: a broker that holds your account and money but does not list contracts itself. According to its help center, it routes event-contract orders to four CFTC-designated exchanges:

• KalshiEX LLC (Kalshi)
• ForecastEx LLC (Interactive Brokers’ affiliate)
• Rothera Exchange and Clearing LLC (majority-owned by a Robinhood–Susquehanna joint venture, per press reports)
• North American Derivatives Exchange (Crypto.com)

Robinhood launched its prediction markets hub in March 2025 using Kalshi. Kalshi, by contrast, is the exchange itself: you open an account directly with KalshiEX LLC, designated by the CFTC in November 2020.

Side by side

Regulation: tie

Both are CFTC-registered, in different roles. Kalshi is a designated contract market; Robinhood is a registered broker carrying customer accounts. Neither role gives better federal protection, so this factor is a tie.

Both are also in litigation. The 9th Circuit ruled against both on August 28, 2026 (our report on the Nevada decisions), and Robinhood has petitioned the Supreme Court (No. 26-338); New Jersey’s petition in Kalshi’s 3rd Circuit win is pending too (the three petitions explained). Kalshi also faces suits in several states, including New York, and lost in the 6th Circuit on September 25, 2026.

Availability: Robinhood

Robinhood’s help center lists its restrictions directly: sports contracts are unavailable in Maryland and Nevada, and new sports contracts have been prohibited in Michigan since September 9, 2026. Kalshi publishes no single state list we could access; court orders block or limit its contracts in Massachusetts, Michigan, Nevada, Utah and Washington, and its status in Ohio and Tennessee is unsettled. Robinhood wins on both reach (three restricted states against five) and disclosure. Because some Robinhood contracts are Kalshi-listed, check in the app which markets Robinhood actually shows you in Massachusetts, Utah or Washington. Confirm current status on the legal tracker.

Markets: Kalshi

Robinhood lists sports, politics, weather, commodities and entertainment, drawn from four exchanges. Kalshi lists sports, politics, economics, weather, culture and crypto, and because it is the exchange, every market it lists is available on its own platform. Robinhood does not say that every Kalshi market is offered through its app, and we have not checked.

Fees: Kalshi at most prices

Robinhood (official, since June 1, 2026): commission = k × P × (1 − P) per contract, where k is 10% (or 5% with Robinhood Gold), rounded up to the cent and capped at $0.01 per contract, plus an exchange fee of up to $0.01 per contract. Robinhood’s own worked example: 100 Yes contracts at 90¢ with Gold carry a $0.45 commission.

Kalshi (widely reported; the official PDF could not be retrieved): taker fee = 0.07 × contracts × P × (1 − P), rounded up to the cent.

For 100 contracts as a taker, using Robinhood’s maximum exchange fee:

The exchange fee is an “up to” figure, so actual Robinhood costs can be lower. Even so, on the published numbers Kalshi direct is cheaper across the price range, most clearly near the extremes. More on the mechanics in how prediction-market fees work.

Funding: Kalshi

Robinhood requires settled cash in an individual brokerage account; instant deposits cannot be used for event contracts. Kalshi accepts debit cards (with Apple Pay and Google Pay; a 2% processing fee may apply), ACH, wire, crypto, PayPal, Venmo and Cash App. If your money is already in Robinhood, that requirement costs you nothing; otherwise Kalshi is more flexible.

Offers: Kalshi

We found no official Robinhood prediction-market offer. Kalshi has an official referral program, though the amount varies by account and credits must be used within 7 days. See verified prediction market promos.

Choose Robinhood if…

• You already hold a Robinhood account with settled cash.
• You want event contracts and investments in one app and one statement.
• You live in a state where Kalshi’s contracts are blocked but Robinhood lists no restriction (Massachusetts, Utah or Washington), after confirming availability in the app.
• You are a Gold member trading away from 50¢, where Gold halves the commission.

Choose Kalshi if…

• You want every market Kalshi lists, not only those Robinhood routes.
• You trade at prices near 10¢ or 90¢, where Kalshi’s formula fee is far below Robinhood’s.
• You want to fund with PayPal, Venmo, Cash App or crypto.