Kalshi vs Robinhood (2026): Fees, States, Which to Use
Side-by-side comparison of fees, regulation, markets and offers (updated for 2026).
Kalshi · Trade $25 and Get $25!
RANKPREDICTSClaim (opens in a new tab)21+ · T&Cs apply
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. 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.
Last checked 3 October 2026
Kalshi · Trade $25 and Get $25!
RANKPREDICTS
Claim on Kalshi (opens in a new tab)
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. 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.
Last checked October 27, 2026
Quick answer
Pick Kalshi if you want a dedicated event-contract exchange with published rules. Kalshi runs its own CFTC-designated exchange (since 3 November 2020), publishes its fees, deposit and withdrawal terms in its help centre, works on the web, iOS and Android, and lists economics, weather, politics and culture markets alongside sports. Robinhood makes sense mainly if you already use its app and want to try a few event contracts without opening a new account. We have not verified Robinhood's event-contract fees, deposit terms or state list to our standard, so we cannot compare them line by line; check them in the app before you trade.
Both firms are in the same legal fight over sports contracts. Robinhood has its own Nevada case before the Supreme Court (petition No. 26-338), and it agreed in September 2026 to stop new sports contracts in Michigan. Kalshi must block sports contracts by court order in Michigan, Nevada and Washington.
Side-by-side, 3 October 2026
| Kalshi | Robinhood | |
|---|---|---|
| What it is | A dedicated event-contract exchange (KalshiEX LLC) | A brokerage app; event contracts are one product. Its derivatives arm, Robinhood Derivatives, LLC, is the party in its court cases |
| Regulator | CFTC-designated contract market since 3 November 2020 | Not checked by us |
| Devices | Web, iOS app, Android app | Robinhood app |
| Markets | Sports, elections and politics, entertainment and culture, tech and science, mentions, commodities, climate, economics and finance | Sports event contracts (offered since early 2025); other categories not checked |
| Trading fee | Fee charged when your trade fills, based on price and number of contracts; shown in the order ticket before you confirm | Not checked by us |
| Deposits | $10 minimum; ACH and wire free; debit card may carry 2%; PayPal, Venmo, Cash App, crypto accepted | Not checked by us |
| Withdrawals | Free to bank, debit card, PayPal, Venmo or crypto; personal daily limit | Not checked by us |
| Minimum age | 18 (we recommend 21+) | Not checked by us |
| Sports contracts blocked by court order | Michigan, Nevada, Washington | No court order against Robinhood recorded in our timeline; agreed in Sep 2026 to stop new sports contracts in Michigan |
| Welcome offer through PredictionRanks | Trade $25 and Get $25! (code RANKPREDICTS) | None (not a partner) |
"Not checked by us" means our facts file has no verified entry for that line. We would rather leave a cell open than print a number we have not confirmed. The previous version of this page gave Robinhood fee, regulator and deposit figures we could not verify, so we removed them.
Regulation: who stands behind each product
Kalshi. KalshiEX LLC was designated a contract market by the Commodity Futures Trading Commission on 3 November 2020 (CFTC release 8302-20 (opens in a new tab)). Kalshi Klear LLC is named as the wire beneficiary (clearing) in Kalshi's funding instructions. Kalshi lists and runs its own markets.
Robinhood. Robinhood Derivatives, LLC is the Robinhood company in the Nevada litigation and the Supreme Court petition. Our facts file does not record which exchange lists the event contracts Robinhood customers trade, so we do not state one here. In February 2025 Robinhood stopped offering sports event contracts about a day after launching them, saying the CFTC had formally asked it not to give customers access; it resumed in March 2025 (Sports Betting Dime (opens in a new tab)).
Fees and money
Kalshi publishes one fee method: a transaction fee when a trade is executed (not only on winning trades), worked out from the contract price and the number of contracts, shown in the order ticket before you confirm. Some markets also charge a smaller fee on resting (maker) orders when they fill, and cancelling an order is free (Kalshi help centre, "Fees", read 3 October 2026). We do not quote a percentage because Kalshi's fee-schedule PDF could not be read on 3 October 2026.
Kalshi money in and out: minimum deposit $10; bank transfer (ACH) and wire deposits are free (wire minimum $1,000); debit card deposits, including Apple Pay and Google Pay, may carry a 2% processing fee; the first PayPal deposit is free and later ones up to 2%. Withdrawals to a bank account, debit card, PayPal, Venmo or crypto are free; Kalshi sets a personal daily withdrawal limit and briefly holds recently deposited funds (Kalshi help centre, "Transfers FAQ", read 3 October 2026).
Robinhood: we have not verified its event-contract fees. Older versions of this page said "$0 commission"; we cannot confirm that, and a zero commission would not by itself mean zero cost. Check the cost shown in the Robinhood order screen before you confirm.
Markets you can trade
Kalshi's categories, as listed in the Washington court order that made it block some of them there, are sports, elections, politics, entertainment, culture, tech and science, and "mention" markets, plus commodities, climate, economics and finance markets. That range is the main reason we rate Kalshi higher for people who want more than sports.
Robinhood's event contracts are best documented for sports: nearly every Robinhood entry in our legal timeline is about sports contracts. We have not checked its full category list.
State by state: where each is in a court fight
As of 3 October 2026 (our four status words; they describe access, not legality):
Kalshi - Sports contracts blocked by court order (3): Michigan (injunction signed 1 September 2026), Nevada (state-court injunction entered 18 May 2026 and an agreement filed 23 July 2026; election and entertainment contracts are off too) and Washington (since 19 August 2026; election, politics, entertainment, culture, tech/science and mention contracts are off too). Kalshi's other markets stay open in all three. - Available, dispute pending (25): Alaska, Arizona, California, Connecticut, Delaware, Hawaii, Idaho, Illinois, Iowa, Kentucky, Maryland, Massachusetts, Minnesota, Missouri, Montana, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Wisconsin. - Available (22 + D.C.): every other state.
Robinhood: actions on record in our legal timeline
| Date | State | What happened |
|---|---|---|
| 18 Sep 2026 | Missouri | The Attorney General told six companies, Robinhood and Kalshi among them, to stop offering sports event contracts (press report); no court order found |
| 10 Sep 2026 | Nevada / federal | Robinhood Derivatives asked the Supreme Court to review the Ninth Circuit's 28 August 2026 ruling in its Nevada case (No. 26-338; Nevada's response now due 13 November 2026) |
| 9 Sep 2026 | Michigan | Robinhood agreed to stop offering new sports event contracts in Michigan and to close remaining positions within a month, pending an appeal |
| 23 Apr 2026 | Wisconsin | Wisconsin sued Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com; the CFTC then sued Wisconsin |
| 2 Dec 2025 | Connecticut | Cease-and-desist orders to Kalshi, Robinhood and Crypto.com |
| 22 Jul 2025 | California | Three California tribes sued Kalshi and Robinhood (the Ninth Circuit ruled for two of the tribes against Kalshi on 16 September 2026) |
| 7 Apr 2025 | Maryland | Cease-and-desist letters to Kalshi, Robinhood and Crypto.com |
| 2 Apr 2025 | Illinois | Illinois Gaming Board orders to Kalshi, Crypto.com and Robinhood (report date) |
| 1 Apr 2025 | Ohio | Cease-and-desist notices to Kalshi, Robinhood and Crypto.com |
| 27 Mar 2025 | New Jersey | Cease-and-desist letters to Kalshi and Robinhood |
In most states the two firms face the same regulators. The federal picture is the same for both: federal appeals courts are split on sports event contracts, all at the preliminary-injunction stage: the Third Circuit sided with Kalshi (6 April 2026), the Ninth (28 August 2026) and Sixth (25 September 2026) sided with the states, and three Supreme Court petitions (Nos. 26-299, 26-338, 26-344) are pending; none has been granted. One of those three petitions is Robinhood's.
Who should pick which
Choose Kalshi if: - you want the widest range of markets, not only sports; - you want to see the fee method, deposit fees and withdrawal terms in writing before you sign up; - you want to trade on the web or on Android as well as on an iPhone; - you want a welcome offer (Trade $25 and Get $25!, in 47 states plus D.C.).
Choose Robinhood if: - you already have a Robinhood account and only want to try a few sports contracts in the same app; - you are comfortable checking fees and state availability in the app yourself, since we have not verified them.
Our pick: Kalshi. For someone choosing a place to trade event contracts, Kalshi is the clearer choice today: it is a dedicated, CFTC-designated exchange, its terms are published, and its market list is broad. If you live in Michigan, Nevada or Washington, remember that Kalshi's sports contracts are blocked there by court order; its other markets stay open.
Kalshi offer
Offer: Trade $25 and Get $25! Code RANKPREDICTS (use our link or the code). The welcome offer covers 47 states plus D.C. (not Michigan, Nevada or Washington). Kalshi's minimum age is 18; we recommend 21+. Claim the Kalshi offer (opens in a new tab)
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. 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.
Other regulated alternatives
If neither fits, these partner exchanges are also CFTC-regulated:
Polymarket US (not offered in Nevada). Trading fee since October 2026: a price-based taker fee, highest near 50¢ (about $1.74 per 100 contracts); resting orders pay no fee, and rebates on them are limited to very high-volume traders from 19 October 2026. Polymarket US's minimum age is 18; we recommend 21+.
Offer: Deposit $10 get a $25 Trading Bonus! Code RANKPREDICTS. The welcome offer covers 48 states plus D.C. (not Nevada). Claim the Polymarket US offer (opens in a new tab)
18+ Only. Restrictions and eligibility requirements apply. Not available in all jurisdictions. 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.
ProphetX (sports; web and mobile app; not offered in Nevada). 2% of net winnings per market on straight trades. ProphetX's minimum age is 18; we recommend 21+.
Offer: Trade $50, Earn $75! Code RANKPREDICTS. The welcome offer covers 49 states plus D.C. (not Nevada). Claim the ProphetX offer (opens in a new tab)
New users only. T&Cs apply. ProphetX's minimum age is 18 (or the local age of majority if higher); we recommend 21+. Not available in Nevada. Trading involves risk.
OG (by Crypto.com) (web and mobile app). Fee when you open or close a position; price-based on most markets; none at settlement. OG's minimum age is 18; we recommend 21+.
Offer: Trade $25 Get $50 in Rewards! (New users only) Code RANKPREDICTS, or use our link and leave the code box empty. The welcome offer covers 42 states plus D.C. Claim the OG offer (opens in a new tab)
Paid partnership with OG. Terms and conditions apply. Trading derivatives involves risk and may not be appropriate for all. Availability subject to jurisdictional limitations. For more information, visit: OG.com.
More pairs: Kalshi vs Polymarket · Kalshi vs OG · all comparisons · Kalshi review · Robinhood review · beginner's guide.
Sources
Checked 14 October 2026.
- CFTC release 8302-20 (Kalshi designation) (opens in a new tab)
- Kalshi help centre, read 3 October 2026 (named, not linked: we only link to platforms through our tracked partner links): "Fees", "Transfers FAQ", "Signing up as an individual" (age)
- Kalshi state orders: Michigan (opens in a new tab); Nevada (opens in a new tab); Washington (opens in a new tab)
- Robinhood: CFTC request, Feb 2025 (opens in a new tab); Michigan, Sep 2026 (opens in a new tab); Supreme Court petition 26-338 (docket) (opens in a new tab); Missouri (opens in a new tab); Wisconsin (opens in a new tab); Connecticut (opens in a new tab); California tribes (opens in a new tab); Maryland (opens in a new tab); Illinois (opens in a new tab); Ohio (opens in a new tab); New Jersey (opens in a new tab)
- Federal: Third Circuit (opens in a new tab); Ninth Circuit (opens in a new tab); Sixth Circuit (opens in a new tab); dockets 26-299 (opens in a new tab), 26-344 (opens in a new tab)
- Partner offers: partner export of 1 October 2026
Frequently asked questions
Is Kalshi or Robinhood better for event contracts?
For most people, Kalshi. It is a dedicated CFTC-designated exchange (since 3 November 2020) with published fees and funding terms, it works on the web, iOS and Android, and it lists economics, weather, politics and culture markets as well as sports. Robinhood is mainly convenient if you already use its app; we have not verified its event-contract fees or state list.
Does Robinhood use Kalshi?
Our facts file does not record which exchange lists the event contracts Robinhood customers trade, so we do not make that claim. What is on record: Robinhood Derivatives, LLC has its own Nevada case and its own Supreme Court petition (No. 26-338), and Robinhood was named alongside Kalshi in several state actions.
What are Kalshi's fees compared with Robinhood's?
Kalshi charges a transaction fee when a trade is executed, worked out from the contract price and the number of contracts and shown in the order ticket before you confirm; bank deposits and withdrawals are free. We have not verified Robinhood's event-contract fees, so check the cost in its order screen before you trade.
Where are Kalshi's sports contracts blocked?
As of 3 October 2026, court orders make Kalshi block sports contracts in Michigan, Nevada and Washington; its other markets stay open there. In 25 other states Kalshi is open while a dispute is pending.
Is Robinhood allowed to offer sports contracts in my state?
It depends on the state. Robinhood agreed in September 2026 to stop new sports contracts in Michigan, it has a Supreme Court petition pending over Nevada, and regulators in New Jersey, Ohio, Illinois, Maryland, Connecticut, Wisconsin and Missouri have sent orders or letters or filed suits. Check the Robinhood app for what it offers where you are.
21+ · T&Cs apply · Terms
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. 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.