Kalshi vs Novig
Kalshi
Regulated exchange · USD · United States
8.0 out of 10, editor score
- +Regulated: CFTC-designated contract market — Kalshi (CFTC DCM register: “Designated”, 3 November 2020)
- +$10 minimum deposit
- +7 market categories
Novig
Regulated exchange · USD · United States
— out of 10, editor score
- +Regulated: CFTC Designated Contract Market: Ludlow Exchange, LLC (d/b/a Novig), designated 16 June 2026
- +Public API
- +iOS and Android apps
Verdict
Kalshi is the broad regulated exchange — politics, economics, weather and sports. Novig is sports-only, CFTC-designated since June 2026, and built around low fees: makers pay nothing and pre-game straight trades are free on both sides. For a sports trader the fee difference is real; for anything else, Novig has no market.
Row by row
The edge on each row is marked. Built automatically from the platform records, so it never drifts from the reviews — rows that describe rather than rank, like jurisdiction or market categories, say “no edge” instead of picking a side.
| Criterion | Kalshi | Novig | Edge |
|---|---|---|---|
| Overview | |||
| Editor Score | 8/10 | Not rated | No edge |
| Type | Regulated exchange | Regulated exchange | No edge |
| Launched | 2021 | 2024 | No edge |
| Mobile apps | iOS, Android | iOS, Android | No edge |
| Fees | |||
| Fee conditions & evidence | The general taker formula is 0.07 × multiplier × contracts × price × (1 − price), subject to schedule rounding. Maker fees use 0.0175 with a default multiplier of zero, but selected series charge maker fees. No settlement fee; funding charges depend on the payment method. Review evidence · Official fee source | Novig's help centre says "only takers pay trading fees on Novig. The maker fee is $0" (support.novig.com/en/articles/16195057-fees-on-novig, read 28 Sep 2026). Pre-game straight trades carry no fee for maker or taker (app/web and API). Taker fees are 0.03 x P x (1-P) per contract on live straight trades, 0.06 x P x (1-P) on futures, and 0.10 x P x (1-P) on parlays (the parlay fee is built into the quoted price). At a 50c contract that works out to about 1.5%, 3% and 5% of the stake respectively. Our calculation: 0.03 x 0.25 = $0.0075 per 50c contract. The help centre's worked example is 100 live contracts at 50% = $0.75. Makers on live and futures markets can earn a rebate through the Maker Credit Program: "50% of the Live Taker Fee collected" and "70% of the Futures Taker Fee collected", starting 10 September 2026. Deposits by credit card, debit card or Apple Pay use 'standard pricing' with a 3% fee; bank transfers (Stripe, Aeropay) and stablecoins (Coinflow) use no-fee 'discount pricing' (support.novig.com/en/articles/15062817, read 28 Sep 2026). No withdrawal fee is stated anywhere we read. Review evidence · Official fee source | Depends on the trade |
| Maker fee | See fee conditions above | See fee conditions above | No edge |
| Taker fee | See fee conditions above | See fee conditions above | No edge |
| Withdrawal fee | — | — | No edge |
| Deposits and withdrawals | |||
| Minimum deposit | $10 | — | No edge |
| Currencies | USD | USD | No edge |
| Markets | |||
| Market categories | Politics, Sports, Crypto, Economy, Entertainment, Science, Other | Sports | No edge |
| Public API | Yes | Yes | Tie |
| Access and regulation | |||
| Jurisdiction | United States | United States | No edge |
| Licensing | CFTC-designated contract market — Kalshi (CFTC DCM register: “Designated”, 3 November 2020) | CFTC Designated Contract Market: Ludlow Exchange, LLC (d/b/a Novig), designated 16 June 2026 | No edge |
| KYC required | Yes | Yes | No edge |
| KYC trigger | Mandatory before trading. Kalshi requires full legal name, date of birth, a residential address (no PO boxes or commercial addresses) and a live photo of a government ID — driver’s licence or passport — and states it is “mandated to gather this specific information from all Kalshi users due to our regulatory obligations under United States (US) law”, with proof of address, employment information or source of funds possible on top (help.kalshi.com, read 31 July 2026). | At sign-up: legal name, date of birth, address, phone, last 4 digits of SSN, and a current US driver's licence or state ID (support.novig.com Account Verification). | No edge |
| Supported countries | — | — | No edge |
Fees on a sports trade
Kalshi charges takers 0.07 × price × (1 − price) per contract, about 1.75¢ at 50¢. Novig charges nothing on pre-game straight trades; takers pay 0.03, 0.06 or 0.10 × price × (1 − price) on live trades, futures and parlays, and makers pay nothing. A card or Apple Pay deposit on Novig costs 3%; a bank transfer does not.
Who can use them
Novig requires users to be 21 or older and physically in an eligible state, and says it does not operate in Arizona, Michigan or Nevada. Kalshi accepts US residents and many other countries, but court orders block its sports contracts in Nevada, Washington and Michigan.
Which one suits you
Choose Kalshi if…
→Anyone who trades more than sports, and traders outside the US.
Choose Novig if…
→US sports traders aged 21+ who trade pre-game and want to pay no fee.
FAQ
- Is Novig cheaper than Kalshi?
- For pre-game sports trades, yes: Novig charges no fee to either side, where a Kalshi taker pays about 1.75¢ per contract at 50¢. On live trades Novig’s taker fee is 0.03 × price × (1 − price).
- Is Novig regulated like Kalshi?
- Yes. Novig is the trading name of Ludlow Exchange, LLC, which the CFTC lists as a designated contract market since 16 June 2026. Kalshi has been designated since 3 November 2020.
- Does Novig have non-sports markets?
- No. Novig lists sports markets only. Kalshi also lists politics, economics, crypto, science and entertainment.