Kalshi vs ProphetX
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
ProphetX
Regulated exchange · USD · United States
— out of 10, editor score
- +Regulated: CFTC Designated Contract Market (DCM): ProphetX LLC, Order of Designation issued 11 June 2026
- +$10 minimum deposit
- +Public API
Verdict
Both are CFTC-designated exchanges, but they price trades differently. Kalshi charges a per-contract taker fee that is highest around 50¢; ProphetX charges 2% of your net gains per market and nothing on a losing trade. ProphetX is sports-first and new — designated in June 2026 — while Kalshi covers far more categories.
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 | ProphetX | Edge |
|---|---|---|---|
| Overview | |||
| Editor Score | 8/10 | Not rated | No edge |
| Type | Regulated exchange | Regulated exchange | No edge |
| Launched | 2021 | 2026 | 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 | Single-event (straight) trades: "All straight trades on site will be charged a 2% trading fee on net gains per market" (prophetx.co Trading Fees page, v1.2, updated 24 Sep 2026; also the help centre's Understanding Fees page). The CFTC self-certification words this as "2% of net proceeds ... calculated on a per-market basis upon settlement" (ProphetX LLC filing, 12 June 2026, extended 14 Aug 2026). The same filing sets a monthly make-volume rebate on fees paid: 0% up to $50k, then 20%, 40%, 60% and 80% marginal tiers above $7.5M. Parlay contracts: the fee is charged only to the taker, using F(p) = 0.014 x (1-p)/(0.19+p) + 0.004 per contract, with a $0.01 minimum. The help centre says "If your resting order is filled by an incoming order (a maker order), you are not charged a trade fee." The minimum deposit is $10 (help centre). Neither the operator's help centre nor its terms list a deposit or withdrawal fee, and the EdgeBoost deposit route is described as having "no fees". Terms 6.11: "Your access to Account funds will automatically expire in the event an Account becomes Dormant", where dormant means 60 days with no trading. 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 | $10 | Tie |
| Currencies | USD | USD | No edge |
| Markets | |||
| Market categories | Politics, Sports, Crypto, Economy, Entertainment, Science, Other | Sports, Politics | 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 (DCM): ProphetX LLC, Order of Designation issued 11 June 2026, CFTC Derivatives Clearing Organization (DCO): ProphetX LLC, registered 10 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 account opening. Identity is checked automatically, with ID, selfie and SSN upload if that fails. The help centre says "Accounts that are pending verification ... will not be able to make a deposit, trade, or withdrawal." Wires also need a bank statement, ID and a selfie holding the ID. | No edge |
| Supported countries | — | — | No edge |
Two fee models
Kalshi’s taker fee is 0.07 × price × (1 − price) per contract, charged whether the trade wins or loses. ProphetX charges “a 2% trading fee on net gains per market” on straight trades, so a losing position costs no fee, and it rebates up to 80% of fees to high-volume makers. Parlays on ProphetX carry a separate taker-only formula.
Structure
ProphetX is both the exchange and its own registered clearing house, and participants clear their own trades with no broker in between. Kalshi has been designated since 3 November 2020. ProphetX says it is available nationwide but publishes no excluded-state list.
Which one suits you
Choose Kalshi if…
→Traders who want the widest regulated market list, or who are outside the US.
Choose ProphetX if…
→US sports traders who prefer paying only when they win, and makers chasing volume rebates.
FAQ
- Is ProphetX or Kalshi cheaper?
- It depends on your results. ProphetX takes 2% of net gains per market and nothing on losses; Kalshi takes about 1.75¢ per contract at 50¢ on every taker trade. A trader who loses often pays less on ProphetX.
- Is ProphetX regulated?
- Yes. The CFTC issued ProphetX LLC an order of designation as a contract market on 11 June 2026, and registered it as a clearing organisation on 10 June 2026.
- Does ProphetX have political markets?
- ProphetX self-certified political contracts with the CFTC on 2 September 2026. It is otherwise sports-first; Kalshi lists politics, economics and more.