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Kalshi vs Robinhood Prediction Markets

Kalshi is an exchange. Robinhood is a broker that sells event contracts from Kalshi and three other CFTC-regulated exchanges inside its brokerage app. Kalshi's fee peaks on 50-cent contracts. Robinhood adds its own commission, capped at 1 cent a contract, and passes on an exchange fee, so the split comes down to cost against convenience.

By the DFS Directory team. Checked Nov 2, 2026.

Which one fits you

Kalshi

  • Pick Kalshi if fees matter most: a 100-contract taker order at 50 cents costs $1.75 on Kalshi, against $2.00 to open the same Kalshi-listed position through Robinhood.
  • Pick Kalshi if you want to trade on the web or fund directly with PayPal, Venmo or crypto. Robinhood's prediction markets trade only in its mobile app.

Robinhood Prediction Markets

  • Pick Robinhood if you already have a Robinhood brokerage account and want event contracts next to your stocks and crypto.
  • Pick Robinhood if you want one app that routes orders across four exchanges, including Kalshi.

Exchange vs broker

Kalshi is a CFTC designated contract market, and on Kalshi you trade against other members. Robinhood Derivatives, LLC is a CFTC-registered futures commission merchant. It offers contracts listed on KalshiEX, ForecastEX, Rothera Exchange and Clearing (formerly MIAXdx) and North American Derivatives Exchange. Since September 8, 2026, it has also routed some football contracts to OG.com.

Fees

Kalshi's fee schedule (effective July 7, 2026) charges takers 0.07 × price × (1 − price) per contract, rounded up: $1.75 on 100 contracts at 50 cents. Since June 1, 2026, Robinhood charges a commission of 10% × price × (1 − price) per contract, or 5% with Gold, capped at $0.01 per contract. On top of that it passes on an exchange fee on both opening and closing trades, which is $0.01 per contract, per side for Kalshi-listed contracts. So 100 contracts at 50 cents cost $1.00 in commission plus $1.00 in exchange fees to open.

Account and funding

Kalshi needs only a Kalshi account, opened at 18, and lists no fee for bank or debit card withdrawals. Robinhood requires you to be 18, a US resident and the holder of an individual brokerage account. Robinhood deposits are free and standard bank withdrawals are free. Instant withdrawals to a bank or debit card cost up to 1.75%, with a $1 minimum and $150 maximum.

Where they work

As of November 2, 2026, Kalshi's sports contracts are not available in Michigan, Nevada and Washington. Robinhood says Maryland, Michigan and Nevada residents can't trade its sports contracts, and as of November 2, 2026, Ohio and Utah residents can't open new ones. Missouri sent both companies cease-and-desist letters in September, and Ohio sent one to Robinhood on October 2.

Markets

Both list sports, politics, weather and other categories, and both offer combos. Robinhood's custom combos take up to 10 legs, mixing outcomes, spreads, totals and player-level contracts. Kalshi also lists economic markets such as Fed rates, inflation and GDP.

Side by side

Kalshi and Robinhood Prediction Markets compared
Kalshi
Robinhood Prediction Markets
Contest typesPrediction marketPrediction market
States48—
SportsNFL, CFB, NBA, CBB, MLB, NHL, Golf, MMA, Soccer, TennisNFL, CFB, NBA, CBB, WNBA, MLB, NHL, Golf, MMA, Boxing, Soccer, Tennis, Esports, Cricket, Other
Minimum age18+18+
Min deposit$10—
PayoutsDebit card, ACH / bank transfer, PayPal, Venmo, CryptoACH / bank transfer, Debit card, Wire
New-user offer——
CanadaNoNo
Founded20182013
OwnerKalshi Inc. (private; KalshiEX LLC is the CFTC-designated exchange, Kalshi Klear LLC the clearinghouse)Robinhood Markets, Inc. (NASDAQ: HOOD); contracts offered by Robinhood Derivatives, LLC, a registered FCM
Visit Kalshi(opens in a new tab)Visit Robinhood Prediction Markets(opens in a new tab)

The table is built from each listing's published details. See the Kalshi and Robinhood Prediction Markets profiles for their sources and check dates.

Sources and corrections

Last checked Nov 2, 2026. We wrote this page from the sources below, and each listing links its own. If something about Kalshi or Robinhood Prediction Markets has changed, let us know.