The 5 Best Prediction Market Platforms in 2026 (We've Tested Them All)

Prediction markets have gone from a niche curiosity to a legitimate asset class. The 2024 election cycle put them on the map for millions of new traders, and by 2026 the landscape has matured considerably. Regulated exchanges now offer contracts on everything from Fed rate decisions to daily high temperatures, while crypto-native platforms continue to push the boundaries on volume and global access.

I have traded actively on every platform covered here. This guide breaks down what each one actually feels like to use, where the edges are, and which platform fits different types of traders.

Quick Comparison

Platform	Regulation	Markets	Fees	Min Deposit	API Access
Kalshi	CFTC-regulated (DCM)	Weather, economics, crypto, politics, events	~1-2 cents/contract	$1	Yes (REST + WebSocket)
Polymarket	Unregulated (crypto-native)	Politics, crypto, current events	~1% via spread	USDC on Polygon	Yes (CLOB API)
PredictIt	CFTC no-action letter	Politics only	10% profit fee + 5% withdrawal	$5	Limited
Metaculus	N/A (no real money)	Science, tech, geopolitics, AI	Free	None	Community API

Kalshi

Kalshi is the only fully CFTC-regulated designated contract market (DCM) for event contracts in the United States. That regulatory status is not just a marketing bullet point — it means segregated customer funds, audited settlement sources, and legal clarity that no other prediction market can offer US residents.

What Makes It Stand Out

The market selection is the broadest of any platform. You can trade contracts on whether the S&P 500 will close above a specific level today, whether Bitcoin will be above $90,000 by Friday, what the next CPI print will be, the daily high temperature in major cities, and hundreds of political and current-events markets. New categories are added regularly, and the diversity alone makes Kalshi the most versatile platform for serious traders.

The API is production-grade. REST endpoints for order management, WebSocket feeds for real-time market data, and solid documentation. If you want to build automated trading strategies — whether that is algo market-making, statistical arbitrage, or model-driven positioning — Kalshi is the only regulated platform with the infrastructure to support it. Read our full Kalshi review for an in-depth look at every feature.

Fees and Costs

Kalshi charges roughly 1 to 2 cents per contract on entry and exit. There are no deposit fees, no withdrawal fees, and no inactivity charges. Compared to PredictIt’s punishing fee structure, the cost of trading on Kalshi is dramatically lower. That said, the per-contract fees do add up for high-frequency strategies, especially on contracts priced near 50 cents where the fee represents a larger percentage of potential profit.

Who Should Use Kalshi

Kalshi is the best choice for US-based traders who want the peace of mind of full regulation, access to a wide range of markets beyond just politics, and the ability to trade programmatically via API. If you are building a portfolio of event-driven positions or running automated strategies, this is where you should be.

Pros:

• Full CFTC regulation with segregated funds
• Widest market selection (weather, economics, crypto prices, politics)
• Production-quality API for algorithmic trading
• Low, transparent fee structure
• Real-time settlement on most markets

Cons:

• US-only (requires US identity verification)
• Liquidity can be thin on niche markets
• No leverage or margin trading
• Per-contract fees eat into edges on small-spread trades

Polymarket

Polymarket is the largest prediction market by trading volume, and it is not particularly close. Built on Polygon (an Ethereum Layer 2), it uses USDC as its settlement currency and operates a central limit order book that feels closer to a traditional exchange than most DeFi protocols.

What Makes It Stand Out

Liquidity is the main draw. On marquee political and crypto markets, you can move meaningful size without significant slippage. During election cycles, daily volume on individual markets can exceed tens of millions of dollars. The order book is transparent, spreads are tight on popular markets, and execution is fast.

Because Polymarket is crypto-native, it is accessible globally without KYC for basic usage. You connect a wallet, deposit USDC, and start trading. This accessibility has made it the default platform for international traders who cannot access Kalshi or PredictIt. Our Polymarket guide walks through every step of the setup and deposit process.

Fees and Costs

There are no explicit trading fees on Polymarket. The cost of trading is embedded in the spread. In practice, takers pay roughly 1% depending on market liquidity. Gas fees on Polygon are negligible. Depositing and withdrawing USDC does require interacting with the Polygon network, which adds a small friction cost for users unfamiliar with crypto wallets and bridges.

Who Should Use Polymarket

Polymarket is ideal for high-volume traders who want deep liquidity on political and crypto markets, international users who cannot access US-regulated platforms, and anyone comfortable with a crypto-native workflow. If you already hold USDC and want to trade large positions on headline events, Polymarket offers the best execution.

Pros:

• Highest liquidity of any prediction market
• Global access without KYC for basic use
• Tight spreads on popular markets
• No explicit trading fees
• Active and transparent order book

Cons:

• No regulatory protection for users
• Requires crypto wallet and USDC (learning curve for traditional traders)
• Market selection skews heavily toward politics and crypto
• Regulatory risk (could be restricted in additional jurisdictions)
• Dispute resolution is less transparent than regulated exchanges

PredictIt

PredictIt launched in 2014 as an academic research project from Victoria University of Wellington, operating under a CFTC no-action letter. It was once the go-to platform for political prediction markets in the US, but its relevance has declined significantly as Kalshi and Polymarket have scaled.

What Makes It Stand Out

Honestly, not much anymore. PredictIt’s niche is that it remains accessible to US users with minimal friction — you can deposit with a debit card and start trading political markets within minutes. The $850 per-contract position limit keeps it approachable for casual traders who want small stakes exposure to elections and policy outcomes.

Fees and Costs

This is where PredictIt falls apart for serious traders. The platform charges a 10% fee on profits and a 5% fee on withdrawals. Combined, these fees make it nearly impossible to generate meaningful returns. A trade that nets you $100 in profit actually pays you $85 after the profit fee, and then $80.75 after the withdrawal fee. Those economics are brutal, especially compared to Kalshi’s 1-2 cent per-contract model.

Who Should Use PredictIt

PredictIt still has a place for casual political bettors who want to put $50 on an election outcome and do not care about fee optimization. If you are trading more than a few hundred dollars or doing anything resembling a strategy, the fees make it a poor choice.

Pros:

• Easy signup and debit card deposits
• Low minimum deposit ($5)
• Simple, approachable interface for beginners
• Established track record in political markets

Cons:

• 10% profit fee and 5% withdrawal fee are punishing
• $850 position limits cap upside
• Limited to political markets only
• No API for automated trading
• Uncertain regulatory future (CFTC no-action letter has been challenged)

Metaculus

Metaculus is not a prediction market in the traditional sense — you cannot win or lose real money. It is a community forecasting platform where users submit probability estimates on questions about science, technology, geopolitics, AI timelines, and more. Forecasts are scored using proper scoring rules, and the platform maintains detailed track records for each forecaster.

Why It Belongs on This List

Even though no money changes hands, Metaculus is one of the best tools for developing the skills that make you a better prediction market trader. Calibration — the ability to assign accurate probabilities to uncertain events — is the foundational skill of profitable trading. Metaculus gives you a structured environment to practice that skill across hundreds of questions, with immediate feedback on your accuracy over time.

The community is also a valuable signal source. Metaculus aggregate forecasts have a strong track record on questions like pandemic trajectories, AI capability milestones, and geopolitical events. Checking Metaculus consensus before placing a trade on Kalshi or Polymarket is a legitimate edge.

Pros:

• No financial risk while building forecasting skills
• Excellent calibration training with proper scoring rules
• High-quality community with strong aggregate accuracy
• Broad question categories (science, AI, geopolitics)

Cons:

• No real money at stake (less skin in the game)
• Not a trading platform
• Some questions resolve over very long time horizons

How to Choose the Right Platform

The right platform depends on three things: where you live, how much you want to trade, and what you want to trade on.

You Are a US Resident Who Wants Regulatory Protection

Go with Kalshi. It is the only fully regulated option, offers the widest market selection, and the API makes it possible to scale beyond manual trading. The fees are reasonable, your funds are segregated, and you will not wake up one morning to find your platform has been shut down by regulators.

You Want Maximum Liquidity on Political Markets

Go with Polymarket. If you are trading five-figure positions on elections or major geopolitical events, Polymarket has the deepest order books. You will need to be comfortable with crypto wallets and USDC, and you should understand that there is no regulatory safety net.

You Are Casual and Just Want to Bet on Elections

PredictIt works, but go in with your eyes open about the fees. If you are putting $50-$200 on a few markets per year and treating it as entertainment, the convenience might justify the cost. If you are trying to make money, look elsewhere.

You Want to Get Better at Forecasting Before Risking Money

Start with Metaculus. Spend a few months making predictions, reviewing your calibration, and studying how the community thinks about uncertainty. The skills you build there translate directly to better trading on any real-money platform.

You Want to Trade Programmatically

Kalshi is the clear winner. Its REST and WebSocket APIs are well-documented and reliable. Polymarket also offers API access through its CLOB system, but the crypto infrastructure adds complexity. PredictIt has no meaningful API. If algorithmic trading is your goal, Kalshi should be your primary platform.

Final Thoughts

The prediction market ecosystem in 2026 is in a fundamentally different place than it was even two years ago. Kalshi has expanded into weather, economics, and crypto price markets that did not exist before. Polymarket has proven that crypto-native markets can achieve real institutional-scale liquidity. PredictIt is fading but still functional. And Metaculus continues to quietly produce some of the best crowd-sourced forecasts available anywhere.

If you cannot decide between the top two, our Kalshi vs Polymarket head-to-head comparison breaks down every difference that matters. For most traders reading this, the practical answer is straightforward: open a Kalshi account for regulated, diverse market access. If you also want exposure to high-liquidity political markets or need global access, add Polymarket. Use Metaculus to sharpen your forecasting skills. And unless you have a specific reason, skip PredictIt — the fees are not worth it in 2026.

The best prediction market platform is ultimately the one that aligns with your goals, your risk tolerance, and your jurisdiction. But the good news is that the options have never been better.