Polymarket Perps vs Kalshi (2026): Which Perps Can You Actually Trade?

Both of the big prediction-market platforms crossed into leveraged trading in 2026: Kalshi launched CFTC-regulated perpetual futures in the US (reportedly crossing $1 billion in volume within a week of its crypto perps going live), and Polymarket launched Perps broadly on September 3, 2026 with up to 20x leverage across crypto, stocks, indices and commodities. They look like head-to-head rivals. For an individual trader, they mostly aren't — because who is allowed to use each one barely overlaps. That's the comparison that matters, as of September 2026.

The one-sentence version

If you're in the United States, Kalshi is the one you can legally use; if you're outside the US (and Canada), Polymarket Perps is open to you and covers a broader asset surface. Feature comparisons are secondary to that split.

Access: the deciding axis

Kalshi operates as a CFTC-regulated Designated Contract Market — a federally regulated US exchange. Its perpetual futures are US-legal, offered under US derivatives regulation. (Note: some of Kalshi's *sports event contracts* face state-level disputes in a handful of states — a separate issue from its crypto perps.)

Polymarket Perps runs on Polymarket's main (international) platform. Per Polymarket's own documentation, Perps order placement is blocked in the United States and Canada (plus sanctioned jurisdictions); the UK is close-only and Australia blocked on the main platform. Polymarket's separate CFTC-regulated US venue offers only fully-collateralized event contracts — no perps.

So the honest routing: US trader → Kalshi (or other CFTC-regulated venues like Kraken and Coinbase, which launched US perpetual-style futures in 2025–2026). International trader → both are candidates, and the rest of this comparison applies to you.

Product surface

Polymarket Perps: ~67 instruments at launch across four categories — 24 crypto (BTC, ETH, SOL…), ~36 single stocks (TSLA, NVDA, AAPL…), indices (S&P 500, Nasdaq 100) and commodities (gold, silver, WTI and Brent oil). Up to 20x leverage on crypto/indices/commodities, 10x on stocks, with per-market risk tiers stepping leverage down as position size grows. Collateral is pUSD on Polygon; funding settles hourly, trader-to-trader, capped ±4%/hour. See our live Perps markets screener for current prices, funding and open interest across every instrument.

Kalshi perps: launched around its crypto markets with CFTC-regulated structure and US access as the headline features. Kalshi's product breadth, leverage caps and fee schedule are best confirmed on its live site — we won't quote numbers here we haven't verified against its current documentation.

Fees and mechanics

Polymarket Perps fees are published and tiered: 0.0400% taker / 0.0125% maker at the base tier, improving with 30-day volume to a maker rebate at the top tier — full breakdown with worked examples in our fees guide. Funding mechanics are documented and predictable (risk math here). For Kalshi, check the live fee schedule on its site; as a regulated US exchange its cost structure and margin rules sit inside a different (CFTC) framework than an offshore crypto venue's.

Ecosystem fit

Choose Polymarket Perps if you're already in the Polymarket ecosystem (prediction markets + perps share an account and wallet), want stocks/commodities/indices perps alongside crypto, and you're in an eligible region.

Choose Kalshi if you're a US person — it's not really a choice; it's the lane the rules put you in — or if regulated-venue protections matter to you more than asset breadth.

Traders outside the US comparing Polymarket against crypto-native venues should also read our Polymarket Perps vs Hyperliquid comparison.

Eligibility quick-check

Not sure which side of the line you're on? Our country eligibility guide walks the full restricted list. The short version: US + Canada cannot trade Polymarket Perps at all — don't attempt workarounds (VPN circumvention violates Polymarket's terms and risks your funds).

Eligible and new to perps? Start with the complete tutorial, then open Polymarket Perps — small size, isolated margin, know your liquidation distance.

Eligibility note: Polymarket blocks Perps order placement in the United States and Canada (per its official documentation as of September 2026), and the main platform carries separate restrictions in the UK, Australia and elsewhere. If you're in a restricted region, Polymarket Perps won't be tradable for you — and circumventing geo-restrictions violates Polymarket's terms.

Risk notice: Perps are leveraged derivatives. Funding costs accrue hourly, liquidation can close your position automatically, and you can lose your entire deposit — liquidation is not a guaranteed stop-loss. Nothing here is investment advice. Polymarket mechanics cited from docs.polymarket.com/perps as of September 2026; Kalshi details should be confirmed on its live site. We may earn a commission when you sign up through links on this site — this never affects our coverage.