Top Kalshi alternatives include Polymarket (offshore, crypto-based), PredictIt (academic, low limits), and Metaculus (forecasting community). Each offers different features, regulation, and markets.
Top Kalshi Alternatives
1. Polymarket
Best alternative for high liquidity and crypto users
- Type: Decentralized prediction market
- Currency: USDC (crypto)
- Regulation: None (offshore)
- US users: Technically blocked (VPN possible but risky)
- Pros: Deep liquidity, tight spreads, wide market variety
- Cons: Not legal for US users, crypto complexity, no regulatory protection
2. PredictIt
Best for small-scale, academic trading
- Type: Academic prediction market
- Currency: USD
- Regulation: CFTC no-action letter (limited exemption)
- US users: Legal and allowed
- Pros: Legal for US users, simple interface, political focus
- Cons: $850 position limit per market, 10% withdrawal fees, 5% trading fees
3. Metaculus
Best for forecasting without money
- Type: Forecasting platform (no real money)
- Currency: Points-based reputation system
- Regulation: N/A (not real-money betting)
- US users: Open to all
- Pros: Free, community-driven, wide variety of questions, no financial risk
- Cons: No real money, can't profit financially
4. Augur
Decentralized prediction market (mostly inactive)
- Type: Decentralized blockchain market
- Currency: Ethereum (ETH)
- Status: Low activity, mostly superseded by Polymarket
- Pros: Fully decentralized, censorship-resistant
- Cons: Very low liquidity, high gas fees, complex UX
Platform Comparison
| Platform | Legal (US) | Currency | Liquidity | Fees |
|---|---|---|---|---|
| Kalshi | Yes (CFTC) | USD | Medium | 2-4¢ spread |
| Polymarket | No (blocked) | USDC | High | 2% on profits |
| PredictIt | Yes (limited) | USD | Low | 5% trade + 10% withdrawal |
| Metaculus | Yes (no money) | Points | N/A | Free |
Which Alternative Should You Choose?
Choose Polymarket if:
- You're outside the US or willing to use VPNs (at your own risk)
- You're comfortable with crypto and wallets
- You need deep liquidity and tight spreads
Choose PredictIt if:
- You want legal US trading but only small amounts
- You're interested in political markets specifically
- Position limits don't bother you
Choose Metaculus if:
- You want to practice forecasting without financial risk
- You're interested in community predictions and calibration
- You don't need real money payouts
Stick with Kalshi if:
- You're a US resident who wants legal compliance
- You prioritize CFTC regulation and safety
- You prefer USD over crypto
Bottom Line
For US users, Kalshi remains the best legal alternative. Polymarket offers better liquidity but carries legal risk. PredictIt is legal but has punitive fees and low limits. Metaculus is great for practice but has no real money.
Most serious traders use a combination: Kalshi for compliance, Polymarket for liquidity (if comfortable with the risk), and Metaculus for sharpening forecasting skills.