Kalshi launched its US election prediction market contracts in October after a court ruling in its favor, and has seen over $30 million in trading volume in just three weeks. However, it still lags behind Polymarket, which had about $40 million in trading volume in early January to early February (the first month its presidential election prediction contracts were open), and recently exceeded $2 billion in trading volume.
Kalshi market believes that Republican candidate Trump leads Democratic opponent Harris by 14 percentage points. These odds must come only from US nationals (and permanent residents) because Kalshi's terms and conditions prohibit foreigners from trading on the platform.
In contrast, Polymarket prohibits US traders from using the platform, but does not require a KYC process. Polymarket's bets are denominated in cryptocurrencies, while Kalshi's bets are settled in regular US dollars. (CoinDesk)