Prediction markets have exploded from being niche experimental products to becoming one of the fastest growing segments in the year 2026. Prediction market platforms allow users to buy and sell contacts that are based on real-word events such as sports results, crypto prices, economic data to election results.
The two biggest names in this industry are Kalshi and Polymarket. Both these platforms dominate the market but are built on different foundations, which affects the choice of operators who want to build clone solutions that’s inspired by either one.
If you are someone who is building a Kalshi or Polymarket inspired clone platform, this guide is just for you. So let’s begin!
Do Kalshi and Polymarket Belong to the Same Company?
The answer is no. Kalshi and Polymarket are different companies that differ in strategies as well as leadership. Though both platforms have been in the industry for quite some time, Kalshi is more preferred by players who are looking for better clarity on regulation.
When Were Kalshi and Polymarket Founded?
Kalshi was founded in the year 2018 by MIT graduates Tarek Mansour (CEO) and Luana Lopes Lara (COO). Kalshi is backed by Paradigm and Sequoia Capital. According to Coindesk, Kalshi closed a $1 billion fundraise at an $11 billion valuation in the year 2025.
Polymarket was founded in the year 2020 by Shayne Coplan and was backed by Peter Thiel’s Founders Fund, Vitalik Buterin, the co-founder of Ethereum, and Intercontinental Exchange (ICE). ICE invested $2 billion at a $9 billion valuation in October 2025.
Who is Bigger: Kalshi or Polymarket?
According to Kucoin, in the year 2025, Kalshi saw explosive growth, with total trading volume climbing to $23.8 billion. A massive 1,108% jump compared to the previous year.
December was especially strong. The platform recorded $6.38 billion in trades in that single month alone. During that stretch, weekly volume peaked at $1.7 billion, and on December 21, daily trading hit a high of $381.7 million, making it one of its busiest days ever.
On the other hand, Polymarket also reported similar figures. However, according to Fortune, a November 2025 study from Columbia University suggested that around 25% of the platform’s historical trading volume may have been “artificially inflated” through wash trading. Traders were buying and selling contracts to themselves to make the platform look busier.
What Are the Trading Fees on Kalshi vs. Polymarket?
The trading fees on Kalshi depends on two factors: The price of contract (IP) and the number of contracts the user is trading.
Here’s the basic formula: 0.07 × Contracts × Price × (1 − Price)
After the final amount is calculated, the final fee is rounded up to the nearest cent. In simpler terms, the fees spike when:
- The player trades more contacts
- The price of contracts is close to the middle ($.50)
Apart from this, debit card deposits can cost between $2-$4. Also, Automated Clearing House (ACH) network deposits and withdrawals are free for the players.
Polymarket on the other hand charges zero fees on most available markets. They do have their 15 minute crypto price markets that carry a taker fee of 1.56%. Polymarket US charges a taker fee of .10%.
There are also zero fees on platform deposits and withdrawals but users pay network gas fees on Polygon.
What can Players Trade: Kalshi vs. Polymarket?
Kalshi offers more than 3,5000 markets that are focused on measurable and verifiable outcomes such as US elections, inflation data, weather events, entertainment, sports, etc.
Polygon on the other side offers users a wider set of catalogues and also allows players to trade contracts for almost anything. Players can trade contracts on anything such as global politics, sports events, viral internet memes, celebrity news, pop culture, finance, recession odds, etc.
Is Player’s Money Safe: Kalshi vs. Polymaket?
Kalshi keeps user funds in segregated bank accounts and the platform operates under CFTC oversight. In case of disputes, users can raise formal complaints, thanks to the formal regulatory framework. Till date, Kalshi has not reported any major security breaches on the platform. Kalshi also offers users a range of responsible trading tools such as deposit limits, self exclusion, etc.
Polymarket allows users to take control of their funds via personal crypto wallet. The platform itself does not take any custody of user’s funds. Payouts and trades are executed automatically through smart contracts on Polygon blockchain. Polymarket is also decentralized, which means no company can steal the funds of users or manipulate results. This does remove any risk but the ownership of managing funds falls entirely on the user. If the user loses access to his wallet, there is no support for recovery of funds.
Operator Decision Chart: Kalshi Clone vs. Polymarket Clone
If you are an operator or an entrepreneur looking to launch a prediction market platform, the below chart will help you make the decision with clarity.
| Parameter | Kalshi-Style Clone (Centralized) | Polymarket-Style Clone (Decentralized) |
|---|---|---|
| Ideal for | Non crypto users, U.S. market, mainstream users. | Web3 users, global and crypto-native audiences. |
| Regulation | Regulated CFTC | Regulatory rules vary by jurisdiction |
| Development Time | ||
| User custody of funds | You hold the funds (Requires segregated accounts) | Users hold their funds in crypto-wallets |
| Ongoing operating cost | Higher as you go for KYC provider, payment gateways, compliance, etc. | Comparatively lower but smart contract audits can be a little expensive. |
| Speed and performance | Servers can be optimized | Depends on the blockchain |
| Customizations | Better customizations | Customizations can be restrained by Blockchain |
What’s Required: Kalshi-Style Clone vs. Polymarket-Style Clone?
Below table outlines every requirement that you’ll need to fulfil if you opt for Kalshi-style clone or Polymarket style clone.
| Kalshi Style Clone | Polymarket Style Clone |
|---|---|
| Trading Engine – To match buy and sell in real-time. | Smart Contracts – Every rule on your platform lives in smart contract code that will be deployed in blockchain. These contracts must be written, tested and thoroughly audited by a 3rd party. |
| Market Creation and Settlement System – To create events, monitor active trading, automotive settlements, etc. | Oracle Integration – Oracle integration will provide access to real-world data to your smart contracts. |
| KYC/AML Integration – To stay compliant and to keep your platform safe from fraudulent activities. | Automated Market Maker (AMM) – Decentralized engines make use of AMMs as AMMs can seamlessly work without requiring centralized matching engines. |
| Payment Infrastructures – to facilitate ACH transfers, wire transfers, debit card and credit card transactions, etc. | Wallet Infrastructure – Your users will make use of crypto-wallets to store and access their funds. |
| Segregated Fund Accounts – To fulfill legal requirements of putting user funds into a different account. | Tokenomics and Liquidity – Decentralized markets need liquidity providers to ensure smooth buying and selling so that others can trade seamlessly. |
| Compliance and Licensing – You’ll need a CFTC Designated Contract Market (DCM) license, which is the same as Kalshi to operate in the USA. | Front-End Interface – Smart contracts work at backend, but you’ll still need a front-end interface for users to interact with your platform. |
| Risk Management Dashboard – Real-time risk monitoring to ensure the platform isn’t one sided on one single market. |
Conclusion
Prediction market is one of the fastest growing sectors and has already processed billions of dollars worth of transactions in the year 2025 alone. The market opportunity is real and the entrepreneurs are investing to get the bigger piece of the pie.
But the choice between Kalshi-style clone solution and Polymarket-style clone solution are where most entrepreneurs get stuck. It’s important to understand that it’s not just a software question, but also a financial, regulatory and target audience question. Get one thing wrong and you’ll spend months rebuilding again. Hence, partnering up with a trusted clone prediction market solution provider becomes critical.
The good news is that white label and turnkey solutions have lowered the entry barrier significantly. These read-made and ready-to-launch solutions are great for testing the market before you go for custom solutions.
However, software launch is just the starting point. The real-work starts after the launch with consistent auditing, regulatory compliance, managing 3rd party relationships, user acquisition and retention, etc.
How GammaStack can Help you Launch a Successful Prediction Market Platform
Armed with 14+ years of experience in delivering top-notch and highly sophisticated digital products across 45+ countries, GammaStack is one of the trusted prediction market software solution providers that equips you with highly advanced solutions that align with your business goals. Whether you are looking for custom solutions or ready-made solutions such as white label or turnkey to enter the market quickly, GammaStack helps you with both requirements.
Apart from this, we also offer you clone prediction market solutions that are inspired by Kalshi, Polymarket, Augur, PrizePicks, Manifold, etc. We also offer turnkey and white label solutions for the same to entrepreneurs who want to launch their business quickly.
Want to enquire about our prediction market software solutions and our clone solutions? Book a consultation today!
Frequently Asked Questions
What is a Kalshi Clone prediction market platform?
A Kalshi clone prediction market platform clones the core capabilities of the Kalshi model. These include centralised and regulated exchanges where users can buy and sell contracts that are based on real-word events.
What is the Polymarket clone prediction market platform?
Polymarket is a decentralized prediction market platform and a clone platform is inspired from the same. Users buy and sell platforms using cryptocurrencies via their digital wallets.
What is the Polymarket clone prediction market platform?
Polymarket is a decentralized prediction market platform and a clone platform is inspired from the same. Users buy and sell platforms using cryptocurrencies via their digital wallets.
What is the difference between Kalshi clone and Polymarket clone?
A Kalshi clone runs on a private server whereas a polymarket clone uses smart contracts that are deployed on blockchain. The core difference is Kalshi clone accepts Fiat currency whereas Polymarket only makes use of cryptocurrencies.
How long does it take to build a clone prediction market platform?
It depends on your requirements and the choice of the solution type. If you are opting for white label or turnkey solutions, these solutions can be deployed quickly, within weeks. White label within 2 weeks and turnkey within 4-5 weeks. But, if you want to opt for a custom solution and build everything from scratch, it may take 12-14 weeks or even longer depending upon the requirements.
Who is the best provider of clone prediction market platform?
GammaStack is one of the most reliable and trusted clone prediction market platform providers. We offer clone platforms that are inspired by Kalshi, Polymarket, PrizePicks, Augur etc. Book a consultation today to know more!
The Author
