# Kalshi vs Robinhood

> Trade on Kalshi directly if cost, market choice or web trading matter most: Robinhood routes orders to Kalshi and other CFTC-regulated exchanges but adds a commission of up to 1¢ per contract on top of exchange fees, so the same Kalshi contract usually costs more there. Choose Robinhood if you already invest with it and want event contracts next to your stocks and crypto. As of September 30, 2026, neither offers new sports contracts in Nevada, Michigan or Washington, and Robinhood also blocks Maryland.

- URL: https://safebet.ai/us/prediction-markets/kalshi-vs-robinhood/
- Markdown version: https://safebet.ai/us/prediction-markets/kalshi-vs-robinhood/index.html.md
- Last updated: 2026-10-02 (re-checked when an operator changes its terms or a regulator or court acts)
- Author: SafeBet.ai Research Team (SafeBet.ai)
- Kalshi: #1 of 5 in [Best prediction markets in the USA](https://safebet.ai/us/prediction-markets/), 9.6/10 — review: https://safebet.ai/us/prediction-markets/kalshi-review/
- Robinhood: #2 of 5 in [Best prediction markets in the USA](https://safebet.ai/us/prediction-markets/), 9.0/10 — review: https://safebet.ai/us/prediction-markets/robinhood-review/
- Editorial policy and advertiser disclosure: https://safebet.ai/editorial-policy/

## Who should choose which

| Need | Better choice | Why |
|---|---|---|
| Trading costs | Kalshi | On Kalshi-listed contracts, Robinhood charges a 1¢ exchange fee plus a commission of up to 1¢ per contract, so 100 contracts at 90¢ cost $1.90 in fees there versus $0.63 for a Kalshi taker. Most Kalshi maker orders are free. |
| Market range | Kalshi | Kalshi's markets span 16 categories, from sports combos to weather and mention markets, with auto-sell, block trades and an API. Robinhood offers limit orders only, which expire by 3 a.m. ET the next day at the latest. |
| Investing in one app | Robinhood | Robinhood puts event contracts next to your stocks and crypto, and buying power moves automatically between your brokerage and event-contract accounts. |
| Deposits and withdrawals | Kalshi | Kalshi accepts PayPal, Venmo, Apple Pay, Google Pay and crypto as well as bank transfers and cards, and debit card withdrawals usually arrive within a few hours at no charge. Robinhood needs settled cash for event contracts and charges 1.75% for instant withdrawals. |
| Web trading | Kalshi | You can trade Kalshi on the web as well as in its iOS app, while Robinhood's website is view-only for event contracts, so you can trade only in its iOS and Android apps. |
| Regulation | Either | Both are CFTC-registered: Kalshi runs its own exchange and clearinghouse, while Robinhood Derivatives is a registered broker (FCM) whose contracts list on CFTC-regulated exchanges, Kalshi among them. |

## Scores (SafeBet.ai ratings, 0–10)

| Criterion (weight) | Kalshi | Robinhood |
|---|---|---|
| Regulation & safety (25%) | 9.5 | 9.5 |
| Markets & features (20%) | 10.0 | 9.0 |
| Fees & pricing (20%) | 9.0 | 8.5 |
| Liquidity (15%) | 10.0 | 9.5 |
| Deposits & withdrawals (10%) | 9.5 | 8.0 |
| App & experience (10%) | 9.5 | 8.5 |
| **Overall** | **9.6** | **9.0** |

## Key facts

| | Kalshi | Robinhood |
|---|---|---|
| Regulation | CFTC exchange + clearinghouse | CFTC-registered broker (FCM) |
| Availability | Most states; limits in NV, MI, WA | Most states; no sports in MD, NV, MI, WA |
| Markets | Sports, politics, economics, crypto + | Sports, politics, economics, crypto + |
| Fees | Up to 1.75¢/contract (taker) | Up to 2¢/contract incl. exchange fee |
| Deposits | ACH, card, PayPal, Venmo, crypto | ACH, instant transfer, debit card, wire |
| Apps | iOS, web; Android not verified | iOS, Android; web is view-only |
| Min. age | 18+ | 18+ |

## Pros and cons

### Kalshi

- Pro: Deepest liquidity in US prediction markets: about $53 billion traded in September 2026
- Pro: Runs its own CFTC-regulated exchange and clearinghouse; you trade directly
- Pro: Widest market choice, from sports and combos to weather, economics and elections
- Pro: 3.25% variable APY on cash and positions for balances of $250 or more
- Pro: Funding by ACH, RTP, debit card, PayPal, Venmo, Apple Pay or crypto
- Pro: Most maker (resting limit) orders pay no trading fee
- Con: Court orders block sports contracts in Nevada, Michigan and Washington
- Con: Lost key 2026 appeals in Nevada and Ohio/Tennessee sports-contract cases
- Con: Taker fees reach 1.75¢ per contract on 50¢ contracts
- Con: Debit card deposits may cost 2%; later PayPal and Venmo deposits carry fees
- Con: No phone support; help is by chat and email only

### Robinhood

- Pro: Trade event contracts in the same app as your stocks and crypto
- Pro: Routes to several CFTC exchanges, including Kalshi, ForecastEx and Rothera
- Pro: Huge volume: a record 13.6 billion contracts traded in Q2 2026
- Pro: Custom combos of up to 10 legs for pro football and basketball
- Pro: Commission capped at 1¢ per contract; Gold halves the rate
- Pro: Option to hide sports markets, plus self-exclusion from event contracts
- Con: Commission sits on top of exchange fees, so it usually costs more than Kalshi
- Con: Trading is app-only; the website is view-only for event contracts
- Con: No sports contracts in Maryland, Nevada, Michigan or Washington
- Con: Derivatives account approval can take 1–2 weeks
- Con: Instant deposits may not be usable; contracts need settled cash

## Kalshi vs Robinhood: the key differences

[Kalshi](https://safebet.ai/us/prediction-markets/kalshi-review/) is an exchange and [Robinhood](https://safebet.ai/us/prediction-markets/robinhood-review/) is a broker, and that explains most of the differences between them. Kalshi runs its own CFTC-regulated exchange and clearinghouse, so you trade with it directly. Robinhood Derivatives, LLC, a CFTC-registered futures commission merchant, routes your orders to exchanges, and Kalshi is one of them: the CFTC has allowed brokers to route orders to Kalshi since January 2025.

Robinhood also routes orders to ForecastEx (owned by Interactive Brokers), Rothera (its joint venture with Susquehanna) and, for some football contracts since September 8, 2026, Crypto.com's exchange. When you buy a Kalshi-listed contract in the Robinhood app, you trade on Kalshi's exchange through a broker that adds its own commission. Kalshi ranks #1 and Robinhood #2 in [our ranking of the best US prediction markets](https://safebet.ai/us/prediction-markets/).

As of September 30, 2026:

- **Cost:** Robinhood's commission of up to 1¢ per contract comes on top of the exchange fee, so a Kalshi contract usually costs more there than on Kalshi.
- **Where you trade:** you can trade Kalshi on the web as well as in its iOS app. Robinhood trading is app-only, on iOS and Android.
- **Funding:** Kalshi takes PayPal, Venmo, Apple Pay, Google Pay and crypto. Robinhood uses the cash in your brokerage account, and event contracts need settled cash.
- **Interest:** Kalshi pays a 3.25% variable APY on cash and open positions for balances of $250 or more. Robinhood lists no interest on event-contract positions.

## Fees

The same Kalshi contract usually costs more through Robinhood. Since June 1, 2026, Robinhood's commission has been 10% × price × (1 − price) per contract, or 5% with Robinhood Gold, rounded up to the nearest cent and capped at 1¢. On Kalshi-listed contracts, Robinhood also charges an exchange fee of 1¢ per contract per side, so you pay up to 2¢ per contract.

On Kalshi itself, takers pay 0.07 × contracts × price × (1 − price), rounded up to the next cent, which peaks at 1.75¢ per contract at a 50¢ price. Most maker orders, the limit orders that rest on the book, pay nothing.

| Fees on 100 Kalshi contracts at | Kalshi (taker) | Robinhood | Robinhood with Gold |
|---|---|---|---|
| 10¢ | $0.63 | $1.90 | $1.45 |
| 50¢ | $1.75 | $2.00 | $2.00 |
| 90¢ | $0.63 | $1.90 | $1.45 |

The 90¢ Robinhood figures match Robinhood's own example: 100 Yes contracts at 90¢ cost $91.90 in total, or $91.45 with Gold. The same trade costs $90.63 as a Kalshi taker, or $90.00 as a maker on most Kalshi markets. The other figures are our calculations from both platforms' published formulas.

Robinhood Gold ($5 a month or $50 a year) lowers the commission only on contracts priced below about 28¢ or above about 72¢, and even there Robinhood's total fee stays above Kalshi's taker fee.

Moving money costs differ too. Kalshi charges no withdrawal fee on bank, debit card, PayPal or crypto, but debit card deposits may carry a 2% fee, and PayPal and Venmo deposits after the first carry a fee. Robinhood's ACH transfers are free, while instant withdrawals cost 1.75% and outgoing wires cost $25. Our [prediction market fees guide](https://safebet.ai/us/prediction-markets/prediction-market-fees/) compares all five platforms we rank.

## Markets

Kalshi has the broader menu and more trading tools, while Robinhood's menu is also broad and its longest list is sports.

Kalshi's public API sorts its markets into 16 categories, from sports and elections to weather, economics, entertainment and mention markets (whether a public figure will say a particular word). Combos, priced by request-for-quote, made up about 62% of its volume in the week of September 14–20, 2026, according to DeFi Rate data. You also get limit and quick orders, auto-sell, block trades, and REST, WebSocket and FIX APIs with a demo environment.

Robinhood covers sports, politics, economics, commodities, metals, crypto, climate, technology, entertainment, esports and chess, with sports from the NFL and college basketball to tennis, golf, MMA, F1 and cricket. Three things stand out:

- **Combos:** preset combos, plus custom combos of up to 10 legs on pro football and basketball, which fill completely or not at all.
- **Orders:** limit orders only, either immediate-or-cancel or good until 3 a.m. ET the next day; dollar-amount orders always fill immediately or cancel.
- **Controls:** a setting that hides sports markets entirely.

## Availability and legality

Both are available in most states, but sports contracts are off-limits in slightly different places. Both check your physical location, so a block applies while you're in that state even if you live elsewhere.

| State | Kalshi | Robinhood |
|---|---|---|
| Maryland | Legal dispute pending; not among Kalshi's court-ordered blocks | Blocked; Robinhood's help pages disagree on whether this covers all event contracts or only sports |
| Nevada | Sports, election and entertainment contracts blocked | No new sports contracts since December 1, 2025 |
| Michigan | Sports contracts blocked by a state-court injunction | No new sports contracts since September 9, 2026; open positions must close by October 9 |
| Washington | Sports, politics, entertainment, culture, science and tech contracts blocked | New sports contracts stopped while Robinhood's lawsuit against state officials is pending |

Both lost Nevada cases at the Ninth Circuit on August 28, 2026, and Robinhood has asked the Supreme Court to review its case (No. 26-338). Connecticut and Missouri have challenged both, and our guide to [whether prediction markets are legal](https://safebet.ai/us/prediction-markets/are-prediction-markets-legal/) tracks the cases.

> A CFTC registration doesn't make sports contracts legal everywhere. Trade only what each app offers where you are, and never use a VPN to get around a block.

## Which should you choose?

Choose Kalshi if you want the lowest cost on the same contracts, especially as a maker, if you want to trade on the web or fund with PayPal, Venmo or crypto, or if you want the widest range of markets and interest on your balance.

Choose Robinhood if you already invest there and want event contracts next to your stocks and crypto without funding a new account, if you like building custom football and basketball combos of up to 10 legs, or if you want contracts from several exchanges, including ForecastEx and Rothera, in one place.

Using both is reasonable if you already have a Robinhood account: keep it for occasional trades next to your portfolio, and use Kalshi directly for larger or more frequent trades, where the fee gap adds up. Both offer self-exclusion; Robinhood can also hide sports markets, and Kalshi offers a trading break and a monthly funding cap. Our [responsible gambling guide](https://safebet.ai/responsible-gambling/) lists more tools.

Read our full [Kalshi review](https://safebet.ai/us/prediction-markets/kalshi-review/) and [Robinhood review](https://safebet.ai/us/prediction-markets/robinhood-review/), or compare all five platforms in [our ranking of the top US prediction markets](https://safebet.ai/us/prediction-markets/).

## Frequently asked questions

### Does Robinhood use Kalshi?

Yes. Robinhood routes event-contract orders to Kalshi's exchange, KalshiEX, as well as to Interactive Brokers' ForecastEx, its Rothera joint venture and, for some football contracts since September 8, 2026, Crypto.com's exchange. The CFTC has allowed brokers to route orders to Kalshi since January 2025.

### Is it cheaper to trade on Kalshi or Robinhood?

Usually on Kalshi. On a Kalshi-listed contract, Robinhood adds its commission (up to 1¢ per contract) to a 1¢ exchange fee, while a Kalshi taker pays at most 1.75¢ per contract and most maker orders are free; our [prediction market fees guide](https://safebet.ai/us/prediction-markets/prediction-market-fees/) has more examples.

### Is Robinhood Gold worth it for prediction markets?

Only if you often trade low- or high-priced contracts. Gold ($5 a month or $50 a year) halves the commission rate, but because of the 1¢ cap it saves money only below about 28¢ or above about 72¢, and 100 contracts at 90¢ still cost $1.45 in fees with Gold versus $0.63 as a Kalshi taker.

### Can I trade Kalshi or Robinhood prediction markets on the web?

On Kalshi, yes: you can trade at kalshi.com as well as in its iOS app. Robinhood's website shows event contracts but doesn't let you trade them, so trading happens only in its iOS and Android apps.

### Which states block Kalshi and Robinhood sports contracts?

As of September 30, 2026, court orders block Kalshi's sports contracts in Nevada, Michigan and Washington, and Robinhood offers no sports contracts in Maryland, Nevada, Michigan or Washington. Both follow your physical location, and several other states are challenging them; see our guide to [whether prediction markets are legal](https://safebet.ai/us/prediction-markets/are-prediction-markets-legal/).

### Do I need a brokerage account to trade Kalshi contracts?

No. You can open an account directly with Kalshi, which is an exchange. To trade through Robinhood, you need a Robinhood brokerage account plus an approved Robinhood Derivatives account, which Robinhood says takes 1–2 weeks to review.

## Sources

1. [CFTC Designates KalshiEX LLC as a Contract Market (Press Release 8302-20)](https://www.cftc.gov/PressRoom/PressReleases/8302-20) — CFTC, 2020-11-04
2. [Fees](https://help.kalshi.com/en/articles/13823805-fees) — Kalshi Help Center, accessed 2026-09-30
3. [Kalshi Fees Explained (quotes Kalshi's fee schedule effective July 7, 2026)](https://polykal.net/kalshi-fees-explained/) — polykal.net, 2026-09-28
4. [Transfers FAQ](https://help.kalshi.com/en/articles/13823791-transfers-faq) — Kalshi Help Center, accessed 2026-09-30
5. [Standard Pricing Fee Schedule (event-contract commission effective June 1, 2026)](https://cdn.robinhood.com/assets/robinhood/legal/RHD_Fee_Schedule.pdf) — Robinhood Derivatives, LLC, 2026-05-28
6. [Event contracts overview](https://robinhood.com/us/en/support/articles/event-contracts-overview/) — Robinhood Support, accessed 2026-09-30
7. [Trading event contracts](https://robinhood.com/us/en/support/articles/trading-event-contracts/) — Robinhood Support, accessed 2026-09-30
8. [Event contract restrictions](https://robinhood.com/us/en/support/articles/event-contracts-restrictions/) — Robinhood Support, accessed 2026-09-30