Kalshi: How It Works, Fees and Access From Malaysia
Kalshi is a prediction exchange based in the United States, where users trade contracts on the outcome of events in economics, politics, weather, sport and culture. Unlike most platforms in this space, it is regulated by the US Commodity Futures Trading Commission (CFTC). This guide explains how its contracts work, what they cost, whether it is open to Malaysian users, and how it compares with Polymarket.
How Kalshi Contracts Work
Each market asks a yes-or-no question, such as "Will inflation be above 3% this month?" A Yes contract trades between 1 and 99 US cents and pays 1 dollar if the answer is yes; a No contract pays 1 dollar if the answer is no. The price works as the market's estimate of the chance: a Yes contract at 35 cents implies about a 35% probability. You can sell before the market closes at whatever price other traders will pay.
What Makes Kalshi Different
Kalshi operates as a CFTC-regulated exchange, which is why it trades in US dollars rather than crypto and checks every user's identity. That status has also put it at the centre of a legal fight in the US: several states argue that its sports contracts are sports betting and need a state licence, and courts have split on the question. Its contracts on economics, weather and other non-sports events have faced far less challenge.
Sports contracts make Kalshi look a lot like a sportsbook, but the pricing works differently. If you want to compare a Kalshi price with a bookmaker's, start with how a sportsbook prices the same match.
Kalshi Fees
Kalshi charges a fee when your order is filled straight away (a taker order). According to Kalshi's fee schedule, the fee is 0.07 × number of contracts × price × (1 − price), rounded up to the next cent. Some markets also charge resting (maker) orders, at a quarter of that rate.
| Trade | Fee |
|---|---|
| 100 contracts at 50 cents | 1.75 dollars |
| 100 contracts at 20 cents | 1.12 dollars |
| 100 contracts at 90 cents | 0.63 dollars |
As on Polymarket, fees are highest when the price is near 50 cents. Card and crypto deposits can carry their own processing or network fees on top.
Can Malaysians Use Kalshi?
Kalshi announced in October 2025 that it was available in more than 140 countries, and in 2026 it added partners in Brazil and Canada. It does not publish a list of supported countries; instead, its member agreement names the places where it cannot be used. Independent summaries of that agreement list several Asian countries, including Singapore, Thailand, Taiwan, China and India, but not Malaysia. Kalshi checks your identity and country when you sign up and can refuse an account, so check its current terms before you apply.
As with every prediction market, Kalshi is not licensed in Malaysia, and staking money on the outcome of an event can fall under Malaysian betting law.
Kalshi vs Polymarket
| Point | Kalshi | Polymarket |
|---|---|---|
| Regulation | CFTC-regulated exchange in the US | Offshore, crypto-based (separate US app) |
| Currency | US dollars | USDC stablecoin |
| Taker fee | 0.07 × contracts × price × (1 − price) | Same formula, rate set by category (0 to 0.07) |
| Malaysia | Not named in its restricted list, per independent summaries | Not on its blocked or restricted lists |
For the bigger picture, including the other platforms and the risks they share, read our overview of how prediction markets work.
Frequently Asked Questions
What is Kalshi?
A US prediction exchange regulated by the Commodity Futures Trading Commission, where users trade Yes and No contracts on events in economics, politics, weather, sport and culture. A winning contract pays 1 US dollar.
How much are Kalshi fees?
Kalshi's taker fee is 0.07 times the number of contracts times price times (1 minus price), rounded up to the next cent. 100 contracts at 50 cents cost 1.75 dollars in fees.
Can I use Kalshi from Malaysia?
Kalshi says it is available in more than 140 countries and does not publish a supported list. Independent summaries of its member agreement do not name Malaysia as restricted, but Kalshi checks your country at sign-up and can refuse an account. It is not licensed in Malaysia.
Is Kalshi better than Polymarket?
They suit different users. Kalshi is US-regulated, trades in dollars and checks identity; Polymarket is crypto-based and uses USDC. Their taker fee formulas are similar.
Why is Kalshi in legal disputes in the US?
Several US states argue that its sports contracts are sports betting that needs a state licence. Courts have reached different conclusions, while its non-sports contracts have faced far less challenge.
Does Kalshi use crypto?
Kalshi trades in US dollars. Some users can fund accounts with crypto through a payment provider, but balances and contracts are in dollars.