Prediction markets generated over $64 billion in trading volume in 2025 — a 300%+ increase from the year before. Platforms like Kalshi and Polymarket are seeking $20 billion valuations. Robinhood's prediction markets became its fastest-growing product ever. DraftKings, FanDuel, Coinbase, and Crypto.com have all entered the space. The industry has gone from niche to mainstream in under two years.
But with so many platforms launching, the landscape is genuinely confusing. Some are exchanges, some are brokers. Some charge flat fees, some charge nothing. Some are available in all 50 states, some aren't. Some are great for sports, others for politics or economics. We've traded on every major platform and ranked them based on what actually matters: liquidity, fees, market selection, execution quality, user experience, and regulatory standing.
If you're new to prediction markets, start with our guide on how prediction markets work. If you already know the basics and just want to find the right platform, keep reading.
The Rankings: March 2026
| Rank | Platform | Rating | Best for | Fee structure | Our review |
|---|---|---|---|---|---|
| 1 | Polymarket | 4.5/5 | Overall best; politics, crypto, lowest fees, API | 0.10% taker; maker rebates | Full review → |
| 2 | Kalshi | 4.3/5 | Sports, economics, weather, USD simplicity, demo account | Variable formula, max ~$0.02/contract | Full review → |
| 3 | Robinhood | 4.0/5 | Easiest onboarding, all-in-one platform | $0.02/contract flat | Full review → |
| 4 | OG (Crypto.com) | 3.8/5 | Social features, sports props, community | $0.02 open; $0.02 early close | Full review → |
| 5 | Opinion | 3.5/5 | Macroeconomic markets, data-driven traders | Variable | Full review → |
| 6 | DraftKings Predictions | 3.3/5 | DraftKings ecosystem users | Flat per-contract | — |
| 7 | FanDuel Predicts | 3.0/5 | FanDuel ecosystem users, non-betting states | 2% of potential payout | — |
| 8 | Coinbase | 3.0/5 | Existing Coinbase users | Powered by Kalshi | — |
1. Polymarket — Best Overall (4.5/5)
Why it's #1: Deepest liquidity in the world, lowest fees for active traders, most comprehensive API, and the global standard for political and election markets. Polymarket's return to the US market in late 2025 — backed by a $2 billion investment from ICE (the NYSE parent company) — transformed it from a crypto-native platform into a CFTC-regulated financial institution.
The numbers: $7 billion+ in monthly volume at peak (February 2026). $761 million in cumulative US notional volume through its regulated platform. Over $1.5 billion in weekly global trading volume. Prices outcomes correctly 90-95% of the time, according to accuracy research.
What it's best at: Political and election markets (undisputed leader), crypto price contracts (including high-frequency 15-minute markets), API and algorithmic trading (three separate APIs, WebSocket streaming, official SDKs), and fee-sensitive active trading (0.10% taker fees are dramatically cheaper than any competitor at scale).
What it's not best at: Sports market breadth (Kalshi leads here), beginner-friendliness (no demo account, crypto roots still show), and it's still in a phased US rollout so not all features are available to all users yet.
Who should use it: Active traders who prioritize low fees. Political and election traders. Algorithmic and bot traders. Anyone comfortable with a trading-focused interface. Arbitrage traders who operate across multiple platforms.
→ Read our full Polymarket review
2. Kalshi — Best for Sports and USD Simplicity (4.3/5)
Why it's #2: The most established prediction market exchange in the US, with the widest sports catalog, deepest sports liquidity, and the simplest onboarding for USD-based traders. Kalshi is the only platform with a free demo account, pays ~4% APY on idle cash, and has distribution through Robinhood, Coinbase, CNN, CNBC, and Google.
The numbers: $22.88 billion in total trading volume in 2025 — a 1,100% year-over-year increase. $1.5 billion annualized revenue run rate. $11 billion valuation (seeking $20 billion). Over $400 million in open interest. More than $1 billion in Super Bowl trading volume alone.
What it's best at: Sports (90% of revenue — NFL, NBA, NCAAB, NHL, MLB, soccer, tennis, golf, UFC, esports with game outcomes, spreads, totals, player props, and parlays), economics and weather (Kalshi's original niche, unmatched depth on Fed decisions, CPI, GDP, temperature, hurricanes), and the free demo account (the only major platform to offer practice trading with mock funds).
What it's not best at: Fees (higher than Polymarket for active traders), political market depth (Polymarket leads), mobile app stability (has improved but still draws occasional complaints), and API comprehensiveness (functional but less robust than Polymarket's).
Who should use it: US traders who want the simplest USD onboarding. Sports traders who want the widest market selection. Economics and macro enthusiasts. Beginners who want a demo account. Traders who value interest on idle balances.
3. Robinhood — Easiest Way to Start (4.0/5)
Why it's #3: If you already have a Robinhood account — and roughly 27 million people do — you can start trading prediction markets in minutes. No new app, no new deposit, no learning curve. Robinhood integrates event contracts directly into its existing investing platform alongside stocks, options, and crypto. It's the most important gateway bringing mainstream retail investors into prediction markets.
The numbers: Over 11 billion contracts traded by more than 1 million customers since launch. 1,600+ active markets across 17 categories. Fastest-growing product line by revenue in Robinhood's history.
What it's best at: Zero-friction onboarding (existing account, existing balance), the all-in-one experience (stocks + crypto + prediction markets in one app), custom combos (up to 10 legs), and availability (all 50 states for non-sports contracts).
What it's not best at: Prediction markets are app-only (no web trading), no community features (no chat, no per-market comments), no demo account, and no prediction-market-specific bonuses. Currently a broker (distributing Kalshi's contracts), though the MIAXdx acquisition will give it its own exchange.
Who should use it: Existing Robinhood users. Complete beginners who want the simplest possible start. Anyone who wants prediction markets alongside their stock portfolio. Sports fans in states without legal sportsbooks.
→ Read our full Robinhood review
4. OG (Crypto.com) — Best Social Experience (3.8/5)
Why it's #4: OG is the only major prediction market with built-in community chat, real-time leaderboards, and a genuine social layer around trading. Launched in February 2026 by Crypto.com, it's the newest major platform — and it's clearly built for sports fans who want to trade and talk at the same time. The planned margin trading feature (pending CFTC approval) could be a game-changer if it launches.
What it's best at: Social features (real-time chat, leaderboards, community engagement), sports props depth (deeper than many competitors for major events), the no-user-limits policy (sharps and winners explicitly welcomed), and the Crypto.com ecosystem integration.
What it's not best at: No limit orders (only market orders), no volume/order book visibility on individual markets, brand-new track record (launched February 2026), and ACH-only withdrawals.
Who should use it: Sports traders who value community. Crypto.com ecosystem users. Traders who want social features alongside their positions. Anyone attracted by the generous 5x profit boost welcome bonus (up to $100).
5. Opinion — Best for Macro Traders (3.5/5)
Why it's ranked: While most platforms chase sports volume, Opinion has carved out a niche in macroeconomic prediction markets. If you're primarily interested in trading Fed rate decisions, CPI prints, GDP releases, and other economic data — and you want a platform specifically designed for that use case — Opinion offers a focused, data-driven experience that general-purpose platforms can't match.
Who should use it: Macro and economics traders. Data-driven analysts. Anyone who cares more about the Fed than the NFL.
→ Read our full Opinion review
6-8. The New Entrants
DraftKings Predictions (3.3/5)
Launched December 2025, available in 38 states (sports in 17). DraftKings acquired Railbird Technologies (CFTC-licensed exchange) to power its prediction market. Covers NFL, NBA, NHL, MLB. The DraftKings brand gives it instant credibility and user base, but fees are higher than dedicated exchanges and market depth is still developing. Best for existing DraftKings users who want to try prediction markets without leaving the ecosystem.
FanDuel Predicts (3.0/5)
Launched December 2025 in partnership with CME Group. Currently available in approximately five states, targeting regions where traditional sports betting isn't legal. Covers NFL, NBA, NHL. The 2% fee on potential payout is more expensive than most competitors. Still very early — worth watching as FanDuel scales, but not yet competitive with the top platforms for serious traders.
Coinbase Prediction Markets (3.0/5)
Coinbase entered prediction markets in late 2025, powered by Kalshi's exchange infrastructure. If you already have a Coinbase account, it's a convenient on-ramp — but the product is essentially Kalshi's contracts through Coinbase's interface. For most traders, going directly to Kalshi or Robinhood gives you a better experience.
Master Fee Comparison
Fees are one of the biggest differentiators between platforms. Here's how they stack up on a practical $1,000 position at even odds (50/50 contract):
| Platform | Fee model | Cost on $1,000 position | Maker incentive |
|---|---|---|---|
| Polymarket (US) | 0.10% taker | ~$1.00 | 0.10% rebate |
| Robinhood | $0.02/contract flat | ~$4.00 | No |
| Kalshi | Variable formula | ~$35.00 | Lower maker fees; rebates up to 1% |
| OG | $0.02 open + $0.02 close | ~$4.00 (round-trip) | Fee waived on winning settlements |
| DraftKings | Flat per-contract | ~$20.00+ | No |
| FanDuel | 2% of payout | ~$20.00 | No |
For a detailed fee analysis, see our Polymarket vs Kalshi comparison.
The bottom line: for casual traders making occasional $50-$200 positions, fees are negligible on every platform. For active traders moving $10,000+ monthly, the difference between Polymarket's 0.10% and Kalshi's variable formula adds up to thousands of dollars per year.
Best Platform by Category
Best for Sports
Kalshi. No contest on market breadth — NFL, NBA, NCAAB, NHL, MLB, soccer, tennis, golf, UFC, esports with game outcomes, spreads, totals, player props, and parlays. 90% of Kalshi's revenue comes from sports. See our best prediction markets for sports betting guide for a detailed sports-specific comparison.
Best for Politics and Elections
Polymarket. Became the global standard during the 2024 presidential cycle. Deepest political liquidity, widest variety of questions, most active community of political traders.
Best for Economics and Weather
Kalshi for breadth (Fed decisions, CPI, GDP, temperatures, hurricanes). Opinion for a purpose-built macro experience.
Best for Crypto
Polymarket. Crypto-native roots, high-frequency 15-minute and 5-minute markets, deepest crypto contract liquidity.
Best for Beginners
Kalshi (free demo account + simple USD deposits) or Robinhood (if you already have an account).
Best for Algorithmic Trading
Polymarket. Three separate APIs, WebSocket streaming, official SDKs, comprehensive documentation. See our piece on AI trading bots in prediction markets for how automated trading is shaping the market.
Best for Low Fees
Polymarket (0.10% taker fees), followed by Robinhood ($0.02 flat).
Best for Social and Community
OG. Real-time chat, leaderboards, and a sports-bar-meets-trading-terminal vibe.
Should You Use Multiple Platforms?
Yes. Most serious prediction market traders maintain accounts on two or three platforms. The reason is simple: no single platform is best at everything.
The most common combination is Kalshi (for sports and economics) + Polymarket (for politics and low-fee active trading). Adding Robinhood gives you the convenience of an all-in-one investing platform. Adding OG gives you social features and community.
Maintaining multiple accounts also lets you arbitrage price differences between platforms — when the same event is priced differently on Kalshi and Polymarket, buying the cheap side and selling the expensive side locks in near-risk-free profit.
There's no exclusivity requirement on any platform. The incremental setup effort is minimal (KYC + deposit, roughly 10 minutes per platform).
Are Prediction Markets Legal?
Yes, at the federal level. All platforms in this ranking operate under CFTC regulation. However, multiple states have challenged sports-specific contracts, and the legal landscape is evolving rapidly — with active litigation in at least eight states and the CFTC asserting exclusive federal jurisdiction.
For a comprehensive breakdown of which states have restrictions, how the federal-vs-state battle is playing out, and what it means for traders, see our complete guide to prediction market legality in the US.
The Data Layer: How to Research Before You Trade
The best traders don't just use prediction market platforms — they use data tools to understand volume trends, liquidity depth, smart money flows, and market accuracy before entering positions. Dune Analytics is the industry-standard data layer, providing free, community-built dashboards that track everything from weekly volume across platforms to wallet-level trading patterns on Polymarket.
How to Get Started
If you've never traded a prediction market before:
Step 1: Read our guide on how prediction markets work to understand the basics.
Step 2: If you have a Robinhood account, start there — it's the fastest setup. If you don't, create a Kalshi account and use the free demo to practice.
Step 3: Deposit $50-$100 via ACH (free on every platform) and start with markets you know — sports you follow, economic data you track, or elections you care about.
Step 4: Once you're comfortable, open a second account on Polymarket for lower fees and access to different markets.
Step 5: Explore the data. Use Dune Analytics dashboards to understand volume trends and market structure.
Frequently Asked Questions
What is the best prediction market app?
It depends on what you trade. Polymarket is the best overall platform for active traders (lowest fees, deepest liquidity, best API). Kalshi is the best for sports and the simplest for USD-based beginners. Robinhood is the easiest entry point if you already have an account.
Are prediction market apps legal in the US?
Yes. All platforms in this ranking operate under CFTC federal regulation. Some states have challenged sports-specific contracts. See our full legal guide.
Which app has the lowest fees?
Polymarket US charges 0.10% taker fees — dramatically cheaper than any competitor at scale. Robinhood charges $0.02 flat per contract. See our Polymarket vs Kalshi analysis for a detailed fee comparison.
Can I use prediction markets if my state doesn't have legal sports betting?
Yes. Prediction markets are federally regulated and available in states where sportsbooks aren't licensed — including California, Texas, and Florida. Some states restrict sports-specific contracts. See our sports prediction market guide.
Do any apps let me practice without real money?
Kalshi offers a free demo account with mock funds. No other major platform offers this.
How much do I need to start?
Most platforms have no minimum deposit. Practically, $50-$100 is enough to diversify across several markets while learning. Some contracts cost as little as $0.01.
Can bots trade on prediction markets?
Yes. Automated trading is a significant and growing share of prediction market volume, especially on Polymarket. See our piece on AI trading bots.
Can I make money by trading between platforms?
Yes. Price differences on the same event across platforms create arbitrage opportunities. Most active traders maintain accounts on multiple platforms for this reason.
How are prediction market winnings taxed?
Most platforms report winnings as ordinary income via 1099-MISC. The IRS has not issued specific guidance. Consult a tax advisor.
Which platform should I start with if I can only pick one?
Sports traders: Kalshi. Politics and low-fee active trading: Polymarket. Already have a Robinhood account: Robinhood. Want social features: OG. Care most about macro/economics: Opinion.
