| Novig | Kalshi | |
|---|---|---|
| Regulation | CFTC DCM (Ludlow Exchange) | CFTC DCM |
| Settlement | US dollars | US dollars |
| Trading fees | None | ~0.07 × price × (1−price) per contract |
| Interest on idle cash | None | ~4% APY |
| Markets | Sports only, 8 leagues | Sports, politics, economics, crypto, culture |
| US availability | 47 states plus DC | 40+ states |
| Minimum deposit | $1 | Low |
| Deposit methods | Trustly, Aeropay | Bank transfer |
| Age requirement | 21+ | 18+ |
| Valuation | $500M (Feb 2026) | $11B (Dec 2025) |
Both are federally regulated US exchanges settling in dollars. That is where the similarity ends, and the choice between them comes down to one question: do you trade only sports, or not?
The short version
If every trade you make is on an NFL, MLB or tennis market, Novig is probably cheaper. It charges no commission at all, and over a season of active trading that saving compounds into real money.
If you hold positions for weeks, or you want to trade anything that is not a game, Kalshi wins — the roughly 4% it pays on idle cash outweighs a commission saving over any long holding period, and it is the only one of the two that lists elections, Fed decisions and crypto levels.
Most people who are serious end up with both. They serve different halves of the category.
Fees: the clearest difference
Novig charges retail traders nothing. Not a promotional rate — no commission at all. Your cost is the bid-ask spread you cross, paid to the trader on the other side rather than to the platform.
Kalshi charges a published formula: 0.07 × contracts × price × (1 − price), rounded up to the cent. On 100 contracts at 50¢ that is about $1.75 on $50 staked, or 3.5%. The shape matters — the fee peaks at a coin-flip contract and shrinks toward either extreme, so a long shot at 3¢ costs almost nothing to trade.
On a single trade the difference is a couple of dollars. Across a season of a few hundred trades it is hundreds. Run your own volume through our fee calculator to see where you land.
But a zero fee is not the same as a zero cost. A venue with no commission and a wide spread is more expensive than one with a small fee and a tight book, because crossing a wide spread is a real cost no fee table shows. Kalshi's books on major markets are deeper, which narrows the gap in practice — and on thin Novig markets outside NFL and MLB, can reverse it entirely.
Interest: the difference people underestimate
Kalshi pays roughly 4% APY on uninvested cash. Novig pays nothing.
For a day trader, irrelevant. For anyone holding a position for months — a futures market on a championship, a long-dated political contract — it is the dominant factor. Capital tied up for six months at 4% earns 2%, which is more than most people save in commission over the same period.
The rule of thumb: the longer your typical holding period, the more Kalshi's interest matters and the less Novig's zero commission does.
Markets: the decisive difference
Novig lists eight leagues: NFL, MLB, MLS, WNBA, ATP and WTA tennis, PGA Tour and UFC. That is the entire catalogue. No politics, no economics, no crypto, no awards.
Kalshi lists all of those and more — the 2028 nomination books, FOMC decisions, inflation prints, Nobel prizes, entertainment markets.
This is not a gap Novig intends to close. Sports-only is the strategy, and given sports drive more than 80% of prediction market volume, it is a defensible one. But it means Novig cannot be your only account unless you genuinely never want to trade anything else.
Liquidity
Kalshi runs about $9.8 billion in monthly volume against Novig's roughly $4 billion annualised. That is not a close comparison, and it shows up where you would expect: Novig's books are competitive on NFL and MLB and get thin beyond them.
Thin books cost you twice. The spread you cross is wider, and exiting before settlement may not be possible at a price you like. For a buy-and-hold trader that matters less; for anyone who trades in and out, it can swamp the commission advantage.
Regulation
Both hold CFTC designated contract market licences — Kalshi directly, Novig through its Ludlow Exchange entity, designated on June 16, 2026. This is the same federal exchange registration, not a gaming licence, and it is why both operate nationally rather than state by state.
Novig covers 47 states plus DC, excluding Arizona, Michigan and Nevada, with a 21+ requirement. Kalshi covers 40-plus states at 18+. Both sit inside the live fight over whether sports event contracts belong under federal or state jurisdiction — the current position is in our legality guide.
Money in and out
Novig uses Trustly and Aeropay, with a $1 minimum by bank transfer and no withdrawal fees. It also runs a rewards programme, Novig Cash, that lets you build a balance without depositing at all.
Kalshi uses standard bank transfer. Neither requires crypto, which is the shared advantage both hold over Polymarket.
Scale
Kalshi raised $1 billion at an $11 billion valuation in December 2025 and reported roughly $260 million in 2025 revenue. Novig raised $75 million in February 2026 at $500 million, with more than $106 million raised in total.
Novig's zero-commission model is funded by that venture money rather than by revenue, which is worth understanding: it is a growth strategy, not a permanent state of the world. Expect monetisation eventually, most likely through market-making or institutional flow rather than retail commissions.
Novig has also been far louder. Its September 2026 campaign with Sydney Sweeney — who holds equity and drove the creative herself — took 37 million Instagram views in four days and drew sustained criticism from female athletes. Our Novig review covers that episode and what it says about where the company is spending.
Who should pick which
Novig if: you trade sports and only sports, you trade often enough that commission is a real drag, you concentrate on NFL and MLB where the books are deep, or you have been limited by a traditional sportsbook for winning — which is the exact user the founders built it for.
Kalshi if: you want elections, rate decisions or anything beyond games, you hold positions for weeks or months, you want interest on idle capital, you need depth outside the two biggest US leagues, or you are under 21.
Both if: you are serious. They cost nothing to hold open, and the two together cover the category in a way neither does alone. Running both also makes cross-venue pricing visible — our odds comparison tracks where Kalshi and Polymarket disagree on the same markets.
Verdict
Kalshi is the more complete platform and the safer default: bigger, deeper, broader, and it pays you to keep money there. Novig is the cheaper place to trade sports and the better tool for someone doing exactly that.
Rated on our scale, Kalshi sits at 4.3 and Novig at 4.0 — a gap that reflects scope and depth rather than quality. For the full picture on each, see our Kalshi review and Novig review, or the wider field in best prediction market apps.
Frequently Asked Questions
Is Novig cheaper than Kalshi?
On commission, yes — Novig charges retail traders nothing while Kalshi charges a per-contract fee. But the spread you cross is also a cost, and Kalshi's deeper books often quote tighter. On thin Novig markets the spread can exceed what Kalshi would have charged.
Can you trade politics on Novig?
No. Novig lists sports only, across eight leagues. For elections, Fed decisions or anything else, you need Kalshi or Polymarket.
Are both Novig and Kalshi legal?
Both hold CFTC designated contract market licences and operate nationally under federal derivatives rules. Novig covers 47 states plus DC at 21+; Kalshi covers 40-plus states at 18+. State challenges to sports event contracts are ongoing.
Which pays interest on your balance?
Kalshi, at roughly 4% APY on uninvested cash. Novig pays nothing, which matters most if you hold positions for months.
Should I use both?
If you trade seriously, yes. Novig is cheaper for sports, Kalshi covers everything else and pays on idle cash. Neither costs anything to keep open.
Which is bigger?
Kalshi, substantially — roughly $9.8 billion monthly volume and an $11 billion valuation, against Novig's $4 billion annualised and $500 million.
