Kalshi vs Novig — Side-by-Side for US Traders (2026)
Both cut out the traditional house. Kalshi runs a CFTC-regulated event-contract exchange across every category. Novig runs a CFTC-designated, sports-only peer-to-peer exchange with no house on the other side. They overlap on sports, diverge on everything else — and Novig currently pays new traders $25 in trade credits on a $10 deposit.
Kalshi
Pros
- CFTC regulation — federal oversight in all 50 states
- Politics, economics, weather, and sports under one account
- Deeper non-sports liquidity than any peer-to-peer book
- Combo functionality for multi-leg event contracts
- Standard bank deposits and withdrawals
Cons
- Per-contract trading fee where Novig charges retail no commission
- Sports liquidity is thinner than dedicated sports exchanges
Novig
Pros
- Peer-to-peer model — no house vig
- No retail commission — your cost is the spread, not a fee
- Built around sports — natural UX for sports traders
- No winner limits or restrictions on profitable accounts
Cons
- A short state exclusion list vs Kalshi in all 50
- Sports only — no politics, economics, or weather contracts
- Order matching can be slow outside marquee games
- Newer to CFTC designation (August 2026) — thinner track record
Kalshi vs Novig: same player, same line, two prices
Updated Oct 3, 2:10 AM ETThis week’s NFL player-prop strikes that both venues price, ranked by how far apart they are. Every number is the venue’s own: a Kalshi mid, a sportsbook’s own line read at that strike, an exchange’s raw quote. The right-hand column is where the cheaper price for each side actually sits, in cents per $1 of payout, Kalshi net of its fee.
| Player · prop | Kalshi | Novig | Gap | Best price | Trade |
|---|---|---|---|---|---|
| DeVonta Smith80+ rec ydsPHI v LAR | 6.5% | 42.9% | -36.4pp | over · Kalshi 7.5¢ (next 42.9¢) | Kalshi → · Novig → |
| Stefon Diggs60+ rec ydsWAS v IND | 33.5% | 64.5% | -31.0pp | over · BetRivers line 32.3¢ (next 33.6¢)under · Novig 64¢ (next 69.5¢) | Kalshi → · Novig → |
| DeVonta Smith60+ rec ydsPHI v LAR | 37.5% | 62.5% | -25.0pp | over · Kalshi 39.7¢ (next 62.5¢) | Kalshi → · Novig → |
| Antonio Williams40+ rec ydsWAS v IND | 26.5% | 50.5% | -24.0pp | over · BetRivers line 20¢ (next 20.8¢) | Kalshi → · Novig → |
| DeVonta Smith40+ rec ydsPHI v LAR | 65.0% | 82.5% | -17.5pp | over · Kalshi 68.6¢ (next 82.5¢) | Kalshi → · Novig → |
| Josh Cameron15+ rec ydsJAX v CIN | 36.5% | 53.1% | -16.6pp | over · Kalshi 38.6¢ (next 38.9¢)under · Kalshi 65.6¢ (next 70.5¢) | Kalshi → · Novig → |
| Stefon Diggs50+ rec ydsWAS v IND | 48.5% | 64.5% | -16.0pp | over · BetRivers line 43.5¢ (next 44.4¢)under · Kalshi 53.8¢ (next 60¢) | Kalshi → · Novig → |
| Antonio Williams15+ rec ydsWAS v IND | 54.5% | 69.0% | -14.5pp | over · Kalshi 56.7¢ (next 59¢) | Kalshi → · Novig → |
| Jadarian Price40+ rush ydsSEA v LAC | 41.5% | 55.9% | -14.4pp | over · Kalshi 50.8¢ (next 53.3¢)under · Novig 50¢ (next 52.4¢) | Kalshi → · Novig → |
| Tre' Harris70+ rec ydsLAC v SEA | 13.0% | 27.0% | -14.0pp | over · Kalshi 16.9¢ (next 22¢) | Kalshi → · Novig → |
Full board: 2,536 priced prop strikes this week →Prices are informational; verify the contract before trading.
The Verdict
If you trade sports exclusively, Novig is usually the cheaper venue per trade. The peer-to-peer model genuinely cuts the vig, and that compounds across a season. If you trade anything else — politics, Fed decisions, weather, CPI, elections — Kalshi is the only real answer. Most active traders use both: Novig for sports where matching liquidity exists, Kalshi for everything else and for sports markets where Novig is thin. The decision is less “which one” and more “which markets on which platform.”
Frequently Asked Questions
What is Novig?
Novig is a sports-only, peer-to-peer prediction market. Traders match positions directly against other users instead of trading against a house, which removes most of the traditional vig. It has been a CFTC-designated contract market since August 4, 2026, trades real-money contracts, and is live in most states — the app confirms yours at sign-up.
Is Novig the same as Kalshi?
No. Both are CFTC-designated contract markets, but they trade different things. Kalshi lists event contracts across politics, economics, weather, culture and sports. Novig is sports-only by design and runs a peer-to-peer order book with no house on the other side. Same regulator, different product.
Which has lower fees, Kalshi or Novig?
Novig charges retail traders no commission — the cost of a trade is the bid-ask spread on its order book. Kalshi charges a per-contract trading fee that scales with the price of the contract. For a sports trade where Novig has matching liquidity, Novig is usually cheaper per trade; for anything that is not sports, Kalshi is the only one of the two that lists it. Run both through the fee calculator before assuming.
Is Novig legal in the US?
Yes. Novig has operated as a CFTC-designated contract market since August 4, 2026 — the same federal designation Kalshi holds. It is 21+ by choice and live in most states, with a short exclusion list that the app confirms at sign-up. Kalshi is available in all 50 states.
Is there a Novig promo code?
Novig’s program is link-based rather than code-based. Sign up through our referral link (the code is C92909 if the app asks for one), verify your identity, link a payment method and deposit at least $10, and Novig adds $25 in trade credits to the new account. The credits are usable on contracts priced up to 60 cents and expire after 30 days. We earn a referral credit when you do; it never changes what you get.
Can I trade politics or economics on Novig?
No. Novig is sports-only by design. For political, economic, weather, and entertainment event contracts you need Kalshi or another event-contract exchange.
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