Kalshi vs ProphetX
ProphetX is a sports-only exchange where traders take positions against each other on game outcomes and parlays rather than against a house. Kalshi is a CFTC-regulated exchange that lists event contracts across sports, economics, politics, weather and more; every contract settles at $1 or $0. Here is how the two compare on regulation, markets, fees and states, using what each venue publishes.
| Feature | ProphetX | Kalshi |
|---|---|---|
| What it is | Sports exchange, traders against each other | Multi-category event-contract exchange |
| Regulation | CFTC-designated contract market since June 2026 | CFTC-designated contract market |
| Markets | Sports only: game outcomes and parlays | Sports plus economics, politics, weather, culture and more |
| Fees | 2% of net gains per market on straight trades; parlays on their own fee schedule (read 2026-10-29) | Taker fee 7% Γ price Γ (1 β price) per contract, max 1.75Β’ (as of 2026-09-23), charged at the fill, win or lose |
| States | Not verified by us (see below) | Most states (sports restricted in some) |
Fees, side by side
ProphetX charges a 2% trading fee on net gains per market on straight trades, so a market that nets you nothing costs nothing in fees; parlays are charged on a separate parlay fee schedule (ProphetX Trading Fees, v1.3, Oct. 12, 2026).
Kalshi charges a taker fee at the fill on every trade, win or lose: Taker fee 7% Γ price Γ (1 β price) per contract, max 1.75Β’.
States
ProphetX confirms eligibility from your location at sign-up. We have not verified its state list yet, and third-party lists disagree, so this page does not print one. Kalshi: Most states (sports restricted in some).
More: Kalshi markets we track Β· Kalshi vs Novig Β· Kalshi fee calculator Β· Novig fee calculator
Frequently Asked Questions
What is the difference between Kalshi and ProphetX?
ProphetX is a sports-only exchange where traders take positions against each other on game outcomes and parlays rather than against a house. Kalshi is a CFTC-regulated exchange that lists event contracts across sports, economics, politics, weather and more; every contract settles at $1 or $0.
Which is cheaper, ProphetX or Kalshi?
They charge in different ways. ProphetX charges a 2% trading fee on net gains per market on straight trades, so a market that nets you nothing costs nothing in fees; parlays are charged on a separate parlay fee schedule (ProphetX Trading Fees, v1.3, Oct. 12, 2026). Kalshi charges a taker fee at the fill on every trade, win or lose: Taker fee 7% Γ price Γ (1 β price) per contract, max 1.75Β’. Which costs less depends on the trade: the price you fill at, whether the market nets you a gain, and (on Kalshi) when you trade.
Is ProphetX legal, and which states can use it?
ProphetX is a CFTC-designated contract market since June 2026. ProphetX confirms eligibility from your location at sign-up. We have not verified its state list yet, and third-party lists disagree, so this page does not print one.
Is ProphetX like Kalshi?
Both are CFTC-regulated venues, but ProphetX lists sports only, while Kalshi lists sports alongside economics, politics, weather and other event categories.