Perps fee and leverage gap: a $10,000 market order costs $12 on Kalshi vs. $4 on Polymarket

A $10,000 perpetual-futures market order carries a $12 fee on Kalshi versus $4 on Polymarket, according to Datawallet’s comparison, updated October 10, 2026. The difference comes alongside higher leverage limits on Polymarket, although geographic restrictions mean the two offerings are not available to the same users.

Fees and leverage diverge

Kalshi’s starting perpetuals fees are 0.12% for taker orders and 0.05% for maker orders, according to Datawallet. Polymarket’s corresponding rates begin at 0.04% and 0.0125%. Those schedules are distinct from the platforms’ fees for event contracts.

The leverage comparison also varies by asset. Datawallet reports that Kalshi lists 5.8x leverage on Bitcoin, 4.4x on Ethereum and 15.2x on gold. Polymarket allows up to 20x on crypto, the S&P 500, oil, gold and silver, with a 10x ceiling for other assets.

Access separates the offerings

The CFTC approved Kalshi’s Bitcoin contract on May 29, 2026, and trading started on June 3. Its perpetuals are available only to US users. Polymarket introduced its product on September 3, 2026, but excludes residents of the United States and Canada, according to Datawallet.

Kalshi offers 20 perpetual contracts covering 18 crypto assets, gold and silver, alongside event contracts in a single US dollar account. Polymarket’s international perpetuals use pUSD as collateral; its international platform and US app maintain separate accounts and balances.

Unlike event contracts with a fixed stake, perpetual futures track an asset’s price without an expiration date and permit leveraged exposure. Adverse price moves can cause the platform to close a position. Datawallet also reports that holders of Kalshi crypto perpetuals pay or receive funding every eight hours, making the order fee only one component of the comparison.

What it means for prediction markets

• Eligibility comes first: Polymarket’s lower perpetuals fees and higher leverage are unavailable to US residents, while Kalshi’s perpetuals are restricted to US users.
• Product distinctions matter: The $12-versus-$4 example applies to a $10,000 perpetual-futures market order, not an event-contract purchase.
• Leverage changes the risk: Perpetuals introduce the possibility of forced position closure, unlike the fixed-stake structure described for event contracts.
• Entry fees are not the whole picture: Kalshi crypto perpetuals also involve funding payments every eight hours.