Kalshi vs Robinhood: fees, markets and which app to use for prediction markets
Robinhood sells event contracts from Kalshi and other exchanges inside its brokerage app; Kalshi is the exchange itself. How the fees compare at different prices, where each has more markets, and who should use which.
Kalshi is an exchange; Robinhood is a broker. When you trade an event contract on Robinhood, your order goes to an exchange such as Kalshi, Rothera (Robinhood's own joint venture with Susquehanna), ForecastEx or OG. On Kalshi you trade on the exchange directly. That difference drives everything below: cost, choice of markets and tools.
Fees as published in 2026. Both change their schedules; check the order screen before you trade.
Kalshi vs Robinhood at a glance
| Kalshi | Robinhood | |
|---|---|---|
| What it is | CFTC-regulated exchange | Broker that routes to several exchanges |
| Markets | Kalshi's full catalogue: sports, politics, economics, weather, culture | A selection across its partner exchanges |
| Fees | Kalshi's exchange fee | Robinhood's commission plus the exchange's fee |
| Order types | Market and limit orders, full order book | Simpler order entry |
| API | Yes (REST, WebSocket, FIX) | Built for trading in the app |
| Funding | Bank, card, wire, crypto | Your Robinhood brokerage cash |
| Best for | Active traders and niche markets | Existing Robinhood users trading big events |
How the fees work
Kalshi: a taker fee of 7% × price × (1 − price) per contract, rounded up to the cent per order. It peaks at 1.75¢ per contract at 50¢. Resting limit orders pay a lower maker fee on designated markets (Kalshi fees).
Robinhood: since 1 June 2026, a commission of 10% × price × (1 − price) per contract (5% with Robinhood Gold), rounded up to the cent and capped at 1¢ per contract, plus the fee charged by whichever exchange handles the trade.
| 100 contracts at | Kalshi taker fee | Robinhood commission (no Gold) |
|---|---|---|
| 10¢ | $0.63 | $0.90 |
| 50¢ | $1.75 | $1.00 (capped) |
| 90¢ | $0.63 | $0.90 |
The Robinhood column is only the commission: the exchange's own fee comes on top, so a Robinhood trade usually costs more than the same trade placed directly on Kalshi, and the gap is widest on contracts that are routed to Kalshi itself.
Markets and tools
- Kalshi lists far more markets, including niche weather, economics and culture contracts, and offers limit orders, an order book view and an API for bots (Kalshi API).
- Robinhood focuses on the most popular sports, politics and economics questions and puts them next to your stocks. Its venue can differ by market, so prices can be a cent or two away from Kalshi's own app (Robinhood prediction markets).
Which should you use?
- Choose Kalshi if you trade often, use limit orders, want niche markets or automate trading.
- Choose Robinhood if you already keep cash there and want a few positions on big events without opening another account.
Other broker-style apps compared: Coinbase prediction markets · Gemini Predictions · best prediction market apps.
Kalshi vs Robinhood: frequently asked questions
Is Robinhood the same as Kalshi?
No. Robinhood is a broker; Kalshi is one of the exchanges it routes event-contract orders to, alongside Rothera, ForecastEx and OG.
Is Kalshi cheaper than Robinhood?
Usually, because Robinhood adds its commission (up to 1¢ per contract) on top of the exchange's fee.
Does Robinhood use Kalshi?
Yes, for many markets, and also Rothera, its joint venture with Susquehanna, and other partner exchanges.
Can I use limit orders on Robinhood event contracts?
Robinhood's order entry is simpler; Kalshi offers full limit-order trading and an order book.
Which has more markets?
Kalshi, which lists its full catalogue; Robinhood offers a selection.
