Polymarket and Kalshi take opposite paths to prediction markets, from offshore crypto to CFTC oversight

Kalshi launched as a CFTC-regulated derivatives exchange, while Polymarket began as a crypto-native platform operating offshore. The two now compete across similar yes-or-no contracts but differ in how they handle rules, settlement currency, and user access. A side-by-side look highlights contrasts in listed markets, trading activity, and key risks.