Kalshi vs Rain

How Kalshi vs Rain compare on our ratings, prediction market specs, funding, pros and cons.

Kalshi4.3/5
VS
Rain3.0/5
Feature
Ratings
Our score4.3/53.0/5
User ratingNo reviews yetNo reviews yet
Market selection4.54.0
Liquidity4.53.0
Fees4.02.0
Resolution quality4.52.5
Ease of use4.03.5
Specs
Market typesPolitics, Sports, Crypto, Economics, Culture, WeatherNot disclosed
Settles inUSDNot disclosed
ChainsOtherArbitrum
Trading feesModel fee rounded to $0.000001 precision with balance rounding fees5% per trade split across LP, creator, and resolver
Resolution sourceOfficial government and industry statistics, primary source reportingDesignated market resolver
Available in the US YesNot disclosed
KYC required YesNot disclosed
Regulated venue YesNot disclosed
Market topicsElections, Macroeconomics, Sports, Cryptocurrency, Weather, Financial IndicesNot disclosed
Liquidity rewardsNot disclosed Yes
Company
Founded2018—
HeadquartersUnited States—
InvestorsBaillie Gifford, Layer Global, TCV, Coatue +9Not disclosed
Strengths and weaknesses
Pros
  • Registered Designated Contract Market status provides federal regulatory oversight for US-based traders
  • Deep liquidity exceeding $2B in weekly volume across major events in May 2026
  • Transparent dollar-denominated balances eliminate stablecoin depeg risks
  • Subpenny orderbook precision down to $0.0001 allows fine-grained execution
  • Permissionless market creation without approval steps or forms
  • Dual AMM and order-book options accommodate both niche and liquid markets
  • Token contract audited by Hacken in August 2025
  • TVL reached over $15.8M on Arbitrum in October 2026
Cons
  • Requires full identity verification (KYC), preventing anonymous participation
  • Centralized custody of cash balances without on-chain asset withdrawals
  • Subject to regulatory exclusions, including a 2026 trading ban on US Senate staff
  • Unprofitable to profitable user ratio reached 2.9 to 1 in 2026
  • Fixed 5% trading fee is high compared to standard DeFi swaps
  • Third-party resolvers introduce potential event dispute risks
  • Operation is confined to Arbitrum with no other chains supported
  • Niche sub-pools risk thin liquidity and execution slippage
Best forUS residents wanting regulated event contracts, Quantitative traders using FIX and REST APIs, Sports bettors preferring central orderbook pricingArbitrum DeFi traders, Independent prediction market creators, Developers building event platforms

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.

More comparisons