Most coverage of Kalshi and Polymarket treats them like direct competitors with similar products. The reality is more complicated. Polymarket runs two separate platforms under the same name. The original offshore, crypto-native exchange that still dominates global volume, and Polymarket US, a separate CFTC-registered product launched in beta in late 2025. Understanding which is which is the starting point for any serious comparison. Here is how all three stack up on the categories that matter most for U.S. traders. Kalshi vs. Polymarket | Platform Breakdown What Each Platform Is | Three Products, Not Two Kalshi has held full CFTC Designated Contract Market status since 2020, making it the longest-standing federally regulated prediction market in the United States. It runs a centralized order book, accepts U.S. dollars directly, and is available in all 50 states.…