This isn't a contest between two exchanges; Robinhood's event contracts are Kalshi's contracts with a Robinhood front end. So the question is whether Robinhood's app, fee and convenience beat going to Kalshi directly. For an occasional trader already on Robinhood, no reason to move. For anyone who trades often, uses limit orders, wants combos or the full catalogue, Kalshi direct wins on every axis.
Side by side
| Kalshi | Robinhood | |
|---|---|---|
| Structure | Own CFTC exchange | Broker (Robinhood Derivatives) routing to Kalshi |
| App | Web + iOS + Android; Kalshi Pro desktop | Inside the Robinhood brokerage app |
| Taker fee | 7% × P × (1−P), ≈1.75¢ max | 10% × P × (1−P) capped at 1¢ (5% Gold) + up to 1¢ exchange fee |
| Maker fee | Free on most markets | No maker/taker distinction; every fill charged |
| Catalogue | All categories, deepest props and crypto timeframes | Curated subset; exclusive education markets |
| Combos | 30+ legs via RFQ | None |
| Order book / API | Full book, public API | Simplified ticket, no API |
| Funding | Card, ACH, PayPal, Venmo, Cash App, crypto, wire | Robinhood cash balance |
| Interest on idle cash | Yes | Robinhood cash sweep (Gold) |
| Welcome offer | Trade-based credits, varies | Gift stock, not prediction-specific |
| Sports restrictions | NV, MI, WA geofenced | Same, plus CT order and NJ letter aimed at Robinhood |
Fees on a real trade
100 contracts at 50¢, market order: Kalshi $1.75; Robinhood standard $1.00 + up to $1.00 exchange = up to $2.00; Robinhood Gold $1.00 + up to $1.00 = up to $2.00 (the cap binds either way at 50¢). At 90¢: Kalshi $0.63; Robinhood standard $0.90 + up to $1.00; Gold $0.45 + up to $1.00. With a resting limit order on Kalshi: $0.
The exchange fee is what makes Robinhood hard to beat Kalshi on cost, and the lack of a free maker route is what makes it impossible for a patient trader.
When Robinhood is the right call
- You already keep cash on Robinhood and trade a handful of contracts a month.
- You want one app and one tax summary alongside your stocks.
- You care about the education markets, which Kalshi doesn't list.
When Kalshi is
- You trade weekly or more, or in size.
- You use limit orders (free) or want the order book.
- You want combos, props, crypto timeframes, or the API.
- You'd rather face one set of state restrictions than Kalshi's plus Robinhood's.
Robinhood fee model effective June 1, 2026 per WSN (Aug 26, 2026); Kalshi fee schedule effective July 7, 2026.