369X vs Kalshi

369X vs Kalshi: a regulated exchange next to a self-custody protocol.

Kalshi is a CFTC-regulated exchange: you open an account, verify your identity and deposit funds with Kalshi. 369X’s design keeps funds in your own wallet and in smart contracts, with wallet-based access and no account KYC, though restricted regions are blocked. Kalshi is live and licensed; 369X is launching on testnet.

Competitor information as of September 2026. Fees and rules change; see the linked official pages.

Feature by feature

369X design compared with competitors (competitor information as of September 2026)
Feature	369XDesign; status shown per row	KalshiUS-regulated exchange
Venue model	Decentralised protocol on BNB Smart ChainTestnet launch	Centralised exchange regulated by the CFTCKalshi, 20 March 2026 (opens in a new tab)
Who holds funds	Your wallet and the protocol's contracts; no company custody intendedIntended design	Kalshi account (custodial)Kalshi (opens in a new tab)
How prices are quoted	LMSR automated market maker quotes while a market is openTestnet launch	Order book (makers and takers)Kalshi (opens in a new tab)
Who creates markets	Users request; 369X reviews; approved requests go livePlanned for mainnet	Markets team, with an ideas feed for suggestionsKalshi (opens in a new tab)
Pays the market's originator	Yes: 0.5% of eligible volume to the approved creatorPlanned for mainnet	Not documented in the sources checkedKalshi (opens in a new tab)
Leverage on a YES/NO outcome	2× to 10× on outcome positionsRolling out	Not documented in the sources checked for outcome contractsKalshi (opens in a new tab)
Trading fee model	2% of trade value on each buy and sell, before staking discountsTestnet launch	Takers pay round-up(0.07 × C × P × (1 − P)) on standard contracts; maker fees are lowerKalshi, 7 July 2026 (opens in a new tab) · Kalshi (opens in a new tab)
Retail liquidity provision	LP Vault: deposit to back all markets; shares fees and lossesTestnet launch	Place resting (maker) ordersKalshi (opens in a new tab)
Native token	$369X, fixed 369M supply, with fee-funded buyback and burnAt token launch	No tokenKalshi (opens in a new tab)
Access and identity checks	Wallet-based, no account KYC in the design; restricted jurisdictions blockedIntended design	Identity verification at signup; many countries supported, with restrictionsKalshi, 20 March 2026 (opens in a new tab)

Custody and identity

With Kalshi, your balance sits in a Kalshi account and signup includes identity verification and a country check; many countries are supported, with restrictions set out in its member agreement. With 369X, the design keeps custody with you and uses your wallet as the login. That removes company custody risk and adds smart-contract risk. No account KYC in the design is not a promise that verification will never be required, and restricted jurisdictions are blocked.

Regulation

Kalshi operates under CFTC oversight in the United States, which brings consumer protections and rules about which contracts it can list. 369X has no equivalent licence. How prediction markets are treated legally varies by country, and some regulators treat them as betting.

Fees, compared fairly

Matched assumptions. Buying 100 YES shares at an average price of 50¢ ($50 of shares), one way, as a taker. Network fees and price impact are excluded.

369X$1.002% of $50. $0.79 at the top staking tier (1.575%).Testnet launch
Kalshi, standard contract$1.750.07 × 100 × 0.50 × 0.50, rounded up. Makers pay less.Kalshi, 7 July 2026 (opens in a new tab)

Fee shapes differ. Polymarket and Kalshi fees shrink toward the extremes (a trade at 90¢ costs far less than one at 50¢), while 369X's 2% is a flat share of trade value. At 90¢, 100 shares cost 369X $1.80, Polymarket crypto $0.63 and Kalshi $0.63. Neither model is cheaper everywhere.

Kalshi’s standard taker fee is 0.07 × contracts × price × (1 − price), rounded up, so it peaks at 50¢. Makers pay less. 369X charges a flat 2% of value on each buy and sell, discounted to 1.575% for top-tier stakers after token launch.

Markets and liquidity

Kalshi’s markets team lists contracts, reviewing ideas submitted to its ideas feed for regulatory compliance and manipulation risk; suggesters aren’t described as paid. Sports have become the most traded topic on Kalshi by a wide margin. On 369X, users request markets, approved creators earn 0.5% of volume, and the LMSR plus the LP Vault quote every market. Kalshi has no retail LP vault.

Which suits whom

Kalshi fits if you want

A regulated venue with an account and bank deposits
Deep liquidity on sports and economics today
No need to manage a crypto wallet

369X’s design fits if you want

To hold your own funds in your own wallet
To earn from markets you write
To back markets through a vault, or use outcome leverage

Sources

Kalshi: Fee schedule (effective 7 July 2026) (opens in a new tab)Page dated 7 July 2026. Used for: General taker fee: round up 0.07 × C × P × (1 − P). The PDF could not be loaded at check time; the formula was confirmed via the Kalshi Help Center fee article and secondary reporting..
Kalshi: Fees (Help Center) (opens in a new tab)Used for: Taker and maker fees; maker fees lower than taker fees; no settlement fee.
Kalshi: Can I trade on Kalshi from outside the United States? (Help Center) (opens in a new tab)Page dated 20 March 2026. Used for: International trading in many countries; identity verification at signup; country restrictions.
Kalshi: Suggesting a new market (Help Center) (opens in a new tab)Used for: Users submit ideas to an ideas feed; the markets team reviews; no suggester compensation described.
Pew Research Center: Prediction markets’ trading volume doubled between May and July, largely driven by sports (opens in a new tab)Page dated 23 September 2026. Used for: Monthly combined Kalshi + Polymarket notional taker volume, July 2024 to July 2026 (data from The Block).