Kalshi vs. Novig: November 2026 Comparison

Kalshi and Novig are two of the best prediction market apps in 2026.

Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara. It received CFTC Designated Contract Market approval in November 2020 and launched publicly in July 2021.

Novig was founded in 2021 by Jacob Fortinsky and Kelechi Ukah. It originally operated under a sweepstakes-currency model before transitioning to a federally regulated exchange. Its exchange entity, Ludlow Exchange, LLC, received CFTC Designated Contract Market status on June 16, 2026. After that, Novig relaunched on Aug. 4, 2026.

Their order books allow traders to buy and sell contracts, with prices changing as orders are matched and expectations change. For more on order types, pricing, and settlement, see how Kalshi works and how Novig works.

You can also see our Kalshi review and Novig review to learn about both exchanges in more detail.

Novig charges $0 for pregame straight trades, whether you're placing an order or accepting one already available.

Kalshi uses a formula-based fee structure that varies by contract price, quantity, and market.

In other words, Kalshi has a more complex fee structure than Novig.

Live trades, futures, and combination contracts have their own fee rules, though, so it's worth comparing the numbers.

Kalshi's general taker fee follows this formula:

Fee = round up (0.07 × C × P × (1 − P))

C is the number of contracts, and P is the contract price in dollars. Fees are rounded up to the next cent.

Some markets also charge maker fees using a lower coefficient of 0.0175. A maker places an order that rests on the order book until another trader fills it, while a taker executes against an existing order.

For instance, buying 100 contracts at 50¢ under Kalshi's standard taker schedule costs $50 for the contracts plus a $1.75 fee. If the same trade qualifies for the standard maker fee, the charge is $0.44. The formula produces its highest per-contract fee at 50¢, although certain markets, including some MLB games and Kalshi Combos, have different fee arrangements.

Check Kalshi's fee schedule for the applicable rates.

The first thing I noticed is that Novig charges no maker or taker fee on pregame straight trades. It also charges no maker fee on filled resting orders in other eligible markets.

For live straight trades and most futures, Novig applies a 0.06 taker coefficient:

Fee = 0.06 × P × (1 − P) × C

On 100 live contracts at 50¢, the fee is $1.50, compared with $1.75 under Kalshi's general taker formula.

Keep in mind Novig currently excludes golf and tennis futures from its futures trading fee, and that Novig's combination contracts, which it calls parlays, carry a 0.10 coefficient. Also, the fee is included in the quoted price rather than added separately at confirmation.

As of November 2026. Fees and market-specific schedules can change. Check the applicable rates before trading.

I could argue that Novig has the advantage on pregame straight trades and a slightly lower published taker coefficient for live straight trades, but the trading fee is only part of what you'll pay.

Say Novig offers a contract at 53¢ while Kalshi has the same outcome available at 50¢. Even after Kalshi's standard fee, its total execution cost could be lower.

You'll also want to check liquidity: if there aren't enough contracts available at 50¢ to fill your order, the remaining contracts may execute at higher prices, increasing your average cost.

That's why it's not always clear which platform comes out ahead. The contract price, available liquidity, and applicable fees all affect what you'll actually pay.

Beyond their welcome offers, Novig and Kalshi offer other prediction market promos that reward eligible trading activity. Novig uses a monthly points system, while Kalshi focuses on orders that provide liquidity.

Novig Points is an opt-in program that awards points for eligible activity, including combination contracts, maker fills, live taker trades, challenges, and qualifying referrals. Pregame straight taker orders aren't among the standard earning activities.

Points determine a monthly tier, resetting at 6 a.m. ET on the first day of each month. Currently, the six tiers are: Starter, Bronze, Silver, Gold, Ruby, and Obsidian.

Novig also updated recently the monthly rewards pool structure to feature a $500,000 monthly prize pool, with eligible tiers getting varying combinations of Trade Credits, Deposit Matches, and prize-pool allocations. This means you don't need to reach the highest VIP ranks to participate, but the payout structure is heavily weighted toward higher activity.

In other words, if I hit the Silver, Gold, Ruby, and Obsidian tier, I would get larger proportional shares of the monthly cash pool.

Just keep in mind points themselves have no cash value and cannot be withdrawn or transferred. Individual rewards have separate terms, and Novig can change the program between monthly cycles.

Kalshi's Liquidity Incentive Program rewards qualifying resting orders in selected markets, even if they never fill.

Kalshi checks the order book once per second, scoring orders based on their size and proximity to a reference price. Bigger orders closer to that price can earn higher scores, provided the market meets its liquidity requirements. Naturally, your share of the qualifying activity determines your portion of the reward pool, which ranges from $1 to $1,000 per market per day, with a $1 minimum payout.

Keep in mind simply leaving an order open doesn't guarantee a reward, so definitely check eligibility conditions.

For frequent limit-order traders, both programs are worth taking into account. If you want rewards for a wider range of activities, I'd lean toward Novig. If you regularly provide liquidity through resting orders, Kalshi is a better fit.

Note: Kalshi is ending its Liquidity Incentive program on January 1, 2027. It has already terminated its Volume Incentive program.

Kalshi gives you and your friend $25 each when they sign up through your referral link and trade at least $25 within seven days. You can earn up to $1,000 across 40 referrals. Our Kalshi refer-a-friend guide covers the details.

Novig's "Give $50, Get $25" program gives your friend $50 in Trade Credits after depositing at least $10, while you get $25 in Referral Credits. To qualify, you must've deposited $10, completed five trades using your own funds, and committed at least $50 across those trades.

Novig limits rewards to five referrals ($125 total), and Referral Credits expire after seven days. Also, the $50 for your friend comes through its new-member deposit offer, so don't assume it stacks with other promotions.

Like I mentioned at the beginning, both Kalshi and Novig cover major US sports, but their approach differs. Novig is a sports-only prediction market, while Kalshi also lists contracts tied to politics, economics, weather, and entertainment.

Both platforms cover professional football, basketball, baseball, hockey, and college football, among other competitions. Novig also offers tennis, golf, soccer, and MMA markets, while Kalshi lists more sports and events across its broader catalog.

Depending on the event, sports contracts can cover game winners, totals, and individual player performances. You might find a Premier League match winner, an NFL game total, or player-specific outcomes, although the selection changes with the sporting calendar.

If you trade sports markets on both exchanges, compare the available contracts and liquidity for each matchup. Kalshi's bigger catalog doesn't necessarily translate into sports depth or better prices for a specific event.

If you're looking for the most sportsbook-like feel, Novig is the way to go. As ambassador Sydney Sweeney proclaimed in her "Just Sports" ad, Novig doesn't get into politics or anything unrelated to sports.

Kalshi also lets you trade outcomes tied to Federal Reserve decisions, inflation reports, elections, weather events, pop culture, and entertainment. You can access these markets alongside sports through one account.

Novig doesn't offer non-sports markets, so if you're interested in economic releases, political outcomes, or other events outside sports you'll need a different platform.

Want to learn how to separate rumors from information when trading? Read our "How Do Prediction Markets React to Rumors vs. Information" guide.

Both Kalshi and Novig operate under federal CFTC oversight, but that doesn't mean you can trade every prediction market across the US. State-level restrictions and ongoing lawsuits can affect which sports contracts are available. Welcome offers also have their own geographic requirements.

Kalshi has faced legal challenges in Michigan and Nevada. In September 2026, a Michigan court issued a preliminary injunction restricting Kalshi's sports event contracts. Nevada has also blocked access to certain Kalshi markets, including sports, while litigation continues, but these restrictions could change as the cases progress.

Novig, meanwhile, excludes Arizona, Michigan, and Nevada, leaving its prediction market platform available in the other 47 states and Washington, DC, subject to eligibility requirements.

There's one detail I'd pay attention to: Novig checks your physical location, not just where you live. So even if you're a Texas resident, you won't be able to trade on Novig while visiting Las Vegas. You'll have to return to an eligible location before placing another trade.

Stay informed: our prediction markets lawsuit tracker covers the latest news.

Kalshi's ACTION55 offer covers 41 states and Washington, DC, while Novig's ACTION offer covers 28 states and DC. Both promotions are available in 25 states and DC.

Kalshi ACTION55 eligible locations: AK, AL, AR, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IN, KS, KY, LA, ME, MN, MO, MS, NC, ND, NE, NH, NJ, NM, NY, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WI, WV, WY.

Novig ACTION eligible locations: AK, AR, DC, FL, GA, HI, IA, IL, IN, KS, KY, MA, ME, MN, MO, NC, ND, NE, NH, OH, OK, OR, SC, SD, TX, VA, VT, WI, WY.

For state-specific information, see our guides to Kalshi in California, Florida, and Texas.

Kalshi prices contracts in cents against a $1 settlement value, while Novig displays prices as percentages. Both formats represent the market's implied probability.

Say a Kalshi Yes contract costs 60¢. That means you're paying $0.60 before fees for a contract that settles at $1 if the outcome happens. On Novig, the equivalent price would show as 60.0%. If you're more familiar with American odds*, a -110 price implies roughly 52.4%, or about 52¢ per contract.

Of course, a 60% implied probability doesn't guarantee the outcome will happen. It simply reflects what the market price suggests.

*Don't want to do the math yourself? We have a prediction market odds converter.

Here's where trading fees come into play. Say you buy 100 Yes contracts at 60¢ each. That's $60 before fees, with a potential $100 settlement if the outcome happens. Under Kalshi's general taker formula, you'd pay another $1.68, bringing your total to $61.68. On Novig, the same pregame straight trade would cost $60, since there are no additional trading fees.

There's a catch, though. Those numbers assume enough contracts are available at 60¢ to fill your entire order. If there aren't, part of your order might execute at higher prices, increasing your average cost.

Both platforms ask for identity verification before trading. They support several payment methods, but deposit fees, minimums, and withdrawal options differ.

Kalshi accepts bank transfers, debit cards, Apple Pay, Google Pay, PayPal, Venmo, Cash App, cryptocurrency, and wire transfers, subject to account and location eligibility.

The standard minimum deposit is $10, increasing to $1,000 for wire transfers. ACH deposits and withdrawals are free, while debit card deposits may incur a 2% processing fee.

Bank withdrawals usually arrive within a few business days. Debit card and eligible cryptocurrency withdrawals can process faster, although recently deposited funds may be subject to temporary holds. Cash App supports deposits only.

Novig supports bank transfers, cards, Apple Pay, and cryptocurrency deposits. Bank transfers and eligible cryptocurrency deposits carry no platform processing fee, while card and Apple Pay deposits incur a 3% fee.

The minimum withdrawal is $10, with bank transfers, debit cards, and Venmo available as withdrawal methods. Also, Novig doesn't ask users to complete a specified amount of trading before withdrawing deposited funds, although identity checks and funds committed to open positions can affect availability.

Kalshi has more funding options, including PayPal and Cash App for eligible users. Novig's fee-free bank transfers offer an alternative to its card deposits, which carry a processing charge.

Event contract trading carries financial risk, including the possibility of losing the full amount paid for a contract. Our responsible trading guide covers account limits and other things to keep in mind.

If you're mainly interested in pregame sports markets, I'd lean toward Novig. Its $0 trading fees on straight trades are also useful if you're an active trader placing frequent orders. Just remember that you need to be at least 21 and live or futures trades can still carry fees.

On the other hand, if you want to trade more than sports, I'd recommend Kalshi. You get access to elections, economics, weather, and entertainment markets through one account, along with more funding options. The downside? Its trading fees can make pregame sports contracts more expensive.

Personally, I'd compare the prices and available liquidity on both platforms before committing to either one. Novig might charge less in fees, but if Kalshi has a better contract price, you could end up paying less overall.