Kalshi Referral Code RATE for $10 Bonus (Verified May 3)

If you’re claiming the $10 Kalshi bonus with code RATE, you will need to trade $10 in event contracts to unlock it. The cleanest plays this week include: trading on the Met Gala tonight, the LA mayoral race or Champions League finals. You can also opt for the Stanley Cup playoffs and NBA championship market. Each of those markets will clear the $10 threshold in a single trade.

All prices reflect real-time market sentiment, and you can exit positions anytime before settlement. Kalshi accepts bank transfers, Venmo, PayPal, debit cards, and crypto deposits and pays 3.75–4% APY on your total balance.

Our Kalshi review breaks down how trading works, upcoming markets like the World Cup (available now), political betting, fee structures, and how to use the referral code DEFI.

Does Kalshi have a welcome bonus?

Yes — you can sign up today and claim a $10 bonus for new accounts. Register with the Kalshi code ‘RATE‘, make an initial deposit of at least $1, then trade $10 in event contracts across Kalshi’s markets to unlock the $10 reward. You have the option to trade on sports, upcoming elections, economic indicators like Fed rate decisions, and even pop-culture, like Survivor 50. This code is tested and verified, with no current expiration date, making it one of the most reliable and active Kalshi promos in 2026.

Kalshi bonus details

The Kalshi RATE referral code unlocks a $10 trading bonus for first-time users. The free bonus credits to your trading balance after you complete one qualifying trade of at least $10. Bonus funds can be used on any market — sports, politics, crypto, weather — and trade winnings are fully withdrawable.

Kalshi promo code terms and conditions

The $10 bonus is available to new Kalshi accounts. You will need to use the referral code RATE during registration to qualify, as the code cannot be applied retroactively. This promo is ongoing and with no current expiration date.

• You will be required to verify your identity through Verify.com with a selfie holding your driver’s license or passport.
• This offer is limited to one promo per account.
• You need to be in an eligible state to activate your account (Nevada is currently on the exclusion list)
• You will need to deposit at least $1 and meet the minimum trade requirement of $10 before Kalshi credits the $10 promo to your account.

I found it pretty easy to get through the KYC process as Verify does all the work for you.

How to claim the free $10 bonus

The full flow takes about 2 minutes once you have your driver’s license handy:

Why is my code not working?

If your Kalshi referral code is not working, you likely have an existing account or you entered an invalid code. To fix this, ensure you entered the RATE at sign-up or enter it in the Account section before you make your first deposit. This code is valid through May 2026.

Kalshi promos for existing users

Kalshi does not run ongoing reload bonuses or odds boosts like traditional sports betting sites. Existing users have three ways to earn beyond their daily trading returns.

• You can earn up to $40 for each friend you refer. To do this, find your unique referral code under Account and share it with your friends. They will need to register, fund their account, and complete 100 trades within 30 days. Once done, you both receive a $25 bonus. There is no cap on how many you can refer. The 100-trade requirement is a higher bar than most referral programs, which typically pay out on a first deposit or single qualifying trade. If your friend doesn’t have a personal referral link, they can use the Kalshi bonus code RATE and get the $10 new user bonus instead.
• The Volume and Liquidity Incentive Programs, running through September 1, 2026, reward active traders automatically with up to $0.005 per contract on volume and between $10 and $1,000 daily for placing resting orders on eligible markets. No opt-in required.
• Kalshi also pays 3.50% APY on both cash and open positions for accounts with a balance of $250 or more, with interest accruing daily and paying out monthly.

Kalshi vs Polymarket: Which one is better?

Is Kalshi legal?

Yes. Kalshi is legal and operates under full regulatory oversight from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM). The predictions market app has the same legal status held by traditional commodity exchanges. For sports contracts and election betting, CFTC jurisdiction preempts state gaming laws because these are classified as event contracts/derivatives, not gambling.

The app is legally available in over 140 countries through a single global liquidity pool, including major markets like Mexico, Brazil, Germany, India, Japan, and South Korea. However, the app restricts access in approximately 45 jurisdictions, including Canada, the United Kingdom, Australia, France, Poland, Russia, Singapore, Taiwan, Thailand, and Venezuela.

Within the United States, Kalshi operates across all states, though 11 states have issued cease-and-desist orders or restrictions making sports contracts unavailable.

Kalshi legal states and market status

Unlike traditional sportsbooks, Kalshi’s federal CFTC designation means it operates in states where sports betting isn’t legal—including California, where voters rejected legalization in 2022. A federal judge in California recently denied tribal efforts to block Kalshi’s sports contracts, ruling that CFTC jurisdiction applies and the platform doesn’t qualify as gambling under federal law.

Latest news and updates

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Volume Report

Kalshi’s $52 Million UFC Event Had $11.1 Million on Chimaev

Kalshi showed $52 million in contract volume on UFC 328, one of the platform’s biggest fight nights to date. Actual cash exchanged: $18.98 million. Of that, 58.4% backed Khamzat Chimaev, who lost a split decision to Sean Strickland.

May 10, 2026

US Elections

Roy Cooper Is Making Prediction Markets Forget North Carolina Is Republican Territory

Former Democratic Gov. Roy Cooper has a sizeable lead in both polls and prediction markets in a state that has leaned Republican.

May 9, 2026

US Elections

Rob Sand Pushes Iowa Governor Odds Toward Democrats

Prediction markets are pricing Democrat Rob Sand as a real favorite in deep-red Iowa in the 2026 governor race.

May 8, 2026

Regulation & Policy

Minnesota Quietly Advances Sweeping Prediction Market Ban In Must-Pass Public Safety Bill

Minnesota lawmakers moved closer Friday to enacting one of the nation’s most expansive prediction market bans after quietly advancing the proposal through the state’s omnibus public safety bill. The public safety conference committee unanimously adopted the prediction market provisions during omnibus negotiations, keeping the language alive as lawmakers move toward final agreements. Minnesota’s proposal stands […]

May 8, 2026

Legal News & Updates

Fourth Circuit Panel Signals Doubts on Kalshi’s Injunction Request in Maryland

Oral arguments in federal and state courts involving Maryland and Massachusetts this week featured heavy skepticism of Kalshi’s claims about sports event contracts being out of reach of state police powers.

May 8, 2026

US Elections

Reality Star Spencer Pratt Emerges as Real Contender in LA Mayor Markets

Los Angeles is in a weird phase as residents look toward electing its next mayor, with prediction markets now suggesting reality star Spencer Pratt is more than a sideshow in the race.  As Mayor Karen Bass seeks reelection, she felt some fierce words from Pratt during this week’s mayoral debate about her handling of the […]

May 7, 2026

How Kalshi works

Kalshi lets users trade on the outcome of real-world events through event contracts. In simple terms, you can think of it like making a bet with a friend—except you’re trading against other people on a regulated exchange, not against a sportsbook. The price reflects what the market (other people) thinks will happen, and you can sell your position anytime before the event settles.

Trading is available in a range of categories, including politics, sports, crypto, and economics. Here are a few examples of how Kalshi works: 

• Who will win the 2028 presidential election?
• Pro Football Champion?
• Will Bitcoin be above $100,000 on December 31?
• What will the Fed decision be in December?
• What will Tesla say during their next earnings call?

To participate, you buy a “Yes” or “No” contract that reflects what you think will happen. Each contract is priced between $0.01 and $0.99, representing the market’s consensus probability. 

• A “Yes” contract priced at $0.65 implies a 65% market belief that the event will occur.
• A “No” contract priced at $0.35 implies a 35% belief that it will not.
  

Learn more: How to trade contracts

When the event settles, winning contracts are paid out at $1 each, while losing contracts expire at $0. Profits are simply the difference between your purchase price and the $1 payout, minus Kalshi’s trading fee. Consider the following example: 

• You buy 100 “Yes” contracts on “Inflation above 3% in Q4” at $0.54, for a total cost of $54.
• If the event resolves in your favor, your position settles at $1 per contract, for a $100 total.
• Your profit is $46, less roughly $1.75 in fees, for a net gain of $44.25.

Kalshi charges a $0.01-$0.02 fee per contract, depending on the trade price, with caps in place for 100-contract trades. Trades settle automatically once an event’s outcome is confirmed by a designated third-party source. 

The platform’s structure makes it one of the simplest ways for traders to participate in event-driven markets within a fully regulated framework. For active traders seeking a transparent and compliant option, Kalshi remains a good choice. 

Kalshi sports markets vs. sports betting

Kalshi lets you trade on sports markets with other sports fans. While different, the experience feels similar once you adjust to the different naming conventions and probability instead of the usual sportsbook odds. A key benefit to Kalshi: You can sell your position before the event settles if the market moves in your favor. You can’t do this at a sportsbook. There’s also no cap on winners.

How it works is pretty simple. You buy a contract with a simple Yes or No question priced between $0.01 and $0.99. Pricing is based on the market’s estimated probability. If your sports prediction is correct, the contract pays out $1.

As an example, if you buy a “Will Kansas City win the Pro Football Championship?” contract at $0.53 and they win, you profit $0.47 per contract.

Available sports markets and contracts

Kalshi is all over the news for rapidly expanding its sports offerings. The prediction market covers NFL, NBA, college football, college basketball, MLB, NHL, soccer, tennis, and esports. Kalshi is usually first to market with new contracts, including the World Cup and is the only prediction market to offer individual region contracts, like Spain. Beyond simple game winner contracts, Kalshi offers:

• Spread contracts: This is the spread. Questions like “Will the Chiefs win by more than 3.5 points?” covering point spreads for professional and college football.
• Totals contracts: This is the totals. Questions like “Will the game have over 47.5 total points?” with options for full game, quarter, or half totals.
• Touchdown contracts: This is your props. Player prop markets for anytime touchdown scorer, first touchdown, and multiple touchdowns. Note: passing touchdowns don’t count. Only the player who possesses the ball in the end zone.
• Player stat contracts: Passing, rushing, and receiving yards, plus sacks, interceptions, and other stats.
• Combo contracts – Kalshi’s version of parlays. The “Build Your Combo” feature lets you combine multiple contracts from the same game into a single position. One user reported receiving odds more than 25% higher on a three-leg combo at Kalshi compared to DraftKings.

Kalshi app feedback

Kalshi’s external reviews have mixed results. Mostly complaints about contracts settling (why it’s important to read) and bugs related to the app. The company is more more active on social channels than third-party sites.

They do have an official presence on Reddit at r/Kalshi, though the team appears less active there compared to Discord. Some users have reported slow response times when raising issues through Reddit, with complaints about unanswered emails and support delays. Discord remains the better channel. Reddit is more of a community discussion space where users share experiences.

Apple store: 69K downloads with a 4.7/5 rating

TrustPilot: 75 reviews with a 1.9/5 rating

Discord.gg/Kalshi: 18K members

Kalshi’s trending markets today

Kalshi has an extensive list of markets available for trading (895,605, as of this morning), covering sports, politics, crypto, economics, and more. This is event contract trading, not betting. The menu is organized by category, and you can browse trending, new, or all markets to find what’s active.

Top markets for May 4:

Who will attend The Met Gala? The 2026 Met Gala takes over the Metropolitan Museum of Art tonight under a “Fashion Is Art” theme, with Beyoncé, Nicole Kidman, Venus Williams, and Anna Wintour as co-chairs. Lewis Hamilton leads attendance odds at 51%, with Lady Gaga at 34% and Jacob Elordi at 31%. Elordi held the top spot from January through early April before his contract collapsed from the 70s into the low 30s as the carpet date approached.

Volume across 29 contracts: $1.76M.

Los Angeles Mayor winner? Councilmember Nithya Raman has pulled away from the L.A. mayoral field at 55%, with incumbent Karen Bass at 25% and reality TV personality Spencer Pratt at 21%. Pratt’s campaign drew an unusual show of support: Lakers governor and minority owner Jeanie Buss cut a maximum $1,800 donation to the run, per Fox News. Raman has climbed steadily through April while Bass slid from the mid-40s.

Volume across 8 contracts: $2.5M.

Champions League Final Matchup. PSG beat Bayern Munich 5-4 in a record-breaking semifinal first leg, with Kvaratskhelia and Dembélé each scoring twice, per Al Jazeera. The matchup market sits in a near-tie: Bayern vs. Arsenal and PSG vs. Arsenal both at 36%, with Bayern vs. Atlético trailing at 15%. Arsenal looks heavily favored against Atlético on its side of the bracket, while the Bayern-PSG return leg shapes up as a coin flip after the wild first-leg result.

Volume: $610K.

If the above doesn’t appeal to you, use our tracker below to find the latest trends and volume. What you see is today’s snapshot of what’s moving right now on Kalshi vs. Polymarket. Sports always has the most volume, followed by politics and crypto.

How Kalshi trading fees work

Kalshi makes money by charging a small transaction fee on trades collected from both the buyer and seller. If you’re coming from sports betting, think of this as Kalshi’s version of the juice—except instead of being baked into the odds, it’s charged transparently on each trade like a brokerage commission.

Most markets on the platform have no fees, but certain event categories do carry a variable fee based on contract price and quantity (100 contracts). The fee formula is: 0.07 × C × P × (1-P), with C being your contract count and P being the price (a 50¢ contract would be 0.5). Because of the P × (1-P) component, fees are highest on contracts priced near 50¢ and lowest near the extremes (1¢ or 99¢). This reflects Kalshi’s approach of charging based on potential profit. A 50/50 contract has the most upside, so it carries the highest fee.

There are two fee types: taker fees kick in when you match an order already on the book, while maker fees (which are lower) apply when your order sits and waits for someone else to fill it. Some markets also have a multiplier that adjusts the standard rate.

Here’s a breakdown of markets with non-standard fees based on our February update:

Kalshi vs. other prediction market apps

Kalshi currently has the edge in the prediction markets. The combination of interest on balances, sports categories and high position limits makes it the strongest all-around. This is especially true for sports bettors looking to trade significant capital. We expect this to change in 2026 when the market expands for more entries. Here is a breakdown of how Kalshi compares right now to Polymarket, Crypto.com and PredictIt.

• Polymarket offers zero trading fees and the deepest liquidity on political and crypto markets, but US users now have to access it through intermediaries rather than directly. If you’re outside the US or comfortable with the extra steps, it’s hard to beat no fees.
• PredictIt pioneered political prediction markets and still has a loyal user base, but the $850 position cap and 10% profit fee make it impractical for anyone trading more than small amounts. It’s best suited for casual political junkies who want skin in the game.

Kalshi deposit and withdrawal options

Getting money into Kalshi is easy with five deposit options. If you want to avoid additional fees, I suggest you go with bank transfer or crypto. Both options are free, though bank transfers take a few days to clear. Debit cards and mobile have a 2% transaction fee. Wire transfers are available for larger deposits starting at $1,000. For crypto users, you can use SOL, USDC, BTC and WLD.

Deposit options

How to cash out

Once a contract settles, your payout is available within two hours. Crypto is the fastest and cheapest way to cash out. Debit cards can arrive in under an hour but carry a $2 fee. Kalshi holds withdrawals based on how you deposited: 3 days for debit, 7 days for same-bank ACH, and 30 days if withdrawing to a different bank. Daily debit withdrawals cap at $2,500; bank transfers have no limit.

Kalshi tax considerations

Kalshi reports all trading activity to the IRS, so if you hit certain reporting thresholds, expect to receive tax documents. According to Kalshi’s Help Center, they issue three types of forms: a 1099-INT for interest payments, a 1099-MISC for credits and rewards (the sign-up bonus), and a 1099-B for transaction proceeds from crypto transfers.

Kalshi calculates your profits and losses using FIFO (First-In-First-Out) accounting, and your P&L data (including fees and rebates) updates on the first of each month. For a full estimate of your crypto tax exposure across wallets and platforms, our free tax calculator supports multiple cost basis methods including FIFO.

Additional prediction market platform promos

Kalshi is one of several regulated prediction market sites operating in the US through the CFTC. If you want to compare sites like Kalshi or hold accounts at multiple exchanges, the platforms below are worth considering and most have a decent promo or sign up offer available.

• Polymarket: Polymarket is the largest prediction market by global volume, with deep liquidity across politics, sports, and culture markets settled in USDC. Enter invite code RATE at signup for a $20 bonus and to skip the US waitlist. See our Polymarket promo code page for full details.
• Underdog Predict: Underdog Predict covers a broad slate of sports event contracts, including NFL, NBA, MLB, and college sports. Enter code DEFIRATE at signup for a $50 bonus. See our Underdog Predict promo code page for full details.
• FanDuel Predicts: FanDuel Predicts offers a $25 bonus for new accounts after completing identity verification. No promo code or deposit is required to claim the offer. See our FanDuel Predicts promo code page for full details.
• DraftKings Predictions: DraftKings Predictions is available in all 50 states and routes sports and finance contracts through CME Group. New users can claim a $25 bonus with no promo code. See our DraftKings Predictions promo code page for full details.
• Crypto.com: Crypto.com offers prediction markets alongside its full cryptocurrency trading platform, with deposits accepted in both fiat and digital currencies. Sign up with code DEFI for a $50 new user bonus. See our Crypto.com promo code page for full details.
• OG.com: OG is the standalone prediction markets app from Crypto.com, offering sports, politics, economics, and culture markets. See our OG.com promo code page for the current welcome offer.
• Robinhood: Robinhood offers prediction markets through a Kalshi partnership, with event contracts available directly alongside stocks and crypto. New users can claim up to $200 through the exclusive invite link. See our Robinhood promo code page for full details.

Our final score: 4.7 / 5.0

Kalshi gets a 4.6 out of 5 with room to improve on the operational side. The app volume tells the story. Elections, politics, and major sporting events drive the bulk of trading activity, with sports contracts now accounting for roughly 90% of Kalshi’s business with some expansion in politics and mention markets.

Liquidity on these markets runs deep enough to absorb institutional-sized orders. The same cannot be said for Kalshi’s more eccentric contracts on sneaker releases, celebrity appearances, and weather. The thin order books make it difficult to enter or exit trades at scale.

The nearly 4% annual on cash balances, including funds tied up in open positions, is a decent selling feature. We increased the score after Kalshi released a responsible trading program, which includes self-exclusion, trading limits and resources for help.

Frequently asked questions