Where to Trade California Elections Today: Kalshi vs Polymarket

California's 2026 elections give you more to trade than the next governor. Prediction markets offer contracts on individual candidates, whether ballot propositions pass, congressional district winners and the party that controls the U.S. House.

Kalshi offers a large selection of California-specific contracts, while Polymarket US lists the governor's race and other political markets. Gemini Predictions also offers election contracts, including national congressional control markets.

Here's what you can trade on each platform and how to claim almost $100 in bonus offers.

Best apps to trade tomorrow’s elections

Kalshi offers several contract types beyond selecting the winning candidate. You can trade whether California's billionaire tax passes, who wins a congressional district or whether a candidate receives a specified percentage of the vote.

Polymarket US lets you trade California's governor election and compare prices with Kalshi, while Gemini offers additional ways to trade the national midterm results.

For a broader comparison, see our best political betting sites guide.

Kalshi: Trade California governor, propositions and congressional races

Kalshi offers California election markets covering statewide races, individual congressional districts and ballot propositions. You can trade the winning candidate, winning party or specific election outcomes such as the margin of victory.

California election markets on Kalshi include:

• Governor: Xavier Becerra versus Steve Hilton, plus contracts on the winning party.
• Lieutenant governor: Fiona Ma versus Gloria Romero.
• Congressional districts: Individual House races, including CA-40 and CA-14.
• Proposition 40: Whether California's proposed one-time tax on billionaires passes.
• Proposition 39: Whether the voter identification initiative passes.
• Governor margin of victory: Whether the winning margin meets specified thresholds.
• Turnout and vote percentage: Contracts covering statewide participation and candidate vote shares.
• Los Angeles mayor: Karen Bass versus Nithya Raman.

Kalshi's proposition markets also go beyond Yes/No outcomes. Proposition 40, for example, has contracts on whether the Yes vote reaches specific percentages, including 52%, 54% and 56%.

A proposition can pass without reaching a particular vote threshold, so check the exact outcome before placing a trade.

Kalshi is regulated by the CFTC and offers election contracts to eligible traders in permitted jurisdictions.

Kalshi welcome offer: Eligible new customers can use code RATE to receive a $55 bonus after completing $25 in qualifying trades, subject to the current promotion.

Read our Kalshi promo code review for signup instructions, fees, eligible states and bonus requirements.

Polymarket US: Trade the California governor election and midterms

Polymarket US offers contracts on California's governor election, including Xavier Becerra and Steve Hilton. You can buy contracts on either candidate, compare their prices with Kalshi and sell positions before settlement when liquidity is available.

The exchange also offers other political markets, giving you access to election outcomes beyond California.

Election markets available on Polymarket US include:

• California governor: Xavier Becerra versus Steve Hilton.

• U.S. House control: Which party controls the House following the 2026 midterms.

• U.S. Senate control: Which party controls the Senate.

• Individual Senate elections: Available state-level Senate winner contracts.

• Additional governor races: Other states holding gubernatorial elections in 2026.

• Election combos: Multiple-outcome contracts where offered.

You can compare the same California governor outcome across Kalshi and Polymarket US. Prices can differ between exchanges, as can their trading fees, available liquidity and settlement requirements.

Polymarket US does not currently have confirmed listings for all 14 California propositions. If your main interest is trading ballot measures such as Proposition 40, Kalshi offers more verified options.

Polymarket US welcome offer: Eligible new customers can use promo code RATE to receive $25 in trading credit after depositing at least $10, subject to the offer terms.

Read our Polymarket promo code review to compare fees, payment methods, eligible states and the current welcome offer.

Gemini Predictions: Trade House and Senate election outcomes

Gemini Predictions offers political event contracts through Gemini, including national congressional control markets and individual Senate races.

Election markets on Gemini include:

• U.S. House control: Which party will hold the House majority after the midterms.

• U.S. Senate control: Which party will control the Senate.

• Individual Senate races: State elections, including Michigan.

• Other governor and political markets: Contracts available through Gemini's election listings.

Gemini is another option if you want to trade how the 2026 midterms affect control of Congress. California's 52 House districts contribute to the national result, even though a House control contract settles on the nationwide outcome.

Gemini's California-specific contract selection should be checked in the app. Its published inventory does not establish the same range of California propositions or district markets available on Kalshi.

Gemini Predictions is integrated into the Gemini platform, allowing existing customers to access event contracts alongside their other eligible financial products.

Gemini also lists a $10 welcome bonus after $10 in qualifying trades, without a promotional code, subject to the current offer.

Read our Gemini promo code review for current bonus details, trading fees and state eligibility.

What California election markets can you trade?

California's November 3 ballot includes the governor's race, all 52 U.S. House districts and 14 statewide propositions. You can trade election winners, ballot measure outcomes and certain vote-margin or turnout contracts.

These are examples of available markets, not a complete list of contracts. Exchange inventory changes, and some outcomes may close before others.

Trade the California governor election

The 2026 California governor election features Xavier Becerra and Steve Hilton.

Both Kalshi and Polymarket US offer contracts on the winner. Kalshi also lists additional markets tied to the winning party, final margin of victory, voter turnout and individual candidate vote percentages.

For example, buying a contract on Becerra to win is different from buying one requiring the Democratic candidate to win by at least 24 percentage points. The latter requires a specific winning margin, not simply a victory.

You can compare current contract prices, payouts and market movement on our California governor odds page.

Trade California propositions, including the billionaire tax

California voters will decide 14 statewide ballot measures on November 3, covering taxes, housing, election rules and other policy questions.

Kalshi lists contracts on whether individual propositions pass. Some measures also have markets tied to vote percentages or other specified outcomes.

Among the available markets:

• Proposition 40: A one-time tax on certain high-wealth taxpayers.

• Proposition 39: Requiring government-issued identification to vote.

• Proposition 3: Extending an existing tax on high incomes to fund education and health care.

• Proposition 41: Changes to state tax and spending limits and audits.

• Proposition 44: Requirements for how community health clinics spend their revenue.

Proposition 40 also has contracts based on its final vote share and whether the proposed tax takes effect.

Compare all 14 measures on our California proposition odds page, including current prices and available outcomes.

Trade California congressional elections

Kalshi lists contracts on individual California congressional races, including CA-40 and CA-14. Some district markets also offer contracts tied to turnout or a candidate's share of the vote.

You can also trade which political party controls the U.S. House after the election on Kalshi, Polymarket US and Gemini.

A national House control contract is separate from an individual California district winner contract. It settles according to which party controls the House across the entire country.

See our 2026 midterm election odds for Senate and House control markets, available state races and live exchange prices.

Trade the Los Angeles mayor election

California election trading also includes the November 3 Los Angeles mayoral election between Karen Bass and Nithya Raman.

Kalshi offers a winner market, with other exchanges also displaying candidate contracts. You can compare available prices and the terms for each candidate before placing a trade.

See our Los Angeles mayor odds for current probabilities, market history and trading options.

How to trade California elections on Kalshi

You can start trading eligible California election contracts in five steps:

1. Create your account. Sign up for Kalshi and complete the required identity verification.

2. Enter promo code RATE. Review the current welcome offer and complete the qualifying deposit and trading requirements.

3. Find a California election. Search for California governor, Proposition 40, Proposition 39 or a congressional district.

4. Choose your outcome. Select the candidate, proposition result or other contract you want and review its price and settlement rules.

5. Place your trade. Enter the number of contracts and confirm your total cost, including applicable fees.

Election contracts generally pay $1 per correct contract at settlement and $0 if the outcome doesn't occur.

For example, 100 contracts purchased at 40 cents cost $40 before fees. If the outcome happens, the contracts pay $100, giving you a $60 profit before fees. If it doesn't, you lose the $40 purchase cost, plus any applicable fees.

You can review other election trading platforms in our political betting sites comparison.

Can you trade California elections outside California?

Yes. You don't need to live in California to trade election contracts based on California results.

Eligible traders in other permitted states can access California election markets when their exchange offers the relevant contract. Your ability to trade depends on the platform's location restrictions, identity requirements and applicable rules.

California residents can also access eligible election contracts through supported prediction-market platforms.

For a broader comparison of operators available to California residents, see our California prediction apps.

California election trading FAQ

Where can I trade the California governor election?

Kalshi and Polymarket US offer contracts on the November 2026 governor election between Xavier Becerra and Steve Hilton. Kalshi also offers additional markets based on the winning margin, vote percentages and turnout.

Which prediction market offers California ballot propositions?

Kalshi lists contracts covering California ballot measures, including Propositions 39 and 40. You can trade whether a measure passes and, for selected propositions, whether it reaches a specific vote-percentage threshold.

Can I trade the California billionaire tax?

Yes. Kalshi offers contracts on whether Proposition 40 passes, along with additional outcomes tied to its vote percentage and implementation.

Can I trade California House elections?

Yes. Kalshi lists individual California congressional district contracts, including CA-40 and CA-14. You can also trade nationwide House control on Kalshi, Polymarket US and Gemini Predictions.

Can I use a promo code to trade California elections?

Yes. Eligible new customers can use Kalshi promo code RATE to claim a qualifying welcome bonus. Polymarket US also offers promo code RATE, while Gemini has a separate welcome offer that does not require a code. Read each platform's current terms before signing up.

Can I trade the Los Angeles mayor election?

Yes. Kalshi and other listed exchanges offer contracts on the November 2026 Los Angeles mayoral race between Karen Bass and Nithya Raman. Available prices and settlement terms differ between platforms.

When do California election contracts settle?

California's general election takes place November 3, 2026, but individual contracts may settle later. Some winner markets can resolve based on specified election projections, while contracts tied to vote percentages or margins may require certified results. Check the specific exchange rules for closing and settlement requirements.

Trading prediction-market contracts involves financial risk, including the possibility of losing your entire position. Market availability and promotions are subject to eligibility and exchange rules. DeFiRate may earn commissions from qualifying signups.