Worm vs Kalshi
Last reviewed: November 2026
Worm and Kalshi both let you trade on the outcome of real events with order books and limit orders. They differ in how leverage works, how accounts are funded, who creates markets and how outcomes are decided. This page sticks to what each platform publishes about itself.
At a glance
| Topic | Worm | Kalshi |
|---|---|---|
| Leverage | Leverage on the prediction market position itself, on curated leveraged markets. | Separate Bitcoin perpetual futures with isolated margin. |
| Funding and currency | USDC on Solana, from a Solana wallet. | A USD cash balance, funded by bank transfer, cards, payment apps or crypto deposits. |
| Market creation | Anyone can create a market for free with AI help. | Kalshi lists markets. Users can suggest new ones. |
| Fees | An opening fee on leveraged positions, and a closing fee on your payout when you win or close early. Creators get half of trading fees on their markets. | A transaction fee based on expected earnings. Some markets also have maker fees. |
| Outcomes | Resolves from the source named in each market’s rules, using Worm AI, price feeds or the source market’s result. | Kalshi determines the outcome from each market’s rules and source. |
Leverage
On Worm, leverage applies to the prediction market position itself. On curated leveraged markets, you provide capital and Worm supplies the rest. Gains and losses both scale up, and positions can be liquidated.
Kalshi offers leverage through a separate product, Bitcoin perpetual futures, which use isolated margin.
Funding and settlement
Worm runs on Solana. You trade with USDC on Solana from a Solana wallet, and payouts settle on-chain at resolution.
Kalshi accounts hold a USD cash balance. Kalshi lists funding options such as ACH, wire, Apple Pay, PayPal, Venmo and Cash App, and credits crypto deposits to the cash balance.
Who creates markets
On Worm, anyone can create a market for free. Worm’s AI drafts the rules and finds a source to resolve it. Creators earn half of the trading fees on their markets. Leveraged markets are curated by the Worm team.
On Kalshi, Kalshi lists the markets. Users can suggest a new market.
Fees
Worm charges an opening fee on leveraged positions, which comes out of the amount you put in. When you win or close early, a closing fee comes out of your payout. No fee is charged if a position is liquidated or loses at resolution.
Kalshi charges a transaction fee based on the expected earnings of a contract. Some markets also charge maker fees on resting orders.
How outcomes are decided
On Worm, each market’s rules name its source. Markets resolve from that source, using Worm AI, price feeds such as Chainlink for crypto price windows, or the source market’s result. Imported markets follow the result of their source market.
On Kalshi, each market names its rules and a source, and Kalshi determines the outcome from them.
Prices and orders
On both platforms, prices come from an order book and read as probabilities. Kalshi supports limit orders, and a matched Yes and No pair totals $1. Worm supports limit orders on both its spot and leveraged markets.
Frequently asked questions
Worm offers leverage on curated prediction markets. Kalshi offers leverage through separate Bitcoin perpetual futures. Leverage on either can lead to liquidation.
On Worm, yes, for free. On Kalshi, markets are listed by Kalshi and users can suggest new ones.
Worm uses USDC on Solana. Kalshi accounts hold a USD cash balance.
Related
Sources
- Kalshi Help: What are perpetual futures?
- Kalshi Help: How margin works
- Kalshi Help: Crypto deposits
- Kalshi Help: Suggesting a new market
- Kalshi Help: Fees
- Kalshi Help: Market outcomes
- Kalshi Help: The order book
- Kalshi Help: Limit orders
- Kalshi Help: How are prices determined?
- Worm docs: leveraged markets
- Worm docs: settling and payouts