Jeremy BraginWhat is Polymarket?
Polymarket is a prediction market: an exchange where people trade on real events. Today it is two products under one name.
Polymarket US is the app for Americans. It runs on QCX LLC, a CFTC-designated exchange since July 9, 2025, and clears trades at QC Clearing.
The international site, polymarket.com, trades in a USDC-backed token on the Polygon blockchain. The CFTC does not regulate it, and it is close-only from the US.
Accounts, prices and rules are all separate. This guide follows one trade and flags where the two split.
How a Polymarket share works
Every share pays $1 if its answer is yes and nothing if it is no. Prices run from 1¢ to 99¢.
So the price is the market's probability. A share at 62¢ means traders put the chance at about 62%.
Yes and No add up to about $1. On polymarket.com they are separate tokens. Polymarket US calls them contracts and lists one per market, so taking No means selling Yes.
Either way, you trade against other people on an order book, not against Polymarket. Prices move as news arrives.
What you can trade on Polymarket
Markets cover sports, politics, economics, crypto, culture, weather and tech.
Sports draw the most money, from the NFL and NBA to tennis and golf. On Polymarket US, combos join 2 to 10 markets into one position.
Polymarket US is also adding automated Bitcoin markets, some lasting just 15 minutes.
The table lists polymarket.com's most-traded open markets right now, by 24-hour volume. Polymarket US runs its own book, so its prices can differ.
| Market | Category | 24h volume |
|---|---|---|
| LoL: Natus Vincere vs FlyQuest (BO3) - Demacia Cup Global Invitational Group Stage | sports | $1,347,684 |
| Bitcoin above ___ on October 5? | crypto | $869,555 |
| Next French Presidential Election | politics | $745,889 |
| Balance of Power: 2026 Midterms | politics | $741,822 |
| Japan Open Tennis Championships: Carlos Alcaraz vs Jaume Munar | sports | $693,113 |
| Counter-Strike: ShindeN vs G2 (BO3) - ESL Pro League Group Stage | sports | $679,994 |
A Polymarket trade, step by step
Here is one trade on a live polymarket.com market, at today's price. The fee uses the taker rate for that market's category. For your own stake and price, use the Polymarket payout calculator.
- Pick a side. Right now Will David Lisnard win the 2027 French presidential election? trades at 11¢ for Yes.
- Buy 100 contracts for $11.00, plus a $0.39 fee.
- If it happens, they pay $100.00: a $88.61 profit. If not, you lose $11.39.
- Or exit early. If the price rises to 56¢ before the result, selling returns about $56.00, whatever happens next.
Polymarket order types
Most trades use one of two orders. The choice sets your price, your speed and whether you pay a fee.
Limit order
You set the price per share and the size. It rests on the order book until another trader fills it, and as a resting (maker) order it pays no fee.
Market order
Fills immediately against the best available orders. It pays the taker fee for the market’s category, and on a thin book fills at a worse average price.
How Polymarket fees work
Both products charge the taker: the side whose order fills at once. The fee is shares × rate × price × (1 − price).
So the fee peaks at 50¢, where the outcome is least certain, and shrinks toward either end.
On polymarket.com, the rate depends on the category: 0.07 for crypto, 0.04 for politics, zero for geopolitics. Makers never pay.
Polymarket US charges takers 0.0695 on most markets, under a schedule in force since September 25, 2026. Its makers pay nothing and earn a 0.0125 rebate until October 5. From October 6, only makers trading $10 million or more a month earn one.
On 100 shares at 50¢, the fee is $1.74 on Polymarket US and $1.00 to $1.75 on polymarket.com, outside geopolitics.
The table shows polymarket.com's rates. Every rate is on our Polymarket fees page.
| Category | Taker rate | Fee on 100 shares at 50¢ |
|---|---|---|
| Crypto | 0.07 | $1.75 |
| Sports | 0.05 | $1.25 |
| Finance | 0.04 | $1.00 |
| Politics | 0.04 | $1.00 |
| Economics | 0.05 | $1.25 |
| Culture | 0.05 | $1.25 |
| Weather | 0.05 | $1.25 |
| Other / General | 0.05 | $1.25 |
| Mentions | 0.04 | $1.00 |
| Tech | 0.04 | $1.00 |
| Geopolitics | 0 | $0.00 |
How Polymarket markets settle
The two products differ most here. Each market's rules name what decides it, so read them first.
On Polymarket US, the exchange resolves each market from the sources in its rules. Those are leagues, government agencies, news outlets or a price index.
Sports often settle soon after the official result; political markets can wait for certification.
On polymarket.com, UMA's optimistic oracle decides. Anyone can propose a result by posting a bond, typically $750. Unless disputed within 2 hours, it stands.
A dispute can go to a vote of UMA token holders, which takes 4 to 6 days in all. Winning shares then pay $1 each.
Selling before the result
You do not have to hold to the end. On both products, you can sell whenever someone will buy.
Say your 40¢ shares rise to 70¢. Selling all 100 returns about $70, whatever happens next.
A sale that fills at once pays the taker fee. On a thin market, you may not find a buyer at your price.
Funding and withdrawing on Polymarket
Polymarket US takes debit cards, bank transfers (ACH) and wires. Wires need at least $1,000; cards and ACH have a $50,000 daily limit.
Card and ACH deposits give you buying power at once but take 3 to 4 business days to clear. Wires take about 1.
Withdrawals are free. They return to the card or bank you funded from, oldest deposit first, once that money clears.
The international site is funded in crypto, which converts to pUSD, a USDC-backed token on Polygon. Deposits start at about $2.
Withdrawals there go to any crypto wallet, and Polymarket calls them instant and free.
How Polymarket makes money
From taker fees. Polymarket earns the same fee whichever side wins, so it has no stake in your losing.
Polymarket US says it never takes the other side of a trade and never sets prices.
How Polymarket differs from a sportsbook and from Kalshi
A sportsbook sets the odds, takes the other side and builds its margin into the price.
On Polymarket, prices come from traders and the fee formula is published. You can also sell before the result.
Kalshi works the same way and is also CFTC-regulated. See how Kalshi works, or compare the two in Kalshi vs Polymarket.
Robinhood sells event contracts from Kalshi and other exchanges, never Polymarket. See Polymarket vs Robinhood.
What can go wrong on Polymarket
Thin books. Some markets have few resting orders, and a large order moves the price against you.
The rules decide the payout. Two markets with similar titles can resolve on different sources.
Disputed results. In March 2025, traders accused one large UMA holder of swinging a $7 million market on polymarket.com. Polymarket said it could not issue refunds.
Lost keys. The international site is self-custody, so losing your private key can mean losing your balance.
State law. A Nevada court order keeps Polymarket US out, and New York has sued. Check whether Polymarket is legal in your state before you fund.
You can lose everything you put into a trade, but no more than that, plus fees.
Polymarket's history, in dates
Polymarket's two products grew out of a clash with its regulator. These dates shaped how it works today.
How to use Polymarket: getting started
In the US, get the Polymarket app or go to polymarket.us. Sign in with Google or Apple, then enter your name, birth date and address.
Most identity checks clear at once; a manual review can take 3 to 5 business days. Then fund by card, bank or wire.
Pick a market, read its rules, choose Yes or No, and place a limit order at your price. Outside the US, polymarket.com uses a crypto wallet instead.
Our Polymarket review has its score, fees and safety record.