PlatformsEvery venue
Prediction market platforms: who runs each one, and every guide to it
As of October 25, 2026, Realize has sourced guides for five prediction market platforms: Kalshi, Polymarket, Robinhood, Novig and Coinbase. For each one, this page gives who runs it, how it is regulated, what it says it sends at tax time and how it charges, from the platform’s own documents, then lists every guide to it.
By Owen Monagan, Founder & CEOUpdated Checked October 25, 2026
Platforms at a glance
Checked October 25, 2026- Platforms with guides
- Kalshi, Polymarket, Robinhood, Novig and Coinbase
- Guides across them
- 42
- IRS guidance on event contracts
- None issued
Platforms5 platforms
Which prediction market platforms does Realize cover?
Who runs each platform, how it is regulated, what it says it sends at tax time and how it charges.
| Platform | Who runs it | Regulator | Tax forms | Fees |
|---|---|---|---|---|
| Kalshi | KalshiEX LLC | A CFTC designated contract market | 1099-INT1099-MISC1099-B1099-DA | A transaction fee on each trade’s expected earnings |
| Polymarket | QCX LLC d/b/a Polymarket US | A designated contract market and clearing organization under CFTC oversight | None documented: no page of the docs mentions a 1099, a W-9 or the IRS | 0.0695 x C x p x (1 - p), at most $1.74 per 100 contracts at 50¢; 0.10 in table tennis markets, at most $2.50 per 100 at 50¢ |
| Robinhood | Robinhood Derivatives, LLC | A futures commission merchant registered with the CFTC, and a member of the NFA | “Robinhood doesn’t provide a 1099 for event contract trades” | k x p x (1 - p) x c, k = 10% (5% with Gold), rounded up to $0.01, at most $0.01 a contract |
| Novig | Ludlow Exchange, LLC, doing business as Novig | Designated contract market since June 16, 2026 | A 1099-MISC when calendar-year redemptions reach $2,000 and net redemptions exceed $0 | c × P × (1 − P) × N, charged to the taker; no maker fee |
| Coinbase | Coinbase Financial Markets, Inc. (CFM) | A futures commission merchant registered with the CFTC and the NFA since August 16, 2023 | Not named: Coinbase’s tax pages do not mention prediction markets or event contracts | A fee breakdown on the order confirmation page; the help articles publish no schedule |
Prediction markets by venue sets the platforms side by side on tax forms, fees and legal status, and the prediction market legal status tracker follows each platform’s court cases state by state.
Kalshi12 guides
Kalshi guides: taxes, forms, fees and legal status.
Run by KalshiEX LLC. Regulator: a CFTC designated contract market. Each guide below answers one question about Kalshi from its own documents.
- What is Kalshi? Who runs it and how it’s regulatedOverview Who runs Kalshi, how it is regulated, and every guide to it in one place.
- How Kalshi trades are taxedTaxes No IRS guidance settles how a Kalshi contract is taxed. Three treatments are in common use, and each puts the year on different forms.
- What Kalshi sends you at tax timeTax forms Kalshi’s 1099s cover interest, credits and crypto transfers, not your trades, and its P&L statement covers closed positions only, with no December 31 price for anything still open.
- Kalshi trade history and exportsTrade data The P&L download covers closed lots only, the activity export is a ledger, and the API splits your fills at a moving cutoff. What each one covers.
- Kalshi fees, with a calculatorFees The fee formula from Kalshi’s fee schedule, a calculator for any price and size, and what deposits and withdrawals cost.
- Kalshi order types and what each paysOrders What each way of placing an order pays, from DOLLARS to a resting limit, how to place it on the ticket, and the difference in dollars.
- Kalshi interest and the 1099-INTInterest The 3.50% APY on cash and open positions, every rate Kalshi has published since 2024, when interest posts, and the 1099-INT.
- Where Kalshi’s markets are liveAs of Oct 25, 2026 Courts have switched off some markets in Washington State, Nevada and Michigan; an order in Massachusetts is on hold. Every state with a live action, and what it means for your account.
- Kalshi vs Polymarket: forms, fees and dataCompare What each exchange sends at tax time, both fee formulas side by side with a calculator, and what trade data each one lets you take out.
- Kalshi vs Robinhood: who sends whatCompare The four exchanges behind Robinhood’s event contracts, what each firm sends at tax time, and both fee formulas on the same Kalshi contract.
- Create a read-only Kalshi API keyAPI key The Create API key dialog step by step, by Kalshi’s own labels, and the one permission to untick so the key only reads.
- Kalshi tax calculatorCalculator Enter your all-time Kalshi net for a federal range under each treatment. Free, no sign-up.
Polymarket11 guides
Polymarket guides: who runs it, tax forms, fees and trade data.
Run by QCX LLC d/b/a Polymarket US. Regulator: a designated contract market and clearing organization under CFTC oversight. Each guide below answers one question about Polymarket from its own documents.
- What is Polymarket? Who runs it and how it’s regulatedOverview Who runs Polymarket, how it is regulated, and every guide to it in one place.
- How Polymarket US trades are taxedTaxes The three common ways people file a Polymarket US year, and what each one puts on which form.
- What Polymarket US sends you at tax timeTax forms What Polymarket US documents about tax forms, and what it leaves unsaid.
- Polymarket US trade history and exportsTrade data Where a full Polymarket US trade history comes from, and what each source covers.
- Polymarket US feesFees The taker formula, maker and taker rebate tiers, combos, rounding and deposits, effective October 19, 2026.
- How to file Polymarket taxesHow to file The filing procedure for a Polymarket US year, step by step, under each common route.
- Polymarket legal status, state by stateLegal State lawsuits by or against Polymarket US, a Baltimore city suit and Missouri’s cease-and-desist letter, each dated and linked to the filing. Nevada’s suit also names Blockratize and Adventure One QSS, the company named on polymarket.com.
- Whether Polymarket counts as gamblingLegal As a legal question and as a tax question, for Polymarket US and polymarket.com separately.
- Kalshi vs Polymarket: forms, fees and dataCompare What each exchange sends at tax time, both fee formulas side by side with a calculator, and what trade data each one lets you take out.
- Polymarket US API keysAPI key How a Polymarket US API key is created, and what it can read or do.
- Polymarket US tax calculatorCalculator Enter your all-time Polymarket US net for a federal range under each treatment. Free, no sign-up.
Robinhood6 guides
Robinhood guides: taxes, 1099s, trade data and legal status.
Run by Robinhood Derivatives, LLC. Regulator: a futures commission merchant registered with the CFTC, and a member of the NFA. Each guide below answers one question about Robinhood from its own documents.
- What are Robinhood prediction markets? Who runs themOverview Who runs Robinhood, how it is regulated, and every guide to it in one place.
- How Robinhood event contracts are taxedTaxes Robinhood says it provides no 1099 for event contracts. One worked year through the three common ways people file, from the annual statement.
- What Robinhood sends you at tax timeTax forms No 1099 for event contracts: the annual statement, monthly statements and what the consolidated 1099 does cover.
- Robinhood event contract history and P<rade data The History tab, the Realized P&L view, CSV reports and the annual statement, and why their totals differ.
- Robinhood legal status, state by stateLegal Every state where Robinhood has agreed to stop new sports contracts or faces a lawsuit or cease-and-desist, each one dated and linked.
- Kalshi vs Robinhood: who sends whatCompare The four exchanges behind Robinhood’s event contracts, what each firm sends at tax time, and both fee formulas on the same Kalshi contract.
Novig8 guides
Novig guides: taxes, 1099s, fees and Maker Credits.
Run by Ludlow Exchange, LLC, doing business as Novig. Regulator: designated contract market since June 16, 2026. Each guide below answers one question about Novig from its own documents.
- What is Novig? Who runs it and how it’s regulatedOverview Who runs Novig, how it is regulated, and every guide to it in one place.
- How Novig trades are taxedTaxes One worked year through the three common ways people file, and where Novig’s 1099, fees, Maker Credits and Early Payouts land.
- What Novig sends you at tax timeTax forms The tax documents Novig describes, what each one reports, and when it arrives.
- Novig trade history and statementsTrade data Where a full Novig trade history comes from, and what each source covers.
- Novig fees and Maker CreditsFees The fee formula by product, how fees are rounded, and how Maker Credits are paid.
- How to file Novig taxesHow to file The filing procedure for a Novig year, step by step, under each common route.
- Where Novig is availableLegal Which states Novig serves, who may trade there, the federal cases its operator has filed and the state letters it received.
- Novig API keysAPI key The kinds of Novig API key, and what each one can read or do.
Coinbase5 guides
Coinbase guides: taxes, tax forms, filing and legal status.
Run by Coinbase Financial Markets, Inc. (CFM). Regulator: a futures commission merchant registered with the CFTC and the NFA since August 16, 2023. Each guide below answers one question about Coinbase from its own documents.
- Coinbase prediction markets: who offers them and how they’re regulatedOverview Who runs Coinbase, how it is regulated, and every guide to it in one place.
- How Coinbase prediction markets are taxedTaxes Event contracts held in a CFM futures account: the three common ways people file a year, where crypto tax rules stop, and fees.
- Coinbase tax forms and prediction marketsTax forms The four forms Coinbase lists, what its Form 1099-DA page says it covers, and the daily statement.
- How to file Coinbase prediction market taxesHow to file The documents a Coinbase prediction-market year is rebuilt from, step by step, and what each one leaves out.
- Coinbase legal status, state by stateLegal Every state where an order covers Coinbase’s event contracts or a lawsuit is live, each one dated and linked to the filing.
Sources17 documents
Where each fact comes from.
Every figure above links to one of these, read on the date shown.
- CFTC Designates KalshiEX LLC as a Contract Market Checked October 8, 2026
- Kalshi Help Center: How is Kalshi regulated? Checked October 8, 2026
- Kalshi Help Center: What tax documentation does Kalshi provide? Checked October 25, 2026
- Kalshi Help Center: Fees Checked October 8, 2026
- CFTC Industry Filings: QCX LLC d/b/a Polymarket US (DCM) Checked October 22, 2026
- Polymarket US docs: What is Polymarket US? Checked October 22, 2026
- Polymarket US documentation, every page (sitemap) Checked October 22, 2026
- Polymarket US docs: Fee Schedule Checked October 21, 2026
- Robinhood Help Center: Trading event contracts Checked October 9, 2026
- Robinhood Help Center: Event contract taxes, reports, and statements Checked October 25, 2026
- Robinhood Help Center: Event contracts overview Checked October 9, 2026
- CFTC Order of Designation, Ludlow Exchange, LLC (June 16, 2026) Checked October 22, 2026
- Novig Help Center: Tax Reporting on Novig Checked October 25, 2026
- Novig docs: Fees Checked October 22, 2026
- Coinbase Help: Prediction markets, Introduction Checked October 25, 2026
- Complaint, Coinbase Financial Markets, Inc. v. Nessel, No. 4:25-cv-14092, ECF 1 (E.D. Mich. Dec. 18, 2025) Checked October 16, 2026
- Coinbase Help: Coinbase tax information (US customers) Checked October 25, 2026
See your year priced three ways.
Connect your prediction market accounts for a free estimate under each common treatment, built from every fill.