Prediction markets are having a moment. Polymarket alone cleared over $10 billion in trades last month, and its annualized revenue topped $1 billion. But the space is no longer a one-player game. Kalshi, Limitless, Myriad Markets, and Azuro each bring something different — regulation, speed, media integration, or infrastructure. Here's how they stack up as of July 2026.
Polymarket's $10B month and regulatory pivot
Polymarket remains the biggest by a wide margin. The platform runs on Polygon, settles in USDC, and uses self-custodial wallets. Its international fee structure is tiered: sports markets cost takers 0.75%, geopolitics is free, crypto markets run 1.80%. Makers pay nothing. For US users, a separate venue caps taker fees at $1.50 per 100 contracts.
The exchange also made two big moves this year. NYSE parent Intercontinental Exchange committed up to $2 billion at a roughly $9 billion valuation. X (formerly Twitter) named Polymarket its official prediction market partner. And in a bid for US compliance, Polymarket bought licensed operator QCEX for $112 million, giving it a path to a CFTC-regulated exchange. A POLY token and airdrop have been announced but not yet launched.
One risk: Polymarket relies on UMA's optimistic oracle for resolution. A disputed market — like the $160 million Zelensky survival contract — can take days to settle.
Kalshi: The regulated alternative
Kalshi is the best-regulated US prediction exchange. It's fully CFTC-compliant, offers free ACH deposits and withdrawals, and is available directly inside Robinhood. June volume hit $31.5 billion — still dwarfed by Polymarket, but growing fast. For traders who want legal clarity and bank-friendly rails, Kalshi is the obvious pick.
Upstarts: Limitless and Myriad Markets
Limitless is an on-chain market built on Base. No KYC, zero maker fees, and a focus on rapid short-term markets — think hours or days, not weeks. It's a niche play for speed traders who don't want to hand over personal data.
Myriad Markets takes a different approach: it's media-native. The platform embeds prediction contracts directly inside news apps, using Chainlink oracles for resolution. It's non-custodial and charges low fees. The idea is that readers can bet on headlines as they read them.
Azuro's infrastructure play
Azuro isn't a front-end exchange — it's the plumbing. The protocol powers over 50 apps, with $414 million in lifetime volume. It's KYC-free at the protocol level, meaning any developer can build a prediction market on top. For projects that want to launch their own market without building from scratch, Azuro is the go-to layer.
All data in this guide was verified against primary sources including CFTC registries, analytics dashboards, and official fee schedules as of July 2026. The POLY token remains the next big unknown — Polymarket has promised it, but hasn't delivered. Until then, the market structure stays as it is.
