You've seen the 10–15¢ spreads. Here's the real classification of what they actually are.
Most price gaps between platforms fall into one of these five buckets. Only one of them is actually exploitable.
Even when you see a real gap, the combined cost of opening and closing both legs often exceeds it.
| Platform | Entry fee | Exit fee |
|---|---|---|
| Kalshi | Check current platform fees | None |
| Polymarket | Check current platform fees | None |
The question: "Is a 3¢ gap — Kalshi YES at 55¢, Polymarket YES at 52¢ — real arbitrage?"
What you see: Kalshi 55¢ | Polymarket 52¢ → apparent 3¢ gap
Leg 1 — buy: Buy Polymarket YES at 52¢. Fee: −0.1¢
Leg 2 — sell: Sell Kalshi YES at 55¢. Fee: −1.75¢
Total fee cost: −1.85¢
Net edge after fees: +1.15¢
Possible outcomes
You net 1.15¢ per contract. The 3¢ gap was real arbitrage after fees.
You end up long one side with open exposure plus fees paid, and no offsetting leg. What looked like a 3¢ gap was a contract-wording difference, not arbitrage.
A 3¢ gap might survive fees — but only if both legs fill at the quoted price and the contracts are truly identical. Most aren't.
The same event, priced differently, because the resolution criteria differ in ways that matter.
Different participant pools can sustain persistent price differences that aren't exploitable.
Real cross-platform arbitrage exists, but requires all six conditions to hold simultaneously.
Honest bottom line
Real cross-platform arb exists but is rare and usually closed before manual traders can execute. Systematic traders with API access and automated execution are the primary beneficiaries. If you're reading this page, you're probably not trading fast enough to catch it. Where retail has real edge: category selection and resolution mechanics knowledge — not pure speed arb.
