Kalshi vs Superstate
Side-by-side comparison of AI visibility scores, market position, and capabilities
Kalshi is a CFTC-regulated prediction market exchange where users trade on the outcome of real-world events — from elections to economic data to weather. HQ: San Francisco.
About
Kalshi is the first U.S. federally regulated event contracts exchange, authorized by the Commodity Futures Trading Commission (CFTC) to operate a marketplace where participants can trade financial contracts based on the outcomes of real-world events. Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi went through a years-long legal battle with regulators to establish the legitimacy of event contracts as a regulated financial product in the United States. Its CFTC approval in 2020 created a new class of financial instrument for Americans who previously had no legal domestic venue for prediction markets.
Raised $82.5M Series B (Jan 2026) led by Bain Capital Crypto and Distributed Global. $1.2B+ AUM. Launched Opening Bell for tokenized public company stock issuance on Ethereum/Solana.
About
Superstate is a tokenized securities infrastructure company that has progressed beyond tokenizing money market funds into building Opening Bell — infrastructure enabling public companies to issue SEC-registered tokenized stock directly on Ethereum and Solana blockchains. The company raised $82.5 million in Series B financing in January 2026, led by Bain Capital Crypto and Distributed Global, with Haun Ventures and Brevan Howard Digital as co-investors. Superstate manages $1.2 billion+ in assets under management.
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