The Prediction Markets

Practice first. Trade smarter.

Paper Tradingfor Prediction Markets

Trade any market with $1,000 of paper money at live prices from Kalshi and Polymarket. Compare the venues, track your P&L and learn how contracts settle, with no money at risk.

Orders fill at live venue prices

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Free account · No card needed · Paper money only

Paper money · Live prices

Practice on real markets, risk free

Every account gets $1,000 of paper cash. Buy Yes or No on any open market and your order fills at the venue’s current best price, with its fee, so practice feels like the real thing.

  • Buy at the live best ask, sell at the live best bid
  • See shares, fee, cost and payout before you buy
  • Quick amounts: $25, $100, $500 or everything you have
Sample order ticket: buy Yes on the cheaper venue, choose an amount, and see shares, fee, cost and payout before you buy.

Compare venues

Know the cheaper venue before you trade

The same contract often costs a little more on one venue than the other. When a market trades on both Kalshi and Polymarket, the ticket shows both prices and marks the better one for your side.

  • Both venues’ prices side by side, for Yes and for No
  • The cheaper venue is picked for you, or choose your own
  • Learn how a few cents a share adds up over many trades
Sample comparison: the same contract priced on Kalshi and Polymarket, with the cheaper venue for Yes and for No highlighted.

Positions & P&L

Track every position and your P&L

Your paper portfolio shows account value, cash and total profit and loss. Open positions are marked at the price you could sell at now, and every closed trade adds to your record.

  • Value, cash, total P&L and return at a glance
  • Close 25%, 50% or all of a position at the live price
  • History of every trade with realised P&L and win rate
Sample portfolio: account value, cash and total profit and loss, open positions on Kalshi and Polymarket marked at current prices, and the profit or loss of each closed trade.

Settlement

See how trades pay out when markets resolve

Hold a position to the end and it settles on its own: $1 a share if your side wins, $0 if it loses, paid straight to your paper cash once the venue publishes the result.

  • Automatic payout when the venue posts a result
  • “Awaiting result” while a closed market is being decided
  • Learn how prices, probabilities and payouts connect
Sample settlement: an open Kalshi position is marked at the current price, waits for the result once the market closes, then pays one dollar a share when Yes wins.

Risk-free learning

Build skill before you risk money

Test a strategy, learn how fees and spreads eat into returns, and find out what you are good at, without paying for the lesson.

No real money

Nothing is sent to Kalshi or Polymarket. Mistakes cost you nothing.

Fees included

Each venue’s taker fee is charged on every trade, so your P&L is net, like the real thing.

Start over any time

Reset to a fresh $1,000 whenever you want to try a new approach.

See your record

Every buy, close and settlement is logged with its price, fee and P&L, plus your win rate.

How it works

Start in three steps

  1. 1

    Create a free account

    Sign up in under a minute. Your paper portfolio opens with $1,000 of paper cash.

  2. 2

    Pick a market and a side

    On any market page, choose Yes or No, compare the two venues and buy at the live price.

  3. 3

    Track, close or settle

    Watch your P&L move with the market. Close any time, or hold until the result pays out.

Start paper trading free →Log in

Free account · No card needed · Paper money only

Paper trading FAQ

What is paper trading on prediction markets?

Paper trading lets you buy and sell prediction market contracts with pretend money. Orders fill at the real prices on Kalshi and Polymarket, so you can test an idea, learn how contracts pay out and build a track record before risking real money.

Is paper trading free?

Yes. Paper trading is free with a free account on The Prediction Markets. No card is needed, and all market data stays public without an account.

How much paper money do I get?

Every account starts with $1,000 of paper cash. You can start over with a fresh $1,000 whenever you like.

Are the prices real?

Yes. A paper order fills at the venue’s current best price for your side: the best ask when you buy, the best bid when you sell. New orders are refused when a market has closed or a venue’s price is more than two hours old.

Can I choose between Kalshi and Polymarket?

Yes. When a market trades on both venues, the ticket shows both prices side by side and marks the cheaper one, and you pick which venue each trade fills on.

Are venue fees included?

Yes. Each trade is charged the venue’s taker fee, using the same formulas as our fee calculator, and fees are included in your average cost, so your profit and loss is net of fees.

What happens when a market resolves?

When the venue publishes the result, your position pays $1 a share if your side won and $0 if it lost, straight to your paper cash. Until the result is out, a closed market shows “Awaiting result” and you can still close at the last price.

Is paper trading the same as real trading?

Close, but not identical. Paper orders fill in full at the best price, while large real orders can move the price and may fill only in part. No real money is involved, nothing is sent to Kalshi or Polymarket, and paper winnings cannot be withdrawn.

Make your first paper trade today

$1,000 of paper cash, live prices from both venues, and a free account. Market data stays free and open to everyone.

Start paper trading free →Log in

Free account · No card needed · Paper money only