# Venues Parity trades five venues that have small differences.
The logos of the five venues: Polymarket, Polymarket US, Kalshi, Hyperliquid and Pascal.
Parity puts Polymarket, Kalshi, Polymarket US, Pascal and Hyperliquid in one place, but they are separate exchanges with their own rules. Most of the app looks identical across all of them. The differences below are the ones you will actually notice. ## At a glance | | Polymarket | Kalshi | Polymarket US | Pascal | Hyperliquid | | ------------------------- | ----------------------------- | ------------------------- | --------------------------- | -------------------------------------- | -------------------------------------- | | **How you connect** | Built in at signup | API key | API key | Session key | Parity wallet, or your own API wallet | | **Wallet needed** | Yes, created for you | No | No | Your Solana wallet | Your Parity wallet (or your own) | | **Currency** | pUSD | USD | USD | USDC on Solana | USDC | | **Depth stat shown** | Liquidity | Open Interest | Open Interest | Open Interest | Open Interest | | **Order minimum** | Per market, limit orders only | 1 contract | Per market, all order types | 1 contract | 1 contract and $10 order value | | **Holders / Top Traders** | Yes | Holders only | No | No | No | | **Market orders** | Standard | Protection price required | Standard | Immediate-or-cancel at the price shown | Immediate-or-cancel at the price shown | | **Limit expiry** | GTC or GTD | GTC or GTD | GTC or GTD | GTC or GTD | GTC only | ## Order differences **Kalshi market orders need a protection price.** Kalshi does not walk the book server side, so Parity sends a price bound with every market order. Treat it as a slippage limit. This is expected, not an error. **Pascal and Hyperliquid market orders are immediate-or-cancel at the price you see.** Parity sends them as a limit at the price shown in the trade panel. If the market moves before the order arrives, it may fill only partly, or not at all. There is no fill-or-kill option on these venues, so the FAK / FOK toggle is hidden. **Kalshi calls IOC what Polymarket calls FAK.** The execution toggle reads **IOC** on Kalshi markets and **FAK** on Polymarket. The behaviour is the same: fill what you can now, cancel the rest. **Minimums differ.** Kalshi, Pascal and Hyperliquid enforce a floor of 1 contract, and sizes are whole contracts only. Hyperliquid also requires every order to be worth at least **$10**. Polymarket US applies its per-market minimum to every order type, including market orders, so a small order that works on Polymarket can be rejected there. **Hyperliquid limit orders are good-til-cancelled only.** Choose GTC; an order with an expiry date is rejected. **Hyperliquid locks contracts behind open sells.** If you have a resting sell order, those contracts can't be sold again until you cancel or reduce it. The trade panel's **Max** already leaves them out and warns you if an order would oversell. **Outcome names come from the venue.** Many Pascal and Hyperliquid markets name their sides (for example two teams, or Over and Under) instead of Yes and No. Most Pascal markets mirror a Polymarket market and settle to the same result, so Parity groups them together on one market page. ## Fees Each venue charges its own fees and Parity adds none of its own. * **Polymarket** uses a rate model. * **Kalshi** and **Polymarket US** charge a variable per-fill fee that only applies when your order crosses the book, so a resting limit order is free on those two. * **Pascal** charges a taker fee when your order crosses the book. It is highest for prices near 50¢ and smaller near 0¢ or 100¢, and the rate varies by market. Resting (maker) orders pay no fee and earn a rebate instead. * **Hyperliquid** charges nothing to open a position. Its fees apply when you close a position or at settlement, depending on your Hyperliquid fee tier. There are no maker rebates. The estimated fee is shown in the trade panel before you place an order. See [Fee Schedule](https://predictparity.com/docs/getting-started/fees). ## Where your money sits With Kalshi, Polymarket US and Pascal, **your funds stay at the exchange**. Parity holds a key and signs orders with it; deposits and withdrawals happen on the venue. The Pascal and Hyperliquid keys can only place and cancel orders, never move funds. **Pascal** trades from the Solana wallet you link. Send USDC on Solana to that wallet, then deposit it into Pascal from the Pascal app. **Hyperliquid** funds sit in your Hyperliquid account. If you connect with your Parity wallet, you can deposit (USDC on Arbitrum, $5 minimum) and withdraw ($2 minimum, Hyperliquid keeps a $1 fee) without leaving Parity. If you link your own API wallet, deposits and withdrawals happen on Hyperliquid. Polymarket is different. Parity creates a wallet for you at signup, and you deposit into it. See [Linking Accounts](https://predictparity.com/docs/getting-started/linking-accounts) to connect a venue, or to trade from a Polymarket wallet you already own. Source: https://predictparity.com/docs/getting-started/venues