Jeremy BraginWhat is Kalshi?
Kalshi is a US exchange for event contracts. The CFTC designated it a contract market on November 4, 2020, the first built for trading on events.
It lists yes-or-no questions across sports, politics, economics, crypto, culture and weather. Each market names the source that will decide it.
It runs on iOS, Android and the web, with a free API and a desktop terminal called Kalshi Pro.
Since October 2025, it also takes traders in more than 140 countries. The rest of this guide follows one trade from price to payout.
How a Kalshi contract works
Every contract pays $1 if its answer is yes and nothing if it is no. Prices run from 1¢ to 99¢.
The price is the market's probability. A contract at 40¢ means traders put the chance at about 40%.
Each question has two sides. Buying No at 60¢ is the same position as selling Yes at 40¢. The two add up to about $1.
You trade against other traders on an order book, not against Kalshi. Prices move as people buy and sell on the news.
What you can trade on Kalshi
Kalshi groups its markets into six categories: sports, politics, economics, crypto, culture and weather.
Sports markets cover game winners, spreads, totals and player props across the major US leagues. Combos join several outcomes into one contract, priced on request.
Economics covers Fed rate decisions, inflation and jobs reports. Politics runs from elections to confirmation votes.
Weather includes daily high temperatures in major cities, and crypto covers Bitcoin and Ether price ranges.
These are the most-traded Kalshi markets right now, by 24-hour volume.
| Market | Category | 24h volume |
|---|---|---|
| 2027 Pro Football Champion | sports | $4,740,789 |
| Pro Baseball Champion | sports | $1,711,984 |
| Brazil Presidential election winner? | politics | $1,360,288 |
| Brazil presidential election: first round winner? | politics | $913,555 |
| Falcons vs. Saints | sports | $876,592 |
| Which party will win the U.S. House? | politics | $778,317 |
A Kalshi trade, step by step
Here is one trade with round numbers, including Kalshi's fee. For your own stake and price, use the Kalshi payout calculator.
- Pick a side. Say a contract trades at 40¢ for Yes, so the market gives it about a 40% chance.
- Buy 100 contracts for $40.00, plus a $1.68 fee (0.07 × 100 × 0.40 × 0.60, rounded up).
- If it happens, they pay $100.00: a $58.32 profit. If not, you lose $41.68.
- Or exit early. If the price rises to 70¢ before the result, selling returns about $70.00, whatever happens next.
Kalshi order types
Most trades use one of three orders. The choice decides your price, your speed and, on some series, your fee.
Limit order
You name the price and the number of contracts. It fills only if another trader meets your price, and rests on the book until then.
Buying at the current price
The app can also fill you straight away against the best offer on the book: faster, but on a thin market the average price can be worse than the one shown.
Take profit and stop loss
Resting instructions to sell a position you hold once the price reaches a level you set.
How Kalshi fees work
Kalshi charges takers 0.07 × contracts × price × (1 − price), rounded up to the cent.
That shape matters. The fee peaks at 50¢, where the outcome is least certain, and shrinks toward either end.
Some series use a multiplier of 0.5, or none at all. Series with maker fees also charge resting orders 0.0175 on the same formula.
Deposits by bank, wire or real-time payment are free, while debit cards can cost 2%. Withdrawals carry no Kalshi fee.
Our Kalshi fees page lists the rate for each series. The table shows the standard fee on 100 contracts.
| Price | Cost of 100 contracts | Fee | Fee as a share of cost |
|---|---|---|---|
| 10¢ | $10.00 | $0.63 | 6.3% |
| 25¢ | $25.00 | $1.32 | 5.3% |
| 50¢ | $50.00 | $1.75 | 3.5% |
| 75¢ | $75.00 | $1.32 | 1.8% |
| 90¢ | $90.00 | $0.63 | 0.7% |
How Kalshi markets settle
Each market names its source in the rules: official league statistics, a government data release or an event authority.
Once that source publishes, most markets settle within a few hours. Combos take 1 to 12 hours.
Each winning contract then credits $1 to your balance. A delayed or revised release can hold settlement up, as the rules say.
Read the rules before you trade. The headline is a summary; the rules decide the payout.
Selling before the result
You do not have to hold to the end. You can sell contracts you own whenever someone will buy them.
Say your 40¢ contracts rise to 70¢ before the game ends. Selling all 100 returns about $70, whatever happens next.
The sale pays a fee too, on the same formula. On a thin market, you may not find a buyer at the price you want.
Funding and withdrawing on Kalshi
The minimum deposit is $10, or $1,000 by wire. Kalshi takes bank transfers, real-time payments, debit cards, Apple Pay, Google Pay, PayPal, Venmo, Cash App, wires and crypto.
Withdrawals go to a debit card, a bank account, PayPal, Venmo or a crypto wallet. Card withdrawals are normally instant; bank transfers take a few business days.
Cash you deposit may be held before it can leave again. Settled profits are never held.
Kalshi also pays 3.25% APY on cash and open positions, for balances of $250 or more. The rate is variable.
How Kalshi makes money
From trading fees. Kalshi earns the same fee whichever side wins, so it has no stake in your losing.
It does not set odds against you, the way a sportsbook does. Every price comes from other traders.
How Kalshi differs from a sportsbook and from Polymarket
A sportsbook sets the odds, takes the other side and builds its margin into the price.
On Kalshi, prices come from traders and the fee is published. You can also sell before the result on any market with a buyer.
Polymarket US works the same way and is also CFTC-regulated. The two differ on fees, markets and funding: see Kalshi vs Polymarket.
Robinhood sells many of Kalshi's contracts in its own app, with its own fee on top. See Kalshi vs Robinhood.
What can go wrong on Kalshi
Thin books. Some markets have few resting orders, and a large order moves the price against you.
The rules decide the payout. A question can settle on a source, a time zone or a definition you did not expect.
Delayed data. If the named source is late or revises its figure, your money waits with it.
State law. Some states contest Kalshi's sports contracts, and a few have closed them. Check whether Kalshi is legal in your state before you fund.
You can lose everything you put into a contract. You cannot lose more than that, plus fees.
Kalshi's history, in dates
Kalshi's rules come from a long fight with its own regulator, then with the states. These are the dates that shaped how it works today.
How to start trading on Kalshi
Sign up with your email and confirm your identity with a driver's license or passport. You must be 18 or over.
Fund the account with at least $10. Then pick a market, choose Yes or No, and place a limit order at your price.
Check the order book before you trade a thin market, and read the market's rules first.
Before you commit, see our Kalshi review for its score, fees and safety record.