What it does
Kalshi lets traders buy and sell positions on defined event outcomes, covering topics such as economic releases, politics, weather and sport. A market title is only the starting point: the contract’s determination source, deadline and payout rules decide what the position actually means.
Kalshi is an account-based exchange under CFTC oversight, rather than a wallet-native DeFi protocol. It can suit someone who wants event trading with a conventional account and documented exchange rules. Before comparing its price with another venue, check that both contracts resolve on the same question and include the fee in the entry cost.
Where it stands out
- Published contract rules provide a reference for how an event is determined and settled.
- One account covers a broad range of event topics.
- Trading APIs and a demo environment support research and execution tools.
What you can do
- 01Event-contract order books and portfolio management.
- 02REST, WebSocket and FIX interfaces for prediction markets.
- 03A separate perpetual-futures product with its own margin and API documentation.
- 04Funding methods vary by location; supported crypto transfers are payment rails into the account.
Who’s behind it
Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara. Its company page identifies Sequoia Capital and Y Combinator among its backers and describes the exchange’s CFTC designation.
Fees & availability
Fees and costs
Executed trades can incur transaction fees, including maker fees in some markets. Rates differ by market, and payment-provider costs may apply; use the official fee schedule and order preview.
Eligibility and availability
Many international users can apply, but residence, identity and local eligibility rules still matter. Trading access and reward eligibility are separate: the documented incentive programs exclude non-U.S. users.