What Is Kalshi?
Kalshi is a regulated event exchange where participants trade contracts based on the outcomes of future events. Instead of buying traditional financial instruments, traders buy and sell Yes or No positions on clearly defined questions covering topics such as inflation, interest rates, elections, weather, financial markets, business, sports, and global events.
Each market represents a single event with binary outcomes. Prices move continuously as participants submit orders through a central limit order book, allowing the market to reflect changing expectations as new information arrives.
Like many prediction markets, Kalshi prices are quoted between $0.00 and $1.00, making them easy to interpret as market-implied probabilities. A contract trading at $0.68 suggests that market participants currently estimate a 68% probability that the event will occur.
Founded in 2018, Kalshi became the first exchange designated by the U.S. Commodity Futures Trading Commission (CFTC) specifically for trading event contracts, providing a regulated marketplace for both retail and institutional participants.