Kalshi
The regulated US exchange: contract structure, settlement sources, fees and the things that surprise people.
Kalshi · 3 min readWhat Kalshi Is, and What Makes It DifferentKalshi is a US federally regulated exchange for event contracts. Here is what that regulation actually changes about the product you trade on.
Kalshi · 3 min readHow a Kalshi Contract Is Put TogetherSeries, event, strike and settlement rule. Taking apart a single Kalshi market so the ticker stops looking like noise and starts reading as a sentence.
Kalshi · 3 min readHow Kalshi Fees Work, and Where They Hurt MostKalshi's trading fee is not a flat percentage. It is shaped like a curve that peaks at fifty cents, and that shape changes which trades are worth doing.
Kalshi · 3 min readWhere Kalshi Settlement Numbers Actually Come FromA contract is only as good as the source that settles it. What Kalshi names as its sources, how revisions are handled, and what happens when data goes missing.
Kalshi · 3 min readWhat Kalshi Lists, and What It Does NotA tour of the categories a regulated event exchange carries, why the list looks the way it does, and which questions are structurally absent from it.
Kalshi · 3 min readOrder Types on Kalshi and When to Use EachLimit, market, resting and immediate. A short guide to expressing a view on an event exchange without paying more than the view is worth.
Kalshi · 3 min readThe Life of a Kalshi Market, From Listing to SettlementA market is not one thing over its life. Liquidity, spreads and what the price means all change between listing day and the final hour.
Kalshi · 3 min readWorking With Kalshi's Public Market DataWhat the public endpoints expose, what they do not, and how to build something on top of them without hammering the service or fooling yourself.
Kalshi · 3 min readWhat CFTC Regulation Means for an Event ExchangeA designated contract market licence changes what can be listed, how funds are held and who can participate. A plain explanation of the parts that affect users.
Kalshi · 3 min readThings That Surprise People on KalshiThe settlement quirks, fee shapes and structural details that catch new users out, collected in one place so they catch you somewhere cheaper.