Kalshi: how it works, fees, and resolution
An event-contract exchange where participants trade contracts tied to real-world outcomes.
Official provider profile
Market model
Exchange
Collateral
Cash balance and contract terms shown in the Kalshi account and market interface.
Access
Account-based access; eligibility and verification depend on current provider terms
Topics
Politics, Sports
The beginner version
What does a prediction-market position mean?
A market asks a defined question about a future event. A binary market may offer YES and NO shares; a multi-outcome market can offer several mutually exclusive answers. Traders buy and sell these shares before the market closes. A price such as $0.63 can be read as an approximate 63% market-implied probability, but it is not a promise that the event will happen.
When the event is ready for determination, the provider follows the market’s published source and rules. If one outcome wins, its share may redeem for the stated payout—often $1—while losing shares may become worthless. The exact rules, source, close time, exceptions, fees, and dispute process matter more than a short title.
Read the lifecycle
1. Define
Question, outcomes, close time, source, and edge cases are published.
2. Trade
Orders meet on a book or through a market-making pool; price moves as information and demand change.
3. Resolve
The provider or its oracle follows the stated rules and determines the result.
4. Redeem
Winning outcome shares receive the documented payout; losing shares do not.
Source-backed profile
Fees, settlement, and access
Fees: Kalshi states that it charges transaction fees based on expected contract earnings; some markets can have different schedules, and some maker fees may apply when resting orders execute. Source ↗
Resolution: Kalshi says markets settle after the official outcome is confirmed and its markets team finalizes the result. Settlement may take longer when official data or a market’s determination time is delayed. Rules source ↗
Availability: Eligibility, location, and product availability are provider-controlled and can change.
Verification and eligibility: Market pages identify the official source and determination rules; account access and eligibility are separate questions.
Risks to understand
The contract’s rules and official source control settlement. Prices represent market-implied expectations, not certainty, and access can depend on jurisdiction and account eligibility.
Potential strengths
- Clear event-contract terminology
- Provider Help Center explains settlement timing
- Wide range of real-world event categories
Trade-offs
- Fee schedules can vary by market
- Account eligibility is separate from market mechanics
- Settlement may wait for official source data
FAQ
Questions beginners ask
How do Kalshi markets work?＋
Kalshi presents a question about a future event and lets users trade one or more possible outcomes. The displayed price can be read as a market-implied probability, not a guaranteed forecast; the market rules define the final result.
How are Kalshi outcomes decided?＋
Kalshi says markets settle after the official outcome is confirmed and its markets team finalizes the result. Settlement may take longer when official data or a market’s determination time is delayed.
What fees does Kalshi charge?＋
Kalshi states that it charges transaction fees based on expected contract earnings; some markets can have different schedules, and some maker fees may apply when resting orders execute.
What should beginners check before using Kalshi?＋
The contract’s rules and official source control settlement. Prices represent market-implied expectations, not certainty, and access can depend on jurisdiction and account eligibility. This directory is educational comparison content, not a personal recommendation or betting advice.