Kalshi

Kalshi operates as a centralized CFTC-Regulated Exchange where users trade Event Contract shares on binary or scalar outcomes. Every market resolves to either $1 (correct) or $0 (incorrect), and the Contract Price between $0.01 and $0.99 reflects the crowd's Implied Probability of the event occurring. Unlike a sportsbook, Kalshi matches buyers and sellers through a central Order Book, so the platform does not take positions against traders. Deposits and withdrawals are handled in US dollars via ACH or wire, making onboarding straightforward for US residents. All accounts require KYC verification including a government-issued ID and Social Security Number before trading is permitted.

As a Designated Contract Market under CFTC oversight, Kalshi operates under the same regulatory framework as commodity futures exchanges. This means it must maintain robust market surveillance, publish rulebooks, and comply with anti-manipulation rules enforced by the CFTC. In April 2026, Kalshi and the CFTC announced joint enforcement actions targeting insider trading in event contracts — the first such actions specific to Prediction Market participants. The exchange also restricts Geofencing for certain state jurisdictions and bans candidates from trading markets tied to their own campaigns. This regulated structure distinguishes Kalshi sharply from Decentralized Prediction Market platforms that operate outside direct US oversight.

Kalshi provides a Trading API with REST and WebSocket endpoints, using RSA-PSS key-pair authentication. Developers can retrieve real-time Order Book data, submit Limit Order and Market Order instructions, and stream position updates. A FIX protocol interface is also available for institutional participants. The platform publishes open OpenAPI and AsyncAPI specification files for automated code generation. These capabilities make Kalshi a popular choice for algorithmic traders seeking to implement strategies like Arbitrage or systematic Value Betting across regulated US markets.