What is Kalshi?

Kalshi is a US-regulated exchange where you trade on the outcome of real-world events. Will the Fed cut rates? Who wins the Super Bowl? Will it hit 90°F in New York tomorrow? Each question is a contract that pays $1 if the answer is yes and nothing if it’s no. Contracts trade between 1¢ and 99¢, and that price is the market’s live estimate of the chance. Kalshi is licensed by the Commodity Futures Trading Commission (CFTC), which makes it the most established legal prediction market in the US.

A real example

Here’s a live Kalshi market. The percentage is the current price of a Yes contract for each team:

Kalshi calls the Super Bowl the “Pro Football Championship” and lists teams by city because it doesn’t use league trademarks. If a team trades at 15¢, 100 contracts cost $15 and pay $100 if that team wins.

Who runs Kalshi?

Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara, who met at MIT, and became the first CFTC-designated exchange built for event contracts. It’s backed by major venture firms and in 2026 raised money at a reported valuation of more than $20 billion.

Is Kalshi legal?

At the federal level, yes: Kalshi is a CFTC-regulated designated contract market. In 2024 it won a court case that allowed it to list US election markets. Since 2025 it has offered sports contracts, and that’s where the controversy is: several states argue they’re illegal sports betting, and courts have split on the question. If you live in one of those states, sports markets could become unavailable to you. Read more in our Kalshi profile.

How old do you have to be?

18. That’s younger than the 21 required for sports betting in most US states, which is one reason sports leagues and some lawmakers want the age raised. As of October 2026, it’s 18.

What can you trade?

• Sports: games, championships, MVP races and combos (parlays). Most of Kalshi’s volume today.
• Economics: Fed decisions, inflation (CPI), jobs reports, GDP.
• Politics: control of Congress, Senate and governor races, policy deadlines.
• Weather and climate: daily high temperatures in big cities, hurricanes, snowfall.
• Culture, tech and crypto: awards, AI milestones, Bitcoin price ranges.

How Kalshi makes money

Kalshi charges a small trading fee on each contract, highest when the price is near 50¢: 1.75¢ per contract at that point, falling towards zero near 1¢ or 99¢. Orders that wait on the book (maker orders) pay less or nothing. It doesn’t need you to lose: it earns the fee either way.

How to get started

1. Sign up with your email and verify your identity (name, address, date of birth, and ID).
2. Deposit by bank transfer (free), debit card (about 2%), wire or crypto.
3. Pick a market, choose Yes or No, enter how many contracts you want, and check the fee preview before you confirm.

Start small, read the rules at the bottom of each market, and decide how much you’re willing to lose before you begin.

Can I use Kalshi outside the US?

Since late 2025 Kalshi has been available in more than 140 countries. It restricts others, including the UK, Canada and France. Check eligibility during sign-up and never use a VPN to get around it.

FAQ

Related: Is Kalshi public? Valuation · Kalshi glossary · Kalshi fees · How Kalshi makes money · Kalshi review · Kalshi age requirement