Learn how Kalshi works.
Plain guides to trading on Kalshi, from what a contract pays to how odds, fees, orders and settlement work. They also cover the math and the API. The EVDESK desk writes and checks each guide against Kalshi’s own rules and documentation.
Basics
Kalshi odds explained
A Kalshi price in cents is the market's implied chance. How to read YES and NO prices, convert cents to American and decimal odds, and add the fee.
14 min read02Prediction market glossary for Kalshi traders
Plain definitions of 72 prediction market terms as Kalshi uses them, from bid, ask and open interest to fees, settlement, expected value and Kelly.
18 min readCosts
Orders and the book
How limit orders work on Kalshi
Every Kalshi order carries a price. How limit orders fill, what a Quick Order does, maker and taker fees, how long orders rest, and how auto sell works.
14 min read05How to read the Kalshi order book
The Kalshi order book lists resting bids and offers by price. How to read the spread, why YES and NO share one book, and what depth costs a large order.
15 min read06How to sell a Kalshi contract before it settles
Selling a Kalshi contract early pays the best bid minus the taker fee. How to cash out, what you keep, when holding is worth more, and how to withdraw.
13 min readSettlement
How Kalshi election markets settle
Kalshi can settle a US election market once 4 of 8 news desks call it. If not, it waits for the swearing-in, February 1 or certified results.
13 min read08How Kalshi settles a market
Kalshi settles each market on its written rules, a named source and a set time. Covers payout timing, ties, fair price, the death rule and disputes.
13 min readMath
How to calculate expected value on a Kalshi contract
A Kalshi contract pays $1 or nothing, so EV is your probability minus the price minus the fee. Worked YES and NO examples, break-even odds and sizing.
12 min read10The Kelly criterion for Kalshi contracts
Full Kelly on a Kalshi contract is (p - price) / (1 - price) of bankroll. Worked numbers with fees, the NO side, half Kelly and correlated strikes.
12 min readAPI
Calculators
Kalshi fee calculator
Work out the Kalshi fee on any trade. Taker and maker fees, rounding to $0.0001, total cost and break-even chance, plus a fee table by price.
13Kalshi odds converter
Convert a Kalshi price in cents to implied probability and American, decimal and fractional odds, with the break-even chance after the taker fee.
14Kelly criterion and EV calculator
Enter your probability, the price and your bankroll to get EV per contract, the Kelly fraction and a contract count, with Kalshi fees included.