Kalshi is a regulated event contract exchange in the United States. It is designed to bring prediction markets into a formal market structure with compliance, clear rulebooks, and fiat accessibility.
What Kalshi Is
Kalshi lists event contracts that pay out based on defined outcomes. Users trade contracts on topics like economics, politics, and real-world measurable events, depending on what is listed at a given time.
Market Design
Kalshi commonly looks and feels like a financial exchange:
- Order book trading
- Limit and market orders
- Standardized contract specs
- Clear settlement and rule documents
This model is familiar to traders coming from equities, options, and futures.
Why It Matters
Kalshi represents the regulated path:
- More institutional comfort
- Clearer legal framing
- Potential for broader mainstream adoption
For builders, regulated venues can also bring more stable and standardized data over time.
Limitations
- Listings are constrained by regulation and approvals.
- Market scope may be narrower than crypto-native platforms.
- User access depends on location and identity verification requirements.
Key Takeaways
- Kalshi is the regulated, exchange-style version of prediction markets.
- The big advantage is legal clarity and traditional rails.
- The trade-off is slower iteration and a more constrained market menu.