Kalshi

Kalshi is a U.S. prediction market site that lets users buy, sell, and trade event contracts on the outcomes of future real-world events. It operates as a Designated Contract Market (DCM) regulated by the Commodity Futures Trading Commission (CFTC) — a federal regulatory framework that applies to derivatives exchanges. That regulatory status is what makes Kalshi distinct from most other event-outcome platforms available to U.S. users.

Through this sub-affiliate offer, new users who apply the code SNEAKY at signup and place at least $10 in trading activity after verifying their identity receive $25 in trading credit.

Trading derivatives involves risk and may not be appropriate for all. Event contracts can settle at $0, meaning participants can lose the full cost of any contract they purchase. Promotional rewards are not guaranteed and are subject to platform terms.

What Kalshi is

Kalshi is a prediction market site where users make predictions by purchasing event contracts tied to defined future outcomes. Each market asks a question — about an economic release, an election, a sports event, a weather event, or a cultural milestone — and offers contracts representing each possible outcome.

Contract prices move based on trading activity and range between $0.01 and $0.99. A contract priced at $0.40 reflects the market’s current collective estimate that the corresponding outcome has roughly a 40% probability. If the outcome occurs, the contract settles at $1. If it does not, the contract settles at $0.

The platform supports three contract types:

• Binary (yes/no) — the most common format. The contract pays $1 if the event occurs and $0 if it does not.
• Categorical (multiple choice) — several possible outcomes are defined in advance. The contract tied to the correct outcome pays $1; all others pay $0.
• Scalar (range-based) — contracts resolve based on a numerical value within a defined range rather than a simple yes/no.

Kalshi does not operate as a sportsbook, casino, or gambling platform. It is a CFTC-regulated derivatives exchange offering event contracts as financial instruments that let users take a market view on future outcomes.

Regulatory status

Kalshi became the first CFTC-regulated event contract exchange available to U.S. retail users. The CFTC’s DCM designation covers the platform’s market structure, order matching, reporting obligations, member onboarding, and customer-protection requirements.

Event contracts traded on Kalshi are subject to the Commodity Exchange Act and the CFTC’s regulatory oversight. This is the same federal framework that governs other regulated U.S. derivatives markets, including futures and options exchanges.

A few practical implications of the CFTC DCM structure:

• Members (users) must complete identity verification (KYC) before trading. This is a federal requirement under the Commodity Exchange Act, not an optional account check.
• Reporting and transparency obligations apply to the exchange itself.
• Market integrity rules — such as position limits, anti-manipulation provisions, and surveillance — are built into the DCM framework.
• State regulators have at times disputed the applicability of specific market categories (notably sports event contracts) under state-level preemption arguments. Kalshi operates under federal CFTC authority, but category-level availability can differ by state.

Trading on a CFTC-regulated platform does not mean any individual contract is approved or endorsed by the CFTC, and it does not guarantee against losses. It means the exchange itself is subject to federal oversight.

How to use the SNEAKY promo code

The signup flow to claim the $25 trading credit:

1. Go to Kalshi and apply the promo code SNEAKY during signup.
2. Complete identity verification. Kalshi requires KYC as a federally regulated exchange.
3. Fund your account via ACH, debit card, wire transfer, or USDC.
4. Complete at least $10 in trading activity on the platform.
5. After the trading threshold is met, the $25 credit is added to your account.

Terms to know:

• Promotional rewards are not guaranteed and are subject to Kalshi’s standard platform terms.
• Eligibility requires 18+ age and residency in an eligible U.S. jurisdiction.
• Credit value is useful for new participants, but it does not eliminate the risk of loss. Any contract purchase can settle at $0.

Trading derivatives involves risk and may not be appropriate for all. Losses can equal the full cost of any contract. Past performance of any market is not indicative of future results.

Markets available on Kalshi

Kalshi runs event contracts across a broad set of categories. The exact list changes as markets open and close, but the following are consistently covered:

• Economics — CPI prints, jobs reports, GDP estimates, Fed rate decisions, unemployment figures, housing data.
• Politics — elections, legislative outcomes, political appointments, approval milestones.
• Sports event contracts — game outcomes, season totals, tournament results. (Subject to state availability.)
• Climate and weather — temperature outcomes, hurricane seasons, snowfall totals.
• Culture and entertainment — awards show outcomes, box office milestones, media releases.
• Crypto prices — Bitcoin and Ethereum price level events on defined timeframes.
• Company and tech milestones — product launches, corporate announcements, regulatory actions.

Contract liquidity varies by market. High-attention markets (major economic releases, large elections, popular sports events) typically have tighter pricing and more active order books. Less-followed markets can have wider pricing spreads and lower volumes.

State availability

Kalshi operates under federal CFTC authority, but available market categories vary by state. As of this writing, some jurisdictions have restricted or raised regulatory questions about specific categories — particularly sports event contracts — while leaving economic and political categories available.

Because this landscape changes as state regulators and federal courts respond to ongoing activity, Kalshi’s live state availability page at kalshi.com is the authoritative source. Check your state and the specific category you want to trade before depositing. Common patterns to be aware of:

• Some states do not permit any Kalshi trading.
• Other states permit trading on some categories (e.g., economics, politics) but not others (e.g., sports event contracts).
• A small set of states have issued cease-and-desist notices that Kalshi has contested on federal preemption grounds. Litigation and regulatory posture shifts over time.

If a category is unavailable in your state, the platform will block access to that specific category at the account level.

Funding and fees

Deposit methods: ACH bank transfer, debit card, wire transfer, and USDC. ACH is the most common and generally the lowest-cost route for U.S. users.

Minimum deposit: no fixed floor — users fund at the level that fits their plan. Individual contracts can be purchased for as little as $0.01, and users decide how many contracts to purchase at a given price.

Fees: Kalshi uses a per-contract fee structure. Current rates are published on Kalshi’s fee schedule and update periodically. Fees are typically a small percentage of contract value, and they apply on both the buy and sell sides of a position.

Withdrawal: ACH withdrawals are the standard path back to a linked U.S. bank account. Kalshi is required to apply U.S. financial compliance rules to withdrawals, including identity verification matching the account holder.

App and platform experience

Kalshi is available through a desktop web app, an iOS app, and an Android app. English is the supported language. The interface is closer to a financial markets app than a consumer gaming app — order books, bid/ask spreads, position sizing, and a running P/L are all visible.

Users see:

• The market question and resolution criteria
• Current bid and ask prices for each outcome
• Order book depth
• Historical price chart for that market
• Market-specific rules and settlement source

Because event contracts are derivatives, Kalshi also shows disclosures around risk, market rules, and CFTC-required information in-app.

Strengths

• CFTC-regulated Designated Contract Market status. This is the most significant structural differentiator from informal prediction platforms.
• Breadth of markets across economics, politics, sports events, climate, crypto, and culture.
• Transparent order book pricing — prices reflect actual trader activity rather than a house line.
• Low-barrier entry — contract prices between $0.01 and $0.99 let users size positions at the level they choose.
• Multiple funding methods including ACH, debit card, wire, and USDC.
• iOS and Android apps with full market access.

Considerations and risks

• Trading derivatives involves risk and may not be appropriate for all participants. Event contracts can settle at $0, meaning losses can equal the full cost of any contract purchased.
• Market liquidity varies. Popular markets have tight pricing; less-followed markets can have wider spreads.
• State availability is not uniform. Some categories may be restricted in your state.
• Identity verification is required before funding, as with any CFTC-regulated exchange.
• No guarantee against losses. Past market performance is not indicative of future results.
• Not a sportsbook or casino. Event contracts are financial instruments with a defined resolution source and settlement mechanism, not gaming products.

Is Kalshi right for you?

Kalshi is designed for users who want to trade event contracts — taking a market view on defined future outcomes and purchasing contracts at prices set by the market. It is a CFTC-regulated exchange, not a gaming product. Users who approach it that way, who read market rules carefully, and who understand that any contract can settle at $0 are the users the platform is built for.

If you are looking for a consumer gaming or sweepstakes product, Kalshi is not that. If you are looking for a U.S.-regulated prediction market site where you can participate in events across economics, politics, sports, and more — and where the exchange itself operates under federal CFTC oversight — Kalshi is a credible option.

The content on this page is informational. It is not investment advice and should not be treated as a solicitation, recommendation, or offer to buy or sell any financial instrument. Event contract trading involves risk. Losses can equal the full cost of any contract. Any trading decisions you make are solely your responsibility and at your own risk. Past performance is not necessarily indicative of future results. Promotional rewards are not guaranteed and are subject to Kalshi’s platform terms. State availability and category availability vary — check Kalshi’s site for the current authoritative list before signing up.