Kalshi

Kalshi is an event-contract exchange where users trade positions on defined real-world outcomes, from economic releases and weather to politics and sports. It uses a verified personal account and cash balance rather than wallet-held outcome tokens, while each listed question and strike carries its own terms and settlement source.

Contracts trade before their result is final

Users buy or sell event contracts to take a view on whether the stated outcome will satisfy the market rules. They can close or reduce a position through the market before settlement rather than holding until the result. The rules summary identifies the measured event, timeline and verification source, but the full rules control the outcome.

A market's close time and determination time can differ. Trading may stop while Kalshi waits for the stated authority to publish final data, so the apparent end of an event is not necessarily when the contract becomes final.

Official sources determine settlement

When the official result is confirmed and the markets team finalizes the market, winning contracts pay into the customer's cash balance. The named source, the definition of a Yes result and the stated determination conditions decide settlement, not a general news headline about the event.

Finalization can follow the underlying event by some time if the source agency has not published final figures or if the market uses a later determination schedule. A later source revision can also matter before the contract is finalized.

Combo markets create a new contract

Kalshi's combo markets begin with a request for quote. Once a user accepts a quote, the combo receives its own order book and its own settlement review; it is not merely an informal collection of component positions.

A combo can take longer to settle than its components. Where a component has a non-standard final value, the combo uses its product-based payout rules instead of treating every component as a simple full win or loss.

Verified cash accounts versus Polygon outcome tokens

Individual applicants must be at least 18 and provide personal information, and Kalshi may request identity documents. Some jurisdictions are restricted, so account approval and local availability are part of access to its cash-account market.

Polymarket is the closest alternative for a user who wants to trade predictions through a market with bids and asks but prefers wallet-linked positions. Polymarket settles conditional tokens and collateral on Polygon through a Deposit Wallet; Kalshi settles its finalized event contracts to the customer's platform cash balance.