Kalshi: Democratizing Finance Through Innovation

At Kalshi, we're not just creating a platform; we're revolutionizing the way people interact with the financial world. Our mission transcends the conventional - it's about empowering you, the everyday individual, with the tools to not only voice your opinions but to capitalize on them. Imagine transforming your insights and predictions about the future into tangible assets. That's the reality we're offering at Kalshi.

Kalshi operates as a neutral exchange platform, emphasizing its impartiality in event outcomes. Unlike traditional betting platforms or entities with vested interests, Kalshi does not possess any financial stake in whether the event outcomes swing in one direction or another. This neutrality ensures that all transactions are conducted with transparency and fairness, maintaining the integrity of the exchange.

The primary objective of Kalshi is to facilitate accurate and efficient markets in compliance with established rules and guidelines. The exchange's revenue model revolves around transaction fees rather than bets on specific outcomes, reinforcing their commitment to unbiased operations. By aligning its interests with providing a fair platform, Kalshi ensures that its users participate in a reliable and trustworthy marketplace.

Kalshi makes money by charging a transaction fee on the expected earnings of the contract. The complete Fee Schedule and the math behind the fees are posted at the bottom of our website - or you can find the link here.

Kalshi prides itself on offering very low and competitive transaction fees, ensuring our users get the maximum value from each contract. Our nominal fees are recognized as lower than industry standards, providing cost-effective access while ensuring exceptional security and reliability.

Kalshi retains: your address, phone, encrypted SSN, and email. Kalshi retains these for required audit and regulatory purposes.

Kalshi releases: The image of your ID gets sent to a third-party partner that provides KYC services, so Kalshi does not receive or store your ID image or the information on the ID.

Kalshi’s bank connection is powered by Aeropay, which means your bank information is stored and maintained by them.

If your signup is under review, our team is working to review your account quickly. We understand the importance of timely access and aim to process it efficiently, typically within 48 hours. This allows us to verify your information and ensure accuracy and compliance.

A review may be needed due to discrepancies in your submitted information or similarities with an existing account, which we must resolve to prevent duplicates.

We know waiting can be inconvenient, but these steps ensure our platform’s security and integrity.

What is a Demo Account?

Kalshi provides a dedicated demo environment specifically designed for testing purposes. This environment offers users the ability to interact with the platform using mock funds, allowing for a safe and risk-free experience. To ensure the utmost security, the demo credentials are entirely separate and are never shared with the production environment. This separation guarantees that your financial and personal data remain secure while you explore the features and functionalities of Kalshi within this test setting

To sign up for a demo account, please follow the steps linked bellow. In order to sign up for Kalshi Demo you can use all fake information (such as name, address, and SSN). Make sure you have access to the email you use to sign up and remember your password!

Yes, Kalshi's event contracts are commodity derivatives and are not company-linked securities. Thus, employees at both sell-side (banks, advisory firms, etc.) and buy-side institutions (private equity funds, hedge funds, etc.) are able to trade on Kalshi's event contracts. Accordingly, they generally are not included in rules specifically tailored toward company-linked securities or derivatives.

You may only be barred from trading event contracts on Kalshi if your firm interacts with event contracts in their normal course of business or if you have material nonpublic information about the event or data release in question. Be sure to check with your compliance manual and compliance department for further clarification.

Why do you need my Address?

To ensure adherence to the requirements set forth by our US based regulators and oversight, it is required for us to obtain certain details from all users of the Kalshi platform. It is important to recognize that we are unable to accept any addresses that are commercial in nature or that are associated with PO boxes.

To reset your password, visit the following link:

Password resets can be helpful if you:

• Forgot your password

• Changed the email associated with your account

Deactivating Account

To deactivate your account, you must cash out all active positions and withdraw all balances. Unfortunately, account deactivation is not allowed until all account value is cashed out and withdrawn. Once all balances are $0 in your Kalshi account, you can then visit the link provided to deactivate your account.

Selling a quick order is very similar to the purchasing actions. You can simply navigate over to the 'sell' tab of the market, and the number of contracts you have able to be sold will be shown under 'Your Position.' Once you select how many contracts you wish to sell, Kalshi will provide traders with the average price of those contracts as well as the estimated payout. From there, it is as simple as clicking 'submit' and your quick order sale will be executed.

Withdrawal Hold Periods

For security, we place temporary holds on deposited funds before they're available for withdrawal. The hold duration depends on your deposit method:

Debit Card Deposits:

• Available for withdrawal after 3 days

Bank Transfer Deposits:

• Withdrawing to the same bank: Available after 7 days

The Kalshi Mission

Remember those "make a market" games where you predicted the future? Kalshi takes that concept and elevates it to a whole new level. But what makes it so captivating? It all boils down to a powerful combination: the thrill of the trade, the satisfaction of using data, and the underlying beauty of transforming the intangible into the tangible.

Think about it - Kalshi lets you take something as subjective as a celebrity rumor ("Is Kendall Jenner pregnant?") and turn it into a concrete number – a price. It's like capturing a fleeting thought and giving it a form you can analyze and discuss.

Suddenly, the messy world of opinions becomes a structured market. This forces us to refine our beliefs, consider all sides of the issue, and ultimately, gain a sharper understanding of the world around us.

Imagine - differing viewpoints become focused negotiations. Kalshi isn't just about predicting the future perfectly; it's about actively engaging with uncertainty. It's about turning a difference in opinion into a concrete action – a trade.

That's the essence of Kalshi: taking the ambiguity and chaos of the future and distilling it down to a single, clear number - the price. It's a pursuit of elegance and clarity in a world that often feels unpredictable.

Empowering Individuals with Access and Tools

One of the primary reasons for Kalshi's existence is to democratize access to prediction markets. Traditionally, prediction markets have been complex and somewhat inaccessible to the average person. Kalshi breaks down these barriers by offering an intuitive platform where anyone with a belief about the future can participate. Whether it's predicting election outcomes, economic indicators, or the impact of climate events, Kalshi places the power of forecasting in the hands of those who dare to speculate.

Enhancing Market Efficiency through Collective Wisdom

Kalshi believes in the power of the crowd to predict future events accurately. By aggregating individual predictions, the platform not only provides a comprehensive outlook on probable futures but also enhances market efficiency. This collective wisdom approach ensures that the prices on Kalshi reflect the most accurate and up-to-date information available, leading to more efficient markets and better-informed trading decisions.

Driving Informed Decision-Making and Public Understanding

Another critical aspect of Kalshi's existence is its role in promoting informed decision-making. The platform encourages users to delve deeper into the events they are betting on, leading to a more knowledgeable and informed user base. This, in turn, contributes to a better-informed public, as the act of trading on predictions necessitates a thorough understanding of the factors influencing those future events. Thus, Kalshi not only serves as a trading platform but also as an educational tool that enhances public discourse around important topics.

Fostering a Transparent and Reliable Trading Environment

Kalshi is committed to maintaining a transparent, fair, and reliable trading environment. This commitment not only builds trust among its users but also ensures that the platform operates with integrity. By prioritizing transparency in its operations, Kalshi fosters an ecosystem where traders feel confident in the fairness of trades and the accuracy of the information provided.

On Kalshi, users are restricted to trading with only a single account to ensure the integrity and security of the trading environment. If an individual attempts to register multiple accounts, the system is designed to automatically deny any such applications beyond the first account. This policy is in place to prevent any potential misuse or manipulation of the platform through the use of multiple accounts, ensuring a fair and transparent trading experience for all participants. Adhering to this rule is essential for maintaining the trust of all users and upholding Kalshi's commitment to a safe, regulated marketplace. If you need help accessing your old Kalshi account we suggest you reset your password here!

To begin the process of a debit card withdrawal, first make sure that all funds you wish to withdraw are in your 'cash' balance. After that the process is very straightforward.

1. Navigate to the "transfers' tab by selecting the drop down menu in the top right corner.

2. Select 'Withdraw from Kalshi.'

3. Select 'Debit Card' as the withdrawal method.

4. Choose the debit card you wish to withdraw the funds to.

   1. It is important to note there is a $2 fee associated with withdrawing via card.

5. Complete the transaction.

   1. Funds should arrive back to the card within 30 minutes of the withdrawal completion.

At Kalshi, the safety of our users is our utmost priority. We equip every trader with accessible risk management tools that can be enabled at their discretion. To manage your account, simply visit the risk management section at the bottom of your profile page here. There are three different responsible risk management actions that can be taken: trading break, voluntary opt-out, and a personalized funding cap. Once responsibility actions are taken, there is no way for these to be lifted or changed until they have reached their expiration date.

In order to be eligible to open an account on Kalshi, you must:

• Be 18 years or older

• Pass a document verification if requested

To open an account on Kalshi, click here. You will need to provide basic personal information, and you may be asked for further verification using an identification document as well. If your application is approved, you are all set: you can log in and start trading. In the event that we need more information, the email you receive will outline the next steps.

Kalshi is required to collect the information it does at sign-up in order to comply with applicable U.S. laws and CFTC rules and regulations. These regulations require Kalshi to be able to verify the identity of any person(s) opening an account and to maintain records of their information. We will request personal information from both new and existing customers as required by these regulations. We take the security of personal information and all data maintained seriously, and use it only for regulatory compliance. To avoid delays in the onboarding process, please ensure all information is accurate and current.

How to deposit

1. Select "Add funds"

2. Select the "Bank transfer" option

3. Select the connected bank account you want to deposit from

   1. If this is your first time connecting a bank account you will be directed to connect your account through Aeropay - a secure service that facilitates the connection between your bank and Kalshi.

4. Enter the amount you want to deposit

5. Review transfer and add funds.

Important information

• Only bank accounts in your name can be linked to your Kalshi account

• Ensure there are enough funds in your bank account to cover the amount that you are wanting to deposit

• It can take 1-3 business days before the funds are withdrawn from your bank account

• VoIP phone numbers are not accepted through Aeropay

To link a bank account to Kalshi, begin by navigating to the 'add funds' tab on the platform. Here, you will be provided with a range of options for adding funds to your account. Choose the bank transfer option.

Upon selecting bank transfer, you will be directed to Aeropay, a secure service that facilitates the connection between your bank and Kalshi. When search for your bank, simply enter the name of your bank into the search bar, and select it from the available options.

Once you have selected the desired account, follow the instructions to log into your online banking portal via Aeropay's interface. This step ensures a secure connection by allowing you to authenticate with your bank credentials directly.

After logging in, you will see a list of accounts associated with your bank. Select the checking account you would like linked with your Kalshi account.

The bank account should then be successfully linked to your Kalshi account, enabling you to seamlessly transfer funds to and from your bank with ease and security.

A personalized funding cap let you set a maximum amount you can deposit to Kalshi in each calendar month. Once you set a personalized funding cap it will take effect immediately for all future deposits. If you later increase your personalized funding cap, the increase will take effect in the next calendar month.

What can be changed on your Ideas profile?

On Kalshi, traders are able to create a profile within the Ideas tab to create a display appearance when they interact with other traders. This includes a nickname, profile photo, and account description. Feel free to change your profile picture by selecting the profile picture icon on this page here. To change your nickname or edit your description you can click here.

Flip selling is a strategy employed in trading where an individual attempts to sell more contracts or shares of a particular option than they currently possess. This technique is often used to leverage potential market movements and can involve various steps and outcomes.

For instance, consider a situation where a trader holds 5 contracts of a "no" position but aims to sell 10 contracts. In such a scenario, the trader would sell their existing 5 "no" contracts. To fulfill the remaining portion of the sell order, they would also initiate the purchase of 5 "yes" contracts. This transaction effectively creates a balanced position wherein the investor maintains influence over both sides of the option, allowing them to capitalize on favorable market shifts.

Flip selling requires careful analysis and a good understanding of market dynamics, as the goal is to position oneself advantageously for potential profit. Traders frequently use this method in volatile markets, where prices are subject to rapid and significant fluctuations, thereby increasing the potential for an advantageous flip. However, it also involves risks since incorrect predictions might result in losses or necessitate adjustments to the investment strategy.

Overall, flip selling can be a sophisticated tool for experienced traders, allowing them to dynamically react and adjust their positions in response to market conditions, aiming for substantial returns.

When you believe a market needs to be settled, you can request for it to be settled through the platform. Start by clicking on the options icon located in the lower right corner of the specific market you're interested in. This will bring up several options, including the 'Request to Settle' feature. By selecting this option, you will be asked to choose which strike(s) you think should be settled. Once you've submitted your request, our markets team will thoroughly review all the settlement requests. This process ensures that the market functions efficiently and fairly for all participants. Your proactive participation aids in maintaining the integrity and fluidity of the market environment.

Each market has a "Timeline and Payout" section which informs traders when a given market opened, closes, and is expected to payout. There are two different types of closings that a market may have:

• Closure when the outcome occurs

• Closure at a listed date and time

It is important to read timeline and payout information before trading, and to determine which type of closure that market has.

You can find the full description of the closing time for each market in the grey text below the "Pays out" line.

When you use a limit order, you set the exact price at which you're willing to buy or sell. For example, if you want to buy 1000 contracts at 79 cents each, rather than the current market price of 80 cents, you can do that. This approach can reduce the total cost and help avoid extra fees.

You first enter the amount of contracts you wish to purchase at the limit price, and then you enter the limit price that you are willing to buy said contracts at. If contracts are then being sold at your limit price (or lower), Kalshi will execute the purchase of those contracts.

Selling a limit order requires the same steps as purchasing one. Once you own contracts on a given market, you are able to create a limit order sale where you specify a certain price (or higher) that you are willing to sell at.

You first select the amount of contracts from your position you wish to create a limit order for and then select the limit price you are willing to sell them at. Once those are completed, you can submit the limit sale, and if a trader is willing to make a bid for the contracts at your price or higher, then the limit order sale will execute.

To begin the process of a crypto withdrawal, first make sure that all funds you wish to withdraw are in your 'cash' balance. After that the process is very straightforward.

1. Navigate to the "transfers' tab by selecting the drop down menu in the top right corner.

2. Select 'Withdraw from Kalshi.'

3. Select 'Crypto' as the withdrawal method.

4. Follow the steps provided by ZeroHash to transfer funds back to your wallet address.

5. Complete the transaction.

   1. Funds should arrive back to the wallet within 30 minutes of the withdrawal completion.

For detailed account management, please visit your profile page here. Here, you can access and edit the following information related to your account information with ease:

• Email

• Phone Number

• Address

To begin the process of a bank account withdrawal, first make sure that all funds you wish to withdraw are in your 'cash' balance. After that, the process is very straightforward.

1. Navigate to the "transfers' tab by selecting the drop-down menu in the top right corner.

2. Select 'Withdraw from Kalshi.'

3. Select 'Bank Transfer' as the withdrawal method.

4. Choose the linked bank account you wish to withdraw the funds into.

5. Complete the transaction.

A Quick Order, also known as a market order, is a request to immediately buy a specific number of contracts at the best available price.

Quick orders execute with no delay. For this reason, quick orders are the simplest and fastest way to make a trade on Kalshi.

When placing a Quick Order, specify the quantity and direction (Yes or No) you want, and Kalshi will get you those contracts as cheaply as possible. If your order is large, there may not be enough shares available at the best price to fulfill your desired quantity. This means your order can span multiple prices.

Your portfolio represents a detailed overview of your financial assets and is composed of a combination of the cash funds you have on hand in your account, as well as the current market value of any open trading positions you are actively engaged in or resting orders you have placed. The value of your portfolio can fluctuate due to changes within the markets you are trading in.

Navigating Your Portfolio

In your portfolio, you have access to important details about your trading activities that can help you track your trades efficiently. This includes specifics such as the number of contracts you have purchased, which allows you to effectively track your trading volume and analyze your market exposure at any given time. Additionally, you can view the average price at which these contracts were purchased. This provides vital insight into your cost basis and aids in assessing your overall financial strategy and management of investment costs.

Your portfolio provides you with the current value of your position, giving you a real-time assessment of how your trades are performing compared to their initial purchase price.

Finally, your portfolio includes the total payout you can expect in the event of a win. This helps traders evaluate the potential returns on your investments, allowing you to strategize and forecast future financial outcomes based on trading activities.

To request additional strikes in a market, access the specific market and click on the options icon in the lower right corner. Then, go to the 'Request Additional Strikes' tab. Traders can submit their preferred strike here. Our markets team will thoroughly review each request, and if deemed appropriate, the strike will be added to the market page promptly.

Kalshi is the first regulated exchange where you can buy and sell contracts on the outcome of events. Contract prices reflect the view of traders as to the chances of the event happening. Each contract is worth $1 if you're right.

The NYSE and Kalshi both deal in markets, but with a key difference: what's being traded. The NYSE is a traditional stock exchange where you buy and sell shares of ownership in companies. Kalshi, on the other hand, is a prediction market. Here, you trade contracts based on whether specific events will happen, like "Will interest rates rise in the next quarter?" Think of it like predicting the future, with the price of the contracts reflecting the collective prediction of the market participants. This allows Kalshi to tap into a wider range of possibilities than just company performance.

Expansive Trading Opportunities on Kalshi

Kalshi stands out as a pioneering platform that goes beyond traditional financial markets, offering its traders the ability to engage with a broad and diverse range of trading topics. This includes everything from the fluctuating spheres of entertainment and culture to the more predictable metrics of company performance, not to mention the uncertain outcomes of legal and political arenas. Here's a closer look at the variety of options available:

Kalshi event contracts offer a unique and direct way to engage with the financial aspects of everyday events and occurrences. If you've ever found yourself with a strong opinion on legislative outcomes, weather patterns affecting major events, or any other significant event that could have financial implications, Kalshi provides an innovative solution.

Trade Based on Knowledge and Insights

With Kalshi event contracts, individuals have the opportunity to trade based on their own insights and predictions. Whether you're confident about a specific piece of legislation passing through government channels, or you have an educated guess about an upcoming election result, these contracts allow you to put your money where your mind is—literally.

How to Send a Wire

If you want to send a wire, instructions can be found under the transfers section of the app/website and then selecting 'Wire Transfer' as well as on the PDF above.

Kalshi is now open for trading 24/7 (with exceptions for maintenance). Scheduled maintenance windows will occur, and trading will not be available on Kalshi, during the following times: On a regular basis, from the hours of 3:00 AM ET to 5:00 AM ET on Thursdays.

When can I trade on Kalshi?

The order book displays all the resting orders available on the market. It displays the quantity of resting orders available as well as their corresponding prices. A resting order is an offer to purchase contracts at a certain price that is not matched immediately.

In the event contract below, the order book displays all the resting orders and their corresponding price. As the order book shows, there are 5,010 contracts available to buy on the Yes side for $0.74 each and 75,000 contracts available to sell on the Yes side for $0.71 each. This means someone is bidding as high as $0.71 for Yes shares and someone is selling as low as $0.74 for Yes shares.

In the event contract below, the order book displays all the resting orders and their corresponding price. As the order book shows, there are 75,000 contracts available to buy on the No side for $0.29 each and 5,010 contracts available to sell on the No side for $0.26 each. This means someone is bidding as high as $0.26 for No shares and someone is selling as low as $0.29 for No shares.

On Kalshi, the order book can be toggled to display resting orders in terms of bids, the maximum price a buyer is willing to pay for that contract, or asks, the minimum price that a member is willing to sell that contract for.

On Kalshi, there's a fundamental truth that might surprise some new traders: there's no inherent difference between buying a Yes contract and selling a No contract, or vice versa. Our backend system treats these two actions as essentially the same thing. Let's break it down:

• Market Equilibrium: Each Kalshi market is designed to maintain a state of equilibrium. This means that the combined value of all Yes and No contracts for a given market always equals $1.

• Interconnected Trades: When you buy a Yes contract, you're essentially betting on the event occurring. Selling a No contract is equivalent to betting on the event happening (you are short on the event not happening). Both actions have the same impact on the market's equilibrium.

Quick orders are simple on Kalshi. Simply select the strike you would like to trade on, and the outcome decision (Yes/No). Once that is selected, you can either trade in dollar value, or in # of contracts, and Kalshi will execute your trade to purchase the contracts at the best available price.

Sometimes, your order might be split up, with different parts getting filled at different prices until your whole order is complete. This happens because the platform is on the lookout for the best contracts to match your order across various market rates. Even though Kalshi aims to fill your order efficiently and at a good price, larger orders can naturally end up spanning multiple price points. This way, you still get the quantity you want, just spread across different transactions.

When placing a Quick Order on Kalshi, you'll need to specify both how many contracts you want and whether you’re going for Yes or No. The platform then tries to snag those contracts for you at the best deal. But with bigger orders, sometimes there aren't enough shares at the ideal price, meaning your order might get filled at several different prices.

How to deposit

1. Select "Add funds"

2. Select the "Debit Card" option

Linking a debit card to your Kalshi account is a straightforward process designed for user convenience. If you are adding a debit card for the first time, you will be automatically prompted to input your card details when you initiate a debit deposit. Here’s how you can add your debit card:

1. Login to Your Account: Begin by logging into your Kalshi account using your credentials.

2. Initiate a Deposit: Navigate to the 'Add Funds' section of your account dashboard. Here, you'll see an option to add funds to your via debit.

3. Enter Card Details:

How do Spotify markets work?

Kalshi offers multiple markets for traders to engage with regarding music and their performance on Spotify. With markets predicting the top daily or weekly songs in both the US and globally, there are several opportunities for traders to capitalize.

Determinations on Spotify markets

Trading breaks let you take a break from Kalshi's markets by temporarily restricting your trading activities for a day or more.

Trading breaks do not limit a trader's ability to access Kalshi products via a Futures Commission Merchant. It is ultimately the trader's responsibility not to trade during this time.

The quickest way to get the attention of our markets team for an entirely new market is by submitting your idea . We analyze all markets that are suggested to make sure that they are compliant with CFTC regulations, not easy to manipulate, and are in the interest of our users, so we cannot promise that every market suggested will make it to the platform. Don’t let suggestions that didn’t turn out into a live Kalshi market deter you - you should keep suggesting markets that you’re interested in, and we’ll do our best to open them up for trading soon.

At Kalshi, we're committed to providing the best possible trading experience. That's why we're excited to introduce interest accrual on your cash and open positions. This means that you will also earn interest on the underlying collateral for your positions. In other words, even before a market is resolved, your positions can earn a return.

Why is this awesome for Kalshi users?

• Take longer positions: Interest accrual allows you to hold your positions for a longer period without worrying about running out of funds.

How do crypto markets work?

Kalshi offers a variety of cryptocurrency price markets that allow users to trade contracts based on the price movements of a cryptocurrency, such as Bitcoin or Ethereum. Traders may speculate on the highest price or price range. All crypto market contracts are settled by averaging 60 seconds of CFB Real-Time Indexes (CFB RTIs), which reports a price once per second.

Understanding the Basics

Kalshi, a market prediction platform, employs a dynamic pricing model that directly correlates with the market's perceived probability of a specific event occurring. This innovative approach allows for real-time fluctuations in contract prices, ensuring that they accurately reflect the consensus opinion of the market participants.

The 'cash' value is the number of unallocated funds that a trader has in their account at any given moment. These are the funds that are not yet invested in any particular positions or markets and are considered liquid assets. This liquidity affords traders the agility to respond quickly to market developments and opportunities without the delay of waiting for funds to clear from investments. Uninvested funds in the cash balance can be quickly allocated to trades or withdrawn as needed, thus offering a seamless and user-friendly trading experience.

If a trader is planning to withdraw their funds from Kalshi, it is important that they first ensure all funds are moved to the 'cash' tab within their account. This is an essential step because only funds categorized as 'cash' are eligible to be withdrawn from the platform. Without moving funds to this category, the withdrawal process cannot be successfully carried out.

When a trader makes a deposit into their Kalshi account, the funds they add are initially applied to their cash balance. This cash balance serves as a holding area where traders can monitor and manage their available funds. From this cash balance, traders have the flexibility to purchase positions in any of the open markets that Kalshi offers.

Kalshi makes money by charging a transaction fee on the expected earnings on the contract. The complete Fee Schedule, and the math behind the fees, are posted at the bottom of our website - or you can find the link .

Some markets have fees that are different from those of other markets. This is often due to special events (such as the election, awards ceremony, or a large sporting championship).

Maker Fees

In some cases, markets will have maker fees associated with them. Maker fees are charged for orders placed that are not immediately matched and are instead left as resting orders on the orderbook. These fees are only charged when a trade is ultimately executed, there are no fees associated with canceling a resting order. To view more details about these fees, you can refer to our complete Fee Schedule .

How do I deposit with crypto?

• Select "Add funds"

• Select the "Crypto" option

Understanding Live Data Graphs in Market Trading

Live data graphs are dynamic tools that display real-time data sourced directly from external databases or feeds. These graphs play a crucial role in helping traders monitor and assess the value of various markets instantaneously, providing insights into valuation predictions and assisting in making informed trading decisions at any moment.

The rules for determining a contract’s outcome, the information that will be used, and the source of this information, are included in each contract’s terms and conditions. Once a contract has expired, Kalshi determines the market’s outcome based on these rules and the information from the source.

Determination can take anywhere from one hour to more than twelve hours to complete aftermarket closure and is usually dictated by when we receive the data from the source agency we use to verify the outcome of the market, as defined in the market contract.

At Kalshi, we pride ourselves on our unbiased approach when determining market outcomes. Our dedicated rules and meticulous adherence to them ensure all markets are conducted fairly, giving every participant a level playing field. Rest assured, the integrity of the market and the fairness of outcomes are our top priorities.

Our markets team is always eager to assist and provide clarity on any rules or procedures. If you find yourself confused or in need of more information before purchasing shares in a market, do not hesitate to reach out. We aim to provide you with all the necessary information to make informed decisions.

How do weather markets work?

Kalshi offers a wide variety of weather-related markets that allow users to trade contracts based on temperature movements or precipitation amounts in specific cities, from New York City to Los Angeles. Traders can speculate on whether a city will reach a certain high temperature or fall within a particular range. All weather market contracts settle based on the final climate report issued by the National Weather Service (NWS), typically released the following morning.

We’re thrilled to announce that Kalshi has officially merged its two exchanges into our very own clearinghouse: Kalshi Klear—the world's only tech-first derivatives clearinghouse. For the past three years, MIAXdx has been the clearinghouse for contracts traded on KalshiEX LLC (“Kalshi”). Following regulatory approval from the Commodity Futures Trading Commission (“Commission”), Kalshi has begun clearing its contracts through Kalshi Klear LLC (“Kalshi Klear”), an affiliate of Kalshi. What does this mean? Klear accelerates everything.

• More markets and market categories for even more ways to trade

• New structures to trade smarter (exciting announcements coming soon)

Kalshi's leaderboard is a dynamic feature that allows you to track your trading performance and compete against other traders in a fun and engaging way. While you're automatically opted out of the leaderboard by default, you have the flexibility to opt in at any time. This feature provides a valuable tool for measuring your trading success, identifying areas for improvement, and setting new goals.

By joining the leaderboard, you can see how your performance stacks up against other traders, compare your trading strategies and celebrate your achievements. It's a great way to stay motivated, learn from others, and foster a sense of community within the Kalshi platform. Whether you're a seasoned pro or just starting out, the leaderboard offers a friendly and competitive environment to showcase your trading skills and celebrate your successes.

How do I opt in?

Kalshi offers a broad array of markets for traders to explore and engage in. These markets span various sectors, including Politics, Sports, Culture, Crypto, and numerous others. This extensive range ensures that every trader can find something aligned with their interests and trading strategies.

Navigating these diverse markets is made straightforward by Kalshi's platform design. Traders have the ability to browse through different topic tabs, allowing them to easily locate markets that capture their interest or align with their expertise. This approach helps traders efficiently explore new opportunities or focus on their preferred trading domains.

For those seeking to capitalize on current trends, there is an option to select the 'trending' filter. This feature highlights markets that are currently hot and popular among fellow Kalshi traders.

Odds graphs serve as visual tools that encapsulate the collective forecasts of traders regarding potential future events. These graphs play a crucial role in financial markets and other speculative industries by providing an aggregated view of market sentiment at a particular moment. When observing these graphs, it's vital to understand that they don't offer absolute probabilities. Instead, they represent the consensus beliefs of market participants about how likely they think an event is to occur.

Odds graphs show percentages that aren't fixed predictions. They change with trader confidence and expectations, influenced by things like public information. These graphs offer a real-time look at market feelings.

Incorporating odds graphs into one's market analysis toolkit can enhance decision-making processes by combining market data with human intuition.

Login 2FA Codes

A verification code is needed once every 30 days when logging in to ensure you are the correct user on the account. This code is sent to both the phone number and email associated with your account. If for some reason the phone number associated with your account is an old number or a landline, please go to your email inbox (make sure to check your spam folder as well) and input the code you receive there. After that, you can go into your account settings and update the phone number you want the code sent to!

Email Verification

All users who do not sign up with Apple ID or Google Sign-in must use their own email address. Emails can be verified with a six-digit code sent to their email. If you do not see a code please check your spam folder and wait up to 20 minutes. This email will also be used for multi-factor authentication so make sure you have access to it!

Make sure to also check the additional details where clarifications about the interpretation of the full rules might be posted. The markets team will add additional details when traders are confused about the interpretation of the full rules.

Each market includes a rules summary that can be filtered by different strikes. This summary outlines the value being measured, the timeline for the prediction market, and the verification source used by Kalshi for determining outcomes. It is always important to read the rules summary for a market before trading on it, as it contains the essential information traders should be aware of before trading.

Upon executing trades, traders can access a summary of their total profits and losses by navigating to the documents tab. This tab provides an essential resource that allows traders to track and assess their financial performance over time. By reviewing the cumulative gains and losses, traders can make informed decisions, refine their strategies, and ultimately enhance their trading. This section helps traders, both new and experienced, track their investments and adjust their strategies as needed.

When analyzing market predictions, it's important to understand that a forecast graph is not a real-time data tracker. Instead, it serves as an insightful visualization of traders' current expectations regarding future market conditions. For instance, consider the scenario illustrated in the graph below. The forecast (based on trades made) represents an accumulation of 6.8 inches of snow. This prediction is derived from all collective trades within the market, reflecting traders' insights and where they believe the market will most likely expire at.

ZeroHash simplifies the process of depositing and withdrawing crypto to and from your Kalshi account. To get started, log into your Kalshi account and navigate to the 'add funds' section. From there, choose the crypto option. ZeroHash will guide you step-by-step on how to transfer supported assets from your personal wallet to the wallet address they provide.

First, ensure that your personal wallet is set up and ready to send crypto. Then, follow the instructions provided by ZeroHash carefully. This involves scanning a QR code or entering the wallet address manually to initiate the transfer. Make sure to verify all details, including the amount and the recipient address, to avoid any errors.

What is Zero Hash?

Zero Hash enables us to offer seamless and compliant crypto transfer experiences. By using Zero Hash, we ensure secure and efficient USDC deposits and withdrawals, providing users with immediate access to funds and high deposit limits. This integration streamlines the transfer process, enabling users to focus on trading without worrying about traditional banking hurdles. More information regarding crypto transfers with Zero Hash can be found

Voluntary opt-out is a process by which a Member or potential Member can restrict their own access to Kalshi’s markets in order to limit their potential losses on the exchange. Kalshi allows individuals to request to be excluded from trading activities for a specific term of time on Kalshi.com, via Kalshi’s API, and via the Kalshi phone application.

Voluntary opt-out does not limit a trader's ability to access Kalshi products via a Futures Commission Merchant. It is ultimately the trader's responsibility not to trade during this time.

Kalshi offers specialized onboarding for entities including corporations, funds, partnerships, and trusts. Our institutional team provides dedicated support to help your organization get started on our prediction markets platform.

How to Get Started

• Submit Your Application: Complete our entity registration form here to begin the process. Our team will guide you through the required documentation and account setup process once your application is received.

FIX Access Requirements

To qualify for FIX access, your trading volume must meet the minimum of 7.5% of total exchange volume. If you're able to consistently meet this volume requirement, we'd love to hear from you! Please contact our team at to discuss FIX access for your account.

Questions?

Contact our institutional team for personalized assistance. We're here to help make your onboarding as smooth as possible. Happy trading!

What is a limit order?

A limit order is a powerful tool for investors looking to have greater control over their trades, particularly in the context of purchasing contracts. Unlike market orders, which execute immediately at the current market price, a limit order allows you to specify the maximum price you're willing to pay for a contract. This strategic approach ensures that you do not pay more than you intend, potentially leading to savings and better investment outcomes.

When you set a limit order, you are essentially telling the market that you are looking for a deal at your price or better. If the market can match your offer—if there's a seller willing to accept your price or offer an even lower one—then your order will be executed. This mechanism is particularly beneficial in volatile markets where prices can fluctuate rapidly, as it locks in the price you are comfortable with.

Moreover, utilizing limit orders can significantly differ from the prices you see in the Quick Order panel, which generally reflects the current market price or a close approximation in fast-moving markets. The ability to choose your price with a limit order provides a tactical edge, allowing for more precise financial planning and strategy execution.

It's important to note, however, that there is no guarantee a limit order will be filled. If the market does not reach your specified price, your order may remain unfilled. This outcome can be a double-edged sword: while you protect yourself from overpaying, you may also miss the opportunity to purchase a contract if the price never meets your limit. Thus, when using limit orders, it's crucial to balance your desire for a better price with the risk of potentially missing out on the contract altogether.

When to use limit orders

The Advantages of Using Limit Orders

Limit orders are an essential tool for traders looking to control their entry and exit points without incurring additional costs. Here are some key benefits of using limit orders:

Avoiding Trading Fees

A significant benefit of placing a limit order is the potential to avoid trading fees entirely. When you set a limit order that sits on the order book and gets filled by another trader, you effectively bypass the fees typically associated with the trade. This strategy can lead to substantial savings over time, especially for frequent traders. Make sure to check out our current fee page .

Precise Price Execution

Using a limit order allows you to specify the exact price at which you're willing to buy or sell a contract. For example, suppose you wish to purchase 1000 contracts at a specific rate, say 79c each, rather than the current market rate of 80c. By doing so, you can save on the total cost of the position and avoid additional fees, likened to saving the equivalent of a deluxe meal.

Encouraging Market Liquidity

Kalshi rewards traders for adding liquidity to the market by eliminating fees on some maker orders. This incentive encourages traders to use limit orders, promoting a more liquid and efficient market.

Meeting Specific Quantity Requirements

Limit orders can also be practical when you aim to purchase a larger quantity of contracts than what's available at the current rate. You can place a limit order for the desired quantity at your target price. The order gets partially filled with the available contracts, and the remainder is listed on the order book for future fulfillment, ensuring you don't overpay for immediate liquidity.

In summary, limit orders offer a strategic advantage by allowing for fee avoidance, price precision, liquidity contribution, and quantity specification in trades. These factors can significantly influence a trader's overall profitability and market engagement.

Market Rules and Summary

Each market operates under its own set of regulations which are documented on the markets page. These rules explain the criteria and procedures that determine the market's functionality.

There is a comprehensive rules summary available that provides clarity by detailing the specific outcomes required for a strike to be successful. It elaborates on the conditions under which an outcome would meet the necessary criteria for a strike to win.

This summary includes information about the outcome verification source, which ensures the integrity and reliability of the result. This verification source acts as an authoritative point of reference to confirm the legitimacy of the strike outcome, ensuring transparency and trust for all traders.

Finding Market Rules

Collateral return is a mechanism that affects trading in mutually exclusive and directional market groups. This feature can be enabled and is disabled by default for new users. To opt in and receive collateral returns you can go to your account settings here and turn on Collateral return:

This advanced feature gives you cash back early when you buy hedged positions. Enabling this feature may make you unable to sell positions for which you’ve already had collateral returned. Your current positions won’t be affected; this setting only applies to future positions.

Mutually exclusive collateral return

A hypothetical example of a mutually exclusive market group is “Who will be confirmed as the Secretary of State?” with the markets:

• “Will Hillary Clinton be confirmed as Secretary of State?”

• “Will Rex Tillerson be confirmed as Secretary of State?”

• “Will John Kerry be confirmed as Secretary of State?”

There can only be one confirmed Secretary of State, so there are only four possibilities at settlement: exactly one of the three markets resolves to Yes, or all three markets resolve to No. In this example, you buy No in “Hillary Clinton” for 60¢ and No in “John Kerry” for 70¢. You've invested a total of $1.30, but you'd be guaranteed to be paid out $1 by at least one of your positions:

• If Hillary Clinton is confirmed, your John Kerry position will be correct.

• If Rex Tillerson is confirmed, both your positions will be correct.

• If John Kerry is confirmed, your Hillary Clinton position will be correct.

• If none of the three are confirmed, both your positions will be correct.

Therefore, the maximum amount you could lose at settlement is $1.30 - $1 = $0.30. Instead of taking the full $1.30 of your available funds, we take only $0.30 and mark down your position value by the returned $1, leading to an invested value of $0.30. If you hold both contracts until settlement, then you will receive $1 if both your positions were correct (neither Hillary Clinton nor John Kerry is confirmed) and $0 if one of them is.

It’s important to remember that collateral return applies only to trades involving the non-mutually exclusive sides of mutually exclusive multi-market events. In the above examples and in most cases you’ll see on Kalshi, it would apply only when buying and selling No positions.

Directional collateral return

A hypothetical example of a direction market group is “TSA check-ins today?” with the markets:

• "Will there be above 1,000,000 TSA check-ins today?"

• "Will there be above 2,000,000 TSA check-ins today?"

• "Will there be above 3,000,000 TSA check-ins today?"

If it is true that there are above 3,000,000 TSA check-ins today then it must be true that there were above 2,000,000 TSA check-ins today. In this example, you buy Yes for "above 1,000,000 check-ins" for 80¢ and No for "above 3,000,000 check-ins" for 70¢. You've invested a total of $1.50, but you'd be guaranteed to be paid out $1 by at least one of your positions:

• If there are 500,000 TSA check-ins today, your No for "above 3,000,000 check-ins" will be correct.

• If there are 2,000,000 TSA check-ins today, both your positions will be correct.

• If there are 4,000,000 TSA check-ins today, your Yes for "above 1,000,000 check-ins" will be correct.

Therefore, the maximum amount you could lose at settlement is $1.50 - $1 = $0.50. Instead of taking the full $1.50 of your available funds, we take only $0.50 and mark down your position value by the returned $1, leading to an invested value of $0.50. If you hold both contracts until settlement, then you will receive $1 if both your positions are correct (there are 2,000,000 TSA check-ins today).

Kalshi operates like a stock exchange for events, matching individuals who have differing opinions on event contracts with one another. On Kalshi, you are always trading against another member of the platform, not the exchange itself.

You can think of every trade on the platform as a deal taking place between two participants: a “maker” and a “taker”. The maker is the first one to the table: They declare a side they’re willing to buy (Yes or No), how much they’re willing to pay, and how many contracts they are looking to buy at that price. Takers can see all available offers and match with the most generous one.

On Kalshi, there are three primary types of traders:

1. Directional traders: individuals or institutions who believe the pricing of a Yes or No contract is attractive relative to the likelihood of that event occurring.

2. Hedgers: individuals or institutions who have some external risk (inflation risk, interest rate risk, hurricane risk, etc) and want to protect themselves on the downside using Kalshi’s Event Contracts. Typically, hedgers are willing to pay a slight premium for the contracts, since it is more about protecting the downside, rather than maximizing upside.

3. Market makers: common participants in financial markets, a market maker's primary role is to provide liquidity to the market to ensure people can easily enter and exit their positions. One way a market maker does this is by buying a contract, and then soon after selling that contract to someone else at a slightly higher price. Market makers make money by collecting the spread (the difference between the bid and ask) - generally, they don’t have an opinion as to whether the price of a contract should go up or down. There are a number of market makers on Kalshi, primarily individuals and small institutions, who have found it remunerative to play the ever-important market-maker role on Kalshi. You can learn more about marketmaking on Kalshi .

Today most participants in Kalshi fall into the first two categories. Additionally, the majority of participants on Kalshi today are retail traders, as opposed to institutional traders. Another significant player on the exchange is Kalshi Trading. Kalshi Trading is a separate entity from Kalshi Exchange - a different company with completely separate operations, and subject to strict informational barriers that prevent any non-public exchange information from being shared; they are a participant on the exchange just like everyone else.

Kalshi is regulated by the Commodity Futures Trading Commission (CFTC) – an independent agency of the US government that has regulated US derivatives markets since 1974 and is overseen by Congress. Kalshi is regulated as a Designated Contract Market (DCM), which is a financial exchange designated to trade futures, swaps, and/or options on commodities. You can read more about our regulatory filings, rulings, and listings on our regulatory page, or find more FAQs in the Regulation section.

Why Regulation Matters

Regulation is crucial for several reasons, especially in the financial sector. Being regulated by the Commodity Futures Trading Commission (CFTC) provides our users with numerous benefits and protections:

• Transparency: Regulation ensures that Kalshi operates with a high level of transparency. Users have access to accurate information to make informed decisions.

• Integrity: Our status as a Designated Contract Market (DCM) underlines our commitment to maintaining the integrity of our trading platform, and ensuring fair and orderly markets.

• Security: Regulation offers a framework for the security of transactions and safeguards against fraud and manipulation, protecting your investments.

• Trust: Regulatory oversight by a reputable body like the CFTC fosters trust among users, which is foundational in financial exchanges.

Understanding that Kalshi is regulated by a US Federal regulatory authority helps reassure users that they are engaging with a platform that adheres to the highest standards of operation and accountability.

What are combos?

Combos allow users to trade custom combinations of events. Each combo is a unique market with its own dedicated order book. Combos resolve to the product of the value of each individual position.

Creating a Combo

You can create combos directly in the UI using the combo builder. Access it either from the page of any eligible event or from the live tab by selecting the sports category and then the combo builder. Combos are typically available closer to the start of an event.

Quoting and Liquidity (RFQ System)

Combos are submitted through a Request For Quote (RFQ) system to establish price and liquidity. More info on RFQs can be found .

• RFQ Process: When a combo is requested, a "Request For Quote" is sent out to the market. Other market participants can then respond with a quote to take the other side of the position (act as the counterparty).

• Democratized Quoting: Anyone can listen for and respond to RFQs through the API, meaning there is no exclusivity for quoting.

• Live Quotes: Quotes are generated live, which can sometimes lead to brief delays while waiting for the quote to be returned. The RFQ system helps solve the liquidity issue by connecting traders with those willing to quote.

Outcome Determination

If one of the underlying positions in a combo is voided (e.g., a player is required to play but does not), the combo will resolve to the product of each of the underlying positions.

• Recalculation: The entire combo is not simply returned to the user. Instead, the combo's payout will be equal to the value of the product of the value of each individual position.

• If a three-position combo has one position that resolved to a price other than $0 or $1, the final payout will be the product of the positions, for example: $0.70 * $1.00 * $1.00 = $0.70 paid per combo contract owned.

App Store markets 101

A popular market on Kalshi is the "Top US iPhone app tomorrow?" market. Here, traders can predict the highest ranking app on the Apple app store for a certain date at a certain time. For example, traders can trade on what will be the, "Top US iPhone app tomorrow?" for the date March 19th. The market will specifically close on March 20th at 10am ET when the contract is set to expire.

Outcome Determinations

The expiration value for this market is determined from the markets source agency, Apple App Store website, with the underlying being the 'Top Charts' webpage listed . The top ranked app under the 'Top Free Apps' chart at 10am ET for that day is used to determine the relevant Kalshi market.

Finding the Kalshi market's relevant source information

In the bottom left of the market example above, you can see the chart is for "Mar 20." You can find the underlying here () which is from our source agency.

What are the Netflix markets?

Kalshi offers markets where traders can predict both the top tv show as well as the top movie on Netflix for a given week. The Netflix charts are updated on Tuesday. Therefore, the markets will close at 11:59 PM ET the day before. For example, the chart published on Feb 25, 2025 will be for the week ending the previous Sunday.

Outcome Determinations

The expiration value for the Netflix markets are determined from the charts provided . The location filter is filtered as "United States" and then the two charts ('Shows' and 'Movies') are able to be filtered between.

Key differences between the programs

What is Kalshi Ideas

Kalshi Ideas is more than just a platform; it's a community hub for traders. It's where the Kalshi conversation truly happens. Imagine it as a virtual trading pit, but without the shouting and yelling. It's a space to share your trading triumphs, dissect your missteps, and exchange ideas with fellow traders. Whether you're a seasoned pro looking to refine your strategy or a newbie eager to learn the ropes, Kalshi Ideas has something to offer.

We're building a place where everyone feels comfortable sharing their perspective. No matter if you're bullish or bearish, your opinion counts. By creating an open and inclusive environment, we hope to foster a deeper understanding of the markets and help traders make more informed decisions. It's not just about trading; it's about connecting with a community of like-minded individuals who share a passion for the markets.

Some Friendly Reminders Regarding Kalshi Ideas

• Kalshi Ideas is provided for the convenience of Kalshi’s members.

• The purpose of Kalshi Ideas is to serve the public conversation.

• Participation in Kalshi Ideas is governed by our Community Guidelines.

• Anyone who meets the eligibility requirements of the Community Guidelines can post and comment on Ideas.

How do I transfer funds to and from Kalshi?

Kalshi offers various different methods for transferring funds:

• Debit card

  • This includes physical debit cards as well as Apple Pay & Google Pay

• Bank transfer

• Crypto transfer

• Wire

Why did my deposit fail?

Depending on the deposit method you used, there are a few common causes of a deposit failing:

Debit:

• There was a mistype when manually entering your card information. Please double check that all inputted information matches what is on your debit card.

• There is an issue with 3D Secure (3DS) authentication, some easy fixes include:

  • Update your app to the latest version

  • Check your connection - use stable Wi-Fi and disable any active VPN

Bank:

• "Insufficient funds" errors may occur if you have pending deposits that haven't fully settled in your bank account

  • Try depositing a smaller amount and check to see if you have any pending transactions

• You are connecting a bank account not in your name

  • Only bank accounts under your name can be used for depositing

Crypto:

• You are sending an asset that is not supported

  • To view a list of our supported assets, see

Wires:

• Wires that do not include your unique Kalshi memo code can be delayed or returned

  • To see more information about wiring funds and finding your memo code, see

• Wires from a bank account that does not match your Kalshi account will be delayed or returned

Why is my connected bank account showing numbers I don't recognize?

After linking your bank account, the last four digits shown may differ from your actual account number. This is because some bank accounts use a TAN (Tokenized Account Number) - a randomly generated number that masks your real account number for security. This token system helps protect against fraud while keeping your actual banking details secure.

Why is my debit withdrawal not transferred instantly?

Debit withdrawals are normally instant, but occasionally our payment processor requires additional verification for security. This is a random security check - you've done everything correctly. Your withdrawal will complete normally once the verification is finished.

Why can't I withdraw all of my funds right now?

For security, we place temporary holds on deposited funds before they're available for withdrawal:

• Debit card deposits: Available for withdrawal after 3 days

• Bank transfer (same bank withdrawal): Available after 7 days

• Bank transfer (different bank withdrawal): Available after 90 days

These holds help ensure transaction security and protect your account.

How do I remove a connected debit card/bank account?

If you head over to the transfers tab in your Kalshi account , you can view all connected accounts. To remove one, simply click the 'X' that is to the right of the connected account.

Can I cancel a deposit once it is made?

Deposits cannot be canceled or refunded once submitted, so please carefully verify your deposit amount before confirming the transaction.

However, once your deposit processes and completes the required security hold period, you're free to withdraw those funds back to your bank account or debit card at any time.

What is it?

The Volume Incentive Program is a cashback rewards system that pays you based on how much you trade. The more you trade in eligible markets, the more rewards you earn. It's designed to encourage trading activity and make markets more active for everyone.

Program Dates

Start: September 15, 2025 End: September 1, 2026

Eligibility

Who can participate: Most regular Kalshi members

Who cannot participate:

• Kalshi affiliates and employees

• Market makers with existing agreements

• Introducing Brokers, FCMs, and their customers

How It Works

Earning Rewards

1. Trade in eligible markets during active reward periods

2. Your trading volume is tracked throughout the period

3. When the period ends, you get a share of the reward pool based on your percentage of total volume

4. Example: $1,000 reward pool + you contributed 10% of total volume = you earn $100

Market Selection

• All Kalshi markets are potentially eligible

• Active reward periods are clearly marked on market pages

• Each market shows current reward pools and period duration

Eligible Trades

What trades count:

• Contracts priced between $0.03 and $0.97 (non-inclusive)

• Trades during active reward periods

What doesn't count:

• Contracts below $0.03 or above $0.97

• Special market maker trades

• Trades outside reward periods

Reward Structure

• Reward periods: Up to 31 days each

• Pool distribution: Split based on proportional trading volume

• Earnings cap: Maximum $0.005 per contract traded

• Payment timing: Programs that end by 10 AM ET will be paid out the same day by 3pm ET, while programs ending after 10 AM ET will be paid out the following day by 3pm ET.

Cap example: If you trade 1,000 contracts, maximum reward is $5 (1,000 × $0.005), regardless of pool size or other participants' activity.

Program Rules

Monitoring:

• Kalshi monitors for abusive behavior and fake trading

• Participant status can be revoked for violations

• Program may be terminated at any time

Transparency:

• Market pages show eligibility and current reward periods

• Future reward periods displayed when planned

What is it?

The Liquidity Incentive Program rewards you for placing resting orders that improve market liquidity. This program pays you for maintaining orders on the books that help other traders get better prices, even if your orders don't get filled.

Program Dates

Our Market Maker Program is now Live on Kalshi

Kalshi's market operates with the valuable support of a designated group of market makers. This program is highly selective and requires participants to meet stringent criteria.

To be considered, applicants undergo a thorough review process evaluating their financial resources, relevant experience, and overall business reputation. Only those demonstrating exceptional qualifications are granted market maker status.

Market makers play a vital role in ensuring market fairness and orderliness. This program offers them unique benefits in exchange for their commitment to upholding these principles. There are perks to being a market maker including but not limited to financial benefits, reduced fees, differing position limits, and enhanced access. In return, you'll need to agree to some things, like always trying to keep our markets fair and orderly. Some special position limits apply to market makers, but that's to make sure everything runs smoothly.