kalshi app (2026)

The Kalshi app is a mobile trading platform for event contracts, financial instruments regulated by the Commodity Futures Trading Commission (CFTC) that pay out based on whether a real-world event happens. Available on iOS and Android, it lets US users buy and sell contracts on outcomes ranging from Fed rate decisions and inflation reports to NFL games, hurricane paths and award show winners. Unlike offshore betting apps, Kalshi operates as a federally regulated exchange, which is why it can legally serve traders in nearly every US state.

What the Kalshi app actually does

Every market on the app asks a yes-or-no question about a future event: will the Fed cut rates in December, will the Chiefs win by more than 3 points, will a named hurricane make landfall in Florida this season. Each contract trades between 1 cent and 99 cents, and that price reflects what traders collectively think the odds are. If you buy a “yes” contract at 40 cents and the event happens, it settles at $1, so you profit 60 cents per contract. If it doesn’t happen, the contract settles at zero and you lose your 40 cents.

You can also sell a contract before the event resolves, so you’re not locked in until the market closes. That makes it function more like short-term trading than a straight bet, since prices move in real time as new information comes in.

Markets available on the app

• Sports: NFL, NBA, MLB, college football, golf, tennis, MMA, and game-level props like point spreads and totals
• Financial markets: S&P 500 and Nasdaq 100 daily moves, crude oil, crypto prices
• Economic data: Fed interest rate decisions, CPI inflation, GDP growth, recession odds, gas prices, mortgage rates
• Weather and climate: hurricane intensity, daily temperature highs in major cities, tornado counts
• Culture and entertainment: Oscars, Grammys, Emmys, Billboard chart toppers

Is the Kalshi app legal and regulated?

Kalshi is registered with the CFTC as a Designated Contract Market (DCM), the same regulatory category that governs traditional futures exchanges like the CME. Trades clear through Kalshi’s affiliated clearinghouse, which holds member funds separately and settles contracts when markets close. This federal oversight is the main reason Kalshi can offer sports and event contracts in states where traditional sports betting apps aren’t licensed to operate, though some states have challenged Kalshi’s sports-related markets in court, so availability of specific contract types can vary.

You must be 18 or older to open an account, and Kalshi requires identity verification (KYC) before you can deposit funds or trade, in line with federal financial regulations.

How to get started on the Kalshi app

1. Download the app from the Apple App Store or Google Play, or use the Kalshi website
2. Create an account with your email and verify your identity with a government-issued ID
3. Link a bank account or debit card to fund your balance
4. Browse markets by category (Sports, Financials, Economics, Climate, Culture) or search for a specific event
5. Pick a side (yes or no), choose how many contracts to buy, and confirm your order

There’s no minimum deposit to open an account, and contracts themselves cost between 1 cent and 99 cents each, so you can start with a small amount of capital rather than committing hundreds of dollars upfront.

Kalshi app vs. stock trading apps

Kalshi contracts settle on a specific, observable outcome rather than a company’s stock price, which depends on earnings, sentiment, and broader market movement. That means you can be right about an event and still see a contract lose value only if the event itself doesn’t occur, not because of unrelated market noise.

There’s no pattern day trading restriction on Kalshi, so you can enter and exit positions as often as you like without the equity-trading rules that apply to accounts under $25,000 at traditional brokerages. There’s also no leverage or margin by default, each contract costs its listed price and your maximum loss is what you paid for it.

Kalshi app vs. options trading

Options pricing involves multiple variables, including implied volatility, time to expiration, and strike price, which is why options can be hard for beginners to model. Kalshi contracts skip most of that complexity: the price is a direct read of probability, and there’s no time decay working against you the way theta erodes an option’s value as expiration nears. If the market’s collective view of an event’s odds doesn’t change, your contract’s value stays roughly flat.

Trading sports on the Kalshi app

Kalshi lists contracts on individual games across the NFL, NBA, MLB, college football, and other major sports, along with markets on things like whether a specific total will be exceeded. Because it’s structured as an exchange rather than a sportsbook, prices move based on order flow between traders rather than lines set by a bookmaker, and you can sell out of a position mid-game rather than holding it to the final whistle.

Using Kalshi’s API and developer tools

Kalshi publishes a public API and Python starter code for traders who want to build automated strategies or pull historical market data for backtesting. Documentation is available through Kalshi’s developer portal, and the open-source community around it has grown alongside the app’s user base, which Kalshi states has surpassed 10 million users.

Costs and risk to know before you trade

Kalshi charges trading fees on many contracts, calculated as a percentage of the contract price, so check the fee schedule on kalshi.com before placing large orders since costs can eat into thin-margin trades. Event contracts are inherently risky: prices can move quickly around news events, and it’s possible to lose your full stake on a contract if the outcome goes against you. Kalshi’s own disclosures note that trading event contracts isn’t appropriate for everyone, and eligibility rules and available markets can differ depending on your state of residence. Review kalshi.com/regulatory for the current list of restrictions before funding an account.