Kalshi is the first prediction market licensed by the CFTC to operate in the US and is XEM a giant in the prediction market with a volume of up to billions of dollars. This is also one of the fastest growing companies in the US with a valuation of up to 2 billion USD in the most recent round of Capital . Let's learn about Kalshi with Coin68 in the article below!
What is Kalshi? Learn about the US licensed prediction market
What is Kalshi?
Kalshi is a licensed prediction market operating in the US, where users can predict the outcomes of current and upcoming events such as economics, politics, sports, education, finance, etc. The goal of this platform is to turn predictions and expectations into a tangible asset and be able to make profits from them.
What is Kalshi?
Although only operating in the US, Kalshi recorded more than $1 billion in volume in the first half of September alone, accounting for more than 60% of the prediction markets market share in 2025. This figure completely overwhelms its competitor Polymarket , which is XEM the most popular prediction market globally.
Kalshi accounts for more than 60% of the prediction market share in September 2025 (Source: Dune)
Kalshi Highlights
Licensed by CFTC
Kalshi is the first project regulated by the Commodity Futures Trading Commission (CFTC) through Designated Contract Markets (DCMs), also known as event contracts. These are a type of financial Derivative that allows you to trade on the outcome of future events, spanning everything from political elections to sporting events to economic indicators.
Transparent and fair
Kalshi is committed to maintaining a transparent, fair and trustworthy trading environment, fostering an ecosystem where traders feel confident in the fairness of trades and the accuracy of information provided.
Low and competitive transaction fees
Kalshi offers significantly lower transaction fees than the industry average, ensuring users get maximum value from each contract.
Friendly interface
Kalshi features a clean, intuitive interface on both web and mobile versions. Markets are Chia and odds are clearly displayed, making it easy for participants to grasp market sentiment and place trades.
Kalshi's operating model
Instead of betting on luck, Kalshi allows you to buy “event contracts” that predict the outcome of Yes (happened) or No (did not happen). The price of Yes and No will change according to people's opinion, just like the price of coins/ Token in the cryptocurrency market.
Here's how Kalshi works:
Market rules
Kalshi consists of several different marketplaces, each dedicated to a specific event that is taking place or is about to take place.
For example : "Will Company X launch a new product before the end of the year?" You choose Yes if you think "yes", or No if you think "no".
Each market will have its own set of rules, which are clearly stated on the website. Kalshi will also have a simple summary explaining when the market ends (called a strike or resolution).
Each market will have its own set of rules.
Rules of sale
Trading on Kalshi is done through an Order Book, which shows who is looking to buy or sell a contract, with the quantity and price. It automatically matches you with someone who has the opposite opinion.
For example : If you buy Yes (believe that the event will happen), you will be matched with another person who buys No (believes that the event will not happen).
The sum of each Yes and No will always be $1 , because the contract price is the same as the percentage chance that everyone thinks the event will happen with a total probability of 100% . So if you pay $0.30 for Yes, the other person will pay $0.70 for No.
Yes and No prices always total 1 USD
When the event ends, the winner will receive $1 for each contract purchased. On the contrary, the loser will lose all the money spent. The profit received will be calculated according to the formula:
Profit (USD) = 1 - Purchase Price
For example : You buy Yes at 0.70 USD. If you win, you will earn 0.30 USD/contract. If you lose, you will lose 0.70 USD.
Kalshi will be the one to announce the final results based on reputable sources such as major newspapers or official data to ensure transparency and accuracy.
Development team
2 founders of Kalshi
Kalshi was founded in 2018 by Tarek Mansour (CEO & Co-founder) and Luana Lopes Lara (Co-founder). The two met while studying at the Massachusetts Institute of Technology (MIT) and have experience working at many financial institutions such as Goldman Sachs, Citadel, Bridgewater,...
Investors
Kalshi was valued at $2 billion in its latest Capital round.
Since its inception, Kalshi has successfully raised a total of $415 million. The most recent round was in June 2025, with $185 million raised from many famous funds such asParadigm , Sequoia , Multicoin, etc. This helped Kalshi become one of the fastest growing startups in the US with a valuation of up to $2 billion.
Summary
Above is all the information about the Kalshi project, Coin68 hopes that readers will grasp the basic information to better understand the project and how it works. Hope you have more useful knowledge!
Note: The information in the article is not XEM investment advice, Coin68 is not responsible for any of your decisions.
