On this page (6 sections)
Content reviewed: 2026-10-13. Examples are hypothetical.
Kalshi offers event contracts whose payouts depend on specified outcomes. This guide covers ordinary binary event contracts, not leveraged perpetual futures or combinations of several events. Begin with one clearly defined question and an amount you can afford to lose.[1]
Step 1: Understand the contract
Open the rules and find the outcome source, relevant deadline and settlement conditions. Kalshi explains that its rules summary identifies what must happen for a contract to resolve Yes.[2] Do not substitute a headline or a news report for the source named by the contract.
In a hypothetical $1/$0 market, buying 20 Yes contracts at 40 cents costs $8 before fees. A Yes settlement returns $20, for $12 profit before fees. A No settlement loses the $8. Buying No is a different position with its own available price.
Step 2: Inspect the order book
Kalshi's binary book has complementary Yes and No quotes. Its API documents that a No bid at 35 cents corresponds to a Yes ask at 65 cents.[3] This relationship concerns opposite sides of the same contract. It does not mean that two separate contracts with similar titles are interchangeable.
Check the quantity available and use the order preview to see your total cost. A limit price controls the price you will accept, but an unfilled order gives you no position. A partial fill leaves you with fewer contracts than requested.
Step 3: Confirm the fill and remaining orders
After submitting, inspect the fill history, average entry price and unfilled quantity. Cancel any remaining order you no longer want and confirm the cancellation. Save the contract identifier and the total entry cost, including fees from the current schedule.[4]
| Record | Why it matters |
|---|---|
| Side and quantity | Defines the payoff you own |
| Fill prices and fees | Establishes your actual cost |
| Rules and source | Explains how settlement is determined |
| Planned review time | Prevents forgetting a position or resting order |
Step 4: Choose an exit plan
You can consider selling to available buyers or holding through settlement. A displayed mark is not a guaranteed sale price. Compare the best executable bid and exit costs with your updated estimate of the settlement value. The exit guide works through this decision.
Keep tax records
Download the account's transaction and tax documentation and preserve your own trade ledger. Kalshi's tax-documentation page explains what it supplies and directs members to obtain their own tax advice.[5] Do not assume that a particular tax form, reporting threshold or tax treatment applies to every contract or jurisdiction. If your situation is unclear, take the actual records to a qualified adviser.
References
- Kalshi. What Is Kalshi? A Beginner's Guide. Accessed October 13, 2026.
- Kalshi Help Center. Market Rules. March 17, 2026; accessed October 13, 2026.
- Kalshi API Documentation. Orderbook Responses. Accessed October 13, 2026.
- Kalshi. Fee Schedule. Current schedule linked by the exchange; accessed October 13, 2026.
- Kalshi Help Center. What Tax Documentation Does Kalshi Provide?. Accessed October 13, 2026.