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TheKalshiAcademy
Understand the odds before you trade.
Free, plain-language lessons on how prediction markets work — from reading a price as a probability to how contracts settle.
Ready to see real markets?
Once the basics click, take a look at real Kalshi markets and their prices.
Prediction markets involve risk. You can lose money. Nothing here is financial advice.
What is Kalshi?
Kalshi is a prediction market exchange where you trade simple yes-or-no contracts on real-world events — the economy, politics, weather, sports and more. Each contract trades between $0.01 and $0.99 and pays $1.00 if the outcome happens, so the price is basically the crowd's best guess at the probability. Kalshi, Inc. was founded in 2018 and is regulated in the US by the CFTC as a designated contract market; accounts are funded in US dollars.
Prices are probabilities
A YES share at 62¢ implies roughly a 62% chance. Prices move as traders react to news.
Fees and payouts
Winning shares pay $1.00 each at resolution. Fees depend on the market category.
Availability varies
Kalshi is open in the US and many other countries, but some are restricted — check yours first.
Free tools
Calculators to understand odds, costs and risk before you trade.
Odds Converter
Convert a prediction-market price into implied probability, decimal, fractional and American odds — and back.
Profit Calculator
See your cost, profit if you win, loss if you lose and return on investment for any share price.
Expected Value Calculator
Compare your own probability with the market price to estimate expected value per share and in total.
Kelly Calculator
Estimate full, half and quarter Kelly position sizes from the price, your probability and your bankroll.
Fee Calculator
Estimate trading fees by market category and order type (maker or taker).
Country Checker
Look up a country to see whether Polymarket is listed as available, restricted or not yet verified.
Is Kalshi available in your country?
Type your country and we'll tell you its current status.
Featured guides
All guidesA price is a probability
On a prediction market, a YES share that costs $0.62 means traders collectively estimate a 62% chance the event happens. If it does, each YES share pays $1.00. If it doesn't, it pays $0.
New here? Start with these
Kalshi Careers: Roles, Hiring Process and How to Apply
Kalshi is a CFTC-regulated prediction market exchange based in New York. Here is what kinds of roles it hires for, what the interview process usually looks like and how to prepare an application.
Social Sportsbooks Explained: How They Work vs Prediction Markets
Social sportsbooks let you make sports picks with virtual coins, and some coins can be redeemed for prizes under sweepstakes rules. They are not licensed sportsbooks, several states have moved against the model, and they work very differently from CFTC-regulated prediction markets.
Hawaii Sports Betting: What's Legal and the Alternatives Reviewed
Hawaii is one of the few US states with no legal gambling at all, so there are no licensed sportsbooks. We review what that means for sweepstakes apps, fantasy sports, offshore sites and CFTC-regulated prediction markets.
Sports Betting in Wisconsin: Your Options Reviewed (and Prediction Markets)
Wisconsin allows sports betting through tribal casinos under gaming compacts, but online wagering has not been offered statewide like in many states. We review each option, from tribal sportsbooks to sweepstakes apps and CFTC-regulated prediction markets.
Latest articles
Kalshi Careers: Roles, Hiring Process and How to Apply
Kalshi is a CFTC-regulated prediction market exchange based in New York. Here is what kinds of roles it hires for, what the interview process usually looks like and how to prepare an application.
Social Sportsbooks Explained: How They Work vs Prediction Markets
Social sportsbooks let you make sports picks with virtual coins, and some coins can be redeemed for prizes under sweepstakes rules. They are not licensed sportsbooks, several states have moved against the model, and they work very differently from CFTC-regulated prediction markets.
Hawaii Sports Betting: What's Legal and the Alternatives Reviewed
Hawaii is one of the few US states with no legal gambling at all, so there are no licensed sportsbooks. We review what that means for sweepstakes apps, fantasy sports, offshore sites and CFTC-regulated prediction markets.
Sports Betting in Wisconsin: Your Options Reviewed (and Prediction Markets)
Wisconsin allows sports betting through tribal casinos under gaming compacts, but online wagering has not been offered statewide like in many states. We review each option, from tribal sportsbooks to sweepstakes apps and CFTC-regulated prediction markets.
Volume vs Open Interest: What Each One Tells You
Volume counts contracts traded; open interest counts contracts still open. Learn the difference with a worked prediction market example (US).
How to Sign Up for Kalshi: Account, Verification & Funding
A plain-language walkthrough of Kalshi's sign-up, identity verification, funding, fees and withdrawals, with links to the official help pages.
Prediction markets, explained simply
What are prediction markets? A prediction market is a place where people trade shares on the outcome of real events — elections, crypto prices, sports or economic data. Each share trades between $0 and $1, so the price reads as the crowd's probability. How do prediction markets work in practice? If you buy "Yes" at $0.62 and the event happens, the share pays $1; if not, it pays nothing.
What is Kalshi? Kalshi (often searched as "poly market") is the largest crypto-based prediction market. TheKalshiAcademy explains how Kalshi works, whether Kalshi is legal in your country, how Kalshi makes money, and how it compares with Kalshi, PredictIt, Robinhood prediction markets and other prediction market apps. We cover prediction market news without hype and never promise profits.
Ready to see real markets?
Once the basics click, take a look at real Kalshi markets and their prices.
Prediction markets involve risk. You can lose money. Nothing here is financial advice.