Kalshi

Kalshi is a federally regulated exchange for event contracts, designated by the US Commodity Futures Trading Commission (CFTC). Founded in 2018 and launched to the public in 2021, it was the first exchange of its kind to operate under full CFTC oversight, which shapes almost everything about how it works: accounts are held in US dollars, users complete identity verification, and contracts are reviewed before listing.

Markets on Kalshi are structured as binary event contracts that trade between $0.01 and $0.99 and settle at $1.00 if the event occurs (or $0.00 if it does not). The catalog covers economic data releases such as CPI and Fed rate decisions, politics and elections, weather, and an expanding range of culture and sports events.

Kalshi charges trading fees on a per-contract formula that scales with the price of the contract, rather than a flat percentage. Fees are highest for contracts priced near 50 cents and lower near the extremes. Deposits and standard withdrawals are generally free, though third-party payment processors may apply their own charges.

For traders who prioritize a regulated venue, dollar custody, and customer protections familiar from traditional brokerages, Kalshi is the reference point in the category. The trade-off historically has been thinner liquidity on some long-tail markets compared with the largest crypto-native venues, though depth has grown substantially with the platform's expansion.