How Does Kalshi Work? Step-by-Step Walkthrough (2026)

Step 1: Sign up and verify

Visit Kalshi via web or the iOS/Android app. Email + password signup, then KYC: upload a US driver's license, state ID, or passport, and confirm your address. Most users finish KYC in under five minutes.

Step 2: Deposit funds

ACH transfer from any US bank (free, 1-2 business days) or debit card (instant, small fee). Minimum deposit is $1. Funds sit in your Kalshi balance ready to trade.

Step 3: Pick a market and buy a contract

Browse markets by category — sports, politics, weather, economics, crypto. Each market has a Yes price and a No price that add to ~$1.00. If 'Will the Fed cut rates in June?' shows Yes at 0.32 / No at 0.68, that's a 32% market-implied probability of a cut.

• •Buy 100 Yes contracts at $0.32 → risk $32 to win $68 if the Fed cuts.
• •Buy 100 No contracts at $0.68 → risk $68 to win $32 if the Fed holds.
• •Sell anytime before resolution at the current market price (book your profit or cut your loss early).

Step 4: Settlement

Kalshi resolves each market based on the source listed in the contract spec — official league box scores, NHC bulletins, BLS reports, etc. Winning contracts pay out $1.00 each; losing contracts go to $0. Settlement is automatic and immediate.

Step 5: Withdraw

ACH withdrawal back to your linked US bank, typically 1-3 business days. No withdrawal fees. Minimum withdrawal is $10.

Fees

Kalshi charges a per-contract trading fee that scales with contract price — typically a few cents per dollar of profit. Full fee schedule on Kalshi's site. There is no spread mark-up beyond the live order book.

The mechanics, step by step

1. 1.Every market is a question with a defined resolution source and deadline.
2. 2.You buy YES or NO shares at a price between 1 and 99 cents.
3. 3.The price is the market-implied probability, and each winning share settles at one dollar.
4. 4.You can sell at any time before settlement rather than waiting for the outcome.
5. 5.At resolution, the exchange settles from the named source and credits your account.

Where your counterparty comes from

You trade against other users on an order book, not against a house. That is what removes bet limits on winning accounts and lets you exit early, and it is also why liquidity varies: a market nobody is trading has no price you can act on regardless of how interesting the question is.

What it costs

Kalshi charges a trading fee that scales with how close a contract trades to 50 cents, and no account, deposit or inactivity fee. Short-horizon trades are the most fee-sensitive because you pay on the way in and again when you close.