Kalshi

Kalshi is a regulated prediction market where you trade Yes and No contracts on real events: who wins the game, where the Fed sets rates, whether it rains in Chicago on Friday. Contracts are priced from 1 to 99 cents and settle at $1 once the outcome is confirmed. Kalshi has been a CFTC-designated contract market since 2020 and is the largest prediction market in the United States by volume.

This review covers the TAPIN welcome offer, how fees and limit orders work, banking, state availability and the range of markets on offer.

Kalshi review

New customers: Sign Up With Code TAPIN, Trade $25 and Get $25

• Sign up through the link with code TAPIN and verify your identity.
• Make a first deposit of $10 or more.
• Trade $25 in contracts and $25 in trading credit is added to your account automatically.
• The credit itself cannot be withdrawn, but any profit you make with it is yours to cash out.
• Use the credit within 7 days of issuance or it is forfeited.
• Open to new U.S. customers aged 18 or older.
• Non-sports markets are available in all 50 states; sports contracts are currently unavailable in MA, MI, NV and WA.
• Enter code TAPIN when you sign up.
• New customers only.

Click HERE to claim the Kalshi welcome offer

Kalshi best features

Kalshi works like a stock exchange, not a sportsbook, and most of what follows comes from that.

No vig, just a small taker fee

Kalshi does not build a margin into its prices. You pay a small fee when you take an existing order, and nothing when you post a maker order on a standard market. The price you see is what another trader will accept. That is why a coin flip sits at 50 cents here instead of -110 on both sides.

Limit orders at your price

Every market runs on a central order book, so you can post a limit order at the price you want instead of accepting the current quote. Set a buy at 45 cents on a contract trading at 48 and wait. If the market never comes to you, you have lost nothing.

Sell any time before settlement

A position is not locked until the event resolves. Bought at 30 cents and it is now 70? Sell and keep the gain. Going the wrong way? Cut it before it hits zero.

Interest on your balance

Funds deposited through Kalshi Klear earn 4.05% APY, accrued daily and paid monthly. Idle cash in most sportsbook accounts earns nothing, so once you have joined Kalshi the cash waiting for your next trade is at least earning something.

The widest market mix

Sports makes up most of the volume, but you can also trade politics, CPI prints, S&P closes, weather and awards shows, plus combo contracts that package several events into one. Markets run 24/6, and there are no pattern-day-trading rules.

Pros and cons of Kalshi

Here is what we like about Kalshi, and two small things to keep in mind.

Pros

✅ No vig, and maker orders are free on standard markets

✅ Deepest liquidity of any U.S. prediction market

✅ 4.05% APY on balances deposited via Kalshi Klear

✅ Sell positions any time before settlement

✅ $25 in trading credit after your first $25 in trades

Cons

❌ Trading credit must be used within 7 days, so have your next trades in mind

❌ Bank transfer withdrawals take 2 to 5 business days, so use debit card if you want it faster

How to get started with Kalshi

1. Click HERE to open your Kalshi account; code TAPIN is applied through the link.
2. Enter your email and create a password, then add your name, date of birth and address.
3. Verify your identity. Kalshi is a regulated exchange, so this step is required before you trade.
4. Deposit $10 or more by bank transfer, debit card, PayPal or another supported method.
5. Browse the markets and pick a contract. The price in cents is the probability the crowd is pricing in.
6. Place $25 worth of trades, either at the market price or with limit orders.
7. Your $25 credit appears automatically. Use it within 7 days on your next trade.

What can you trade on Kalshi?

Every Kalshi market is a Yes/No contract, and sports is only one tab.

Sports: Game winners, spreads and totals across the major leagues, with prices moving in real time.

Politics: Elections, approval ratings and whether a bill passes, priced by the crowd.

Economics: CPI prints, Fed rate decisions and jobs numbers, settled on the official release.

Finance: Where the S&P 500 or Nasdaq closes on a given day or week.

Weather and culture: High temperatures in major cities, awards show winners and box-office results.

Combo contracts: Several outcomes bundled into one contract, which is Kalshi's version of a parlay.

Sports covered by Kalshi

Sports is the busiest category on Kalshi, and the main U.S. leagues are all on the board.

• Baseball
• Basketball
• College basketball
• College football
• Football
• Golf
• Hockey
• MMA
• Soccer
• Tennis

Banking at Kalshi

After you open a Kalshi account, you can deposit by bank transfer (ACH), debit card, Apple Pay, Google Pay, PayPal, Venmo, Cash App, wire and USDC. The minimum deposit is $10 for most methods. Bank transfers are free, while some card and wallet deposits carry a small processing fee.

Withdrawals go out by debit card, ACH bank transfer, PayPal, USDC or wire. Debit card and crypto withdrawals usually clear within 24 hours, while bank transfers take 2 to 5 business days.

Where is Kalshi available?

Kalshi's non-sports markets are open in all 50 states and DC. Sports contracts are currently unavailable in four states, and availability in a few others can change while state cases are ongoing, so check the app for your location. Sports contracts are currently unavailable in:

• Massachusetts
• Michigan
• Nevada
• Washington

Sign up here to get started.

FAQs

Can I use Kalshi on my phone or computer?

Both. There are iOS and Android apps, and the full exchange runs in a browser at kalshi.com with the same account.

Is Kalshi legal?

Yes. Kalshi has been a CFTC-designated contract market since 2020, which places it under federal oversight. Non-sports markets are available nationwide, while sports contracts are unavailable in MA, MI, NV and WA and may change in a few other states while state cases are ongoing.

Do I pay tax on Kalshi profits?

Profits from trading are generally taxable income. Keep your own records and ask a tax professional how to report them.

How old do I need to be?

18. Kalshi contracts are federally regulated commodity contracts, so the minimum age is 18, not 21.

How fast are payouts?

Debit card and USDC withdrawals usually land within 24 hours, PayPal takes about a day, and bank transfers take 2 to 5 business days.

What does no vig mean in practice?

A sportsbook builds its margin into the odds, which is why both sides of a coin flip are priced at -110. On Kalshi the price comes from other traders, so a true 50/50 trades at 50 cents. The only cost is a small taker fee, and makers pay nothing on standard markets. Ready to go? Click here to claim Sign Up With Code TAPIN, Trade $25 and Get $25.

18+. Trading involves risk. Please trade responsibly.