Home/Platforms/Kalshi

Kalshi

Live

The first CFTC-regulated event-contract exchange in the US.

Visit Kalshi

Type

CLOB

Chain

Off-chain

Settlement

USD bank rail

Oracle

Kalshi

Fee

~$0.0175 / contract See fees

Fees

Effective as of Jun 2026 · source

CFTC-filed fee schedule, per-contract formula: fee = ⌈rate × C × (1 − C)⌉ where C is contract price (0.01–0.99) — same parabolic shape as Polymarket, peaking at 50¢. Maker fee is ~25% of taker fee (charged only on fills, cancels free). Settlement is free.

Trading

Category Maker Taker^*

General markets ~1.75% 7%

INX / NDX (S&P 500, Nasdaq 100) ~0.875% 3.5%

* Taker fee scales with contract price (fee per share = rate × price × (1 − price)). Peak at 50¢, zero at the extremes — open to see the curve.

Deposits

ACH

Wire

0 from Kalshi

Debit card

2% processing fee

Withdrawals

ACH

Debit card

$2 flat

Wire

What's distinctive: Only venue with a regulator-filed (CFTC) fee schedule and a per-category formula split — index-futures contracts get explicit half-rate treatment.

Where it's available

Primary source

Kalshi Help Center — Can I trade from outside the US? · verified 2026-06-22

Hover or tap a country for details · Map: simple-world-map (Al MacDonald / Fritz Lekschas, CC BY-SA 3.0)

Team

Tarek Mansour

Co-founder & CEO · MIT '18 · YC W19

Luana Lopes Lara

Co-founder & COO · MIT '18

Max Crowley

VP of Business Development · ex-Gopuff VP Merchandising / Chief of Staff

Rebecca Schick

CFO · ex-Sunrise Futures CFO

Adam Barrick

Head of Sports Partnerships · ex-Dapper Labs VP Sports · ex-DraftKings Sr Director

Advisors

Donald Trump Jr.

Strategic Advisor

Henry Kravis

Advisor · co-founder of KKR

Investments

Series F 2026-05 Raised: $1B Valuation: $22B

Series E 2025-12 Raised: $1B Valuation: $11B

Series D 2025-10 Raised: $300M Valuation: $5B

Series C 2025-06 Raised: $185M Valuation: $2B

Series A 2021-02 Raised: $30M Valuation: $120M

About

Kalshi is a federally regulated Designated Contract Market (DCM) authorised by the US CFTC. It runs as a centralized limit-order-book exchange with USD bank-rail deposits and KYC. Contracts resolve to $1.00 or $0.00 against an outcome defined in Kalshi's specifications. The company spent years winning regulatory clearance for event contracts and prevailed against the CFTC in court in 2024, opening congressional and election markets to US retail.

History

2018 Founded by Tarek Mansour and Luana Lopes Lara (MIT); enters Y Combinator W19.
2020-11 First-ever CFTC-approved Designated Contract Market for event contracts (CFTC press release 8302-20, 4 Nov 2020).
2023 CFTC blocks congressional-control contracts.
2024-10 Wins D.C. Circuit ruling against CFTC (2 Oct 2024); launches election markets.
2025-10 Series D — $300M at a $5B valuation, co-led by a16z and Sequoia (10 Oct 2025).
2025-12 Series E — $1B at an $11B valuation, led by Paradigm (2 Dec 2025).
2026-04 Commodities Hub launches on Pyth Network (22 Apr 2026) — gold, silver, Brent, nat gas, copper, grains.
2026-05 Series F — $1B at a $22B valuation, led by Coatue (7 May 2026).