Kalshi

Complete guide to trading on Kalshi through MoltMarket.

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Overview

Kalshi is a CFTC-regulated prediction market exchange offering event contracts on political, economic, and climate outcomes. As a Designated Contract Market (DCM), Kalshi provides a compliant, institutional-grade trading environment.

Key Features:

• CFTC-regulated (legal in US)

• USD settlement (no crypto required)

• Institutional infrastructure

• KYC/AML compliance

• Market hours vary by contract

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Getting Started

1. Create Account

1. Visit kalshi.com

2. Sign up with email

3. Complete KYC verification (US users only)

4. Wait 1-3 days for approval

KYC Requirements:

• US residency

• Government-issued ID

• SSN verification

• Address confirmation

2. Fund Account

ACH Transfer (Free):

• Link bank account

• Transfer USD

• 3-5 business days

Wire Transfer (Fast):

• Request wire instructions

• Bank wire USD

• Same-day processing

• $10-25 fee

Debit Card (Instant):

• Add debit card

• Instant deposits

• 2.5% fee

• $500 daily limit

3. Generate API Key

1. Login to kalshi.com

2. Navigate to Settings → API

3. Click Generate New Key

4. Save API Key and API Secret (shown once)

4. Configure MoltMarket

# ~/.moltmarket/config.yaml
platforms:
  kalshi:
    enabled: true
    api_key: ${KALSHI_API_KEY}
    api_secret: ${KALSHI_API_SECRET}
    email: [email protected]
    demo: false  # Set true for demo.kalshi.com

# Set environment variables
export KALSHI_API_KEY="your_api_key"
export KALSHI_API_SECRET="your_api_secret"

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API Architecture

Endpoints

Production: https://trading-api.kalshi.com/trade-api/v2 Demo: https://demo.kalshi.com/trade-api/v2

Authentication

Token-Based:

# Tokens auto-refreshed by MoltMarket
# Expire every 30 minutes
# Refresh happens automatically

Manual login (if needed):

curl -X POST https://trading-api.kalshi.com/trade-api/v2/login \
  -H "Content-Type: application/json" \
  -d '{"email":"[email protected]","password":"..."}'

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Trading Flow

1. Search Markets

agent.run("Find Fed rate decision markets on Kalshi")

Market ID Format: KXRATE-24MAR29-T450-B475

• KXRATE: Category (exchange rate)

• 24MAR29: Expiration date

• T450-B475: Strike range

2. Place Order

agent.run("Buy $100 YES on Fed rate cut market")

Behind the scenes:

1. Fetch market data via REST API

2. Calculate contracts: contracts = amount / price

3. Sign request with API secret

4. Submit order to Kalshi

5. Order matched centrally

6. Position recorded in account

3. Monitor Position

agent.run("Show Kalshi positions")

Position data:

• Held via Kalshi account (not blockchain)

• Real-time updates via WebSocket

• Settlement on event resolution

4. Close Position

agent.run("Close Fed rate position on Kalshi")

Settlement:

• Order placed via API

• Executed centrally by Kalshi

• USD credited to account balance

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Market Hours

Trading Schedule

Most markets:

• Open: 9:00 AM ET

• Close: 5:00 PM ET

• Days: Monday-Friday

Extended hours (some contracts):

• Open: 6:00 PM Sunday

• Close: 5:00 PM Friday

Check specific market:

market = agent.run("Get market data for KXRATE-24MAR29")
print(market['trading_hours'])

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Fees

Trading Fees

Fee Structure (~2% total):

• Exchange fee: $1.00 per contract per side

• Member firm fee: Variable

• Total: Approximately 2% of contract value

Example:

Buy 100 contracts @ $0.45 = $45
Fee: $1.00 per contract = $100
Total cost: $45 + $100 = $145

Effective fee: $100 / $45 = 222%
# Note: Fees high on small trades!

Recommendation: Trade larger positions to minimize fee impact.

Withdrawal Fees

• ACH: Free

• Wire: $25

• Debit card: Not available

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Market Resolution

Settlement Process

1. Event Occurs - Kalshi observes outcome

2. Resolution - Kalshi staff determine result

3. Settlement - Winning positions → $1.00/contract

4. Payout - USD credited to account

Claiming Winnings

Automatic - No action required

• Settled positions → USD balance

• Available for withdrawal immediately

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Rate Limits

API Limits:

• 100 requests per minute

• Sliding window

• 429 error if exceeded

MoltMarket handles:

• Automatic retry with backoff

• Request queueing

• Rate limit tracking

Manual check:

from moltmarket import get_rate_limit_status

status = get_rate_limit_status(platform="kalshi")
print(f"Requests remaining: {status['remaining']}")
print(f"Reset in: {status['reset_in_seconds']}s")

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Demo Environment

Using Demo Mode

Perfect for testing without real money:

# config.yaml
platforms:
  kalshi:
    demo: true
    api_url: https://demo.kalshi.com/trade-api/v2

Demo Features:

• Paper money ($10,000 starting balance)

• Real market data

• Full API functionality

• No real money risk

Limitations:

• Separate login credentials

• Some markets may differ from production

• Order execution may be slower

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Best Practices

1. Avoid Small Trades

# Bad: $10 trade with $10 fee = 100% fee rate
agent.run("Buy $10 YES")

# Good: $100+ trades minimize fee impact
agent.run("Buy $200 YES")  # ~5% fee rate

2. Check Market Hours

from datetime import datetime

now = datetime.now()
if now.hour < 9 or now.hour >= 17:
    print("Market closed, orders may not execute")

3. Use Limit Orders

# Better price control
agent.run("Buy $200 YES at limit 0.45")

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Troubleshooting

Issue: "Invalid API Key"

Cause: Wrong key or secret

Solution:

# Verify environment variables
echo $KALSHI_API_KEY
echo $KALSHI_API_SECRET

# Regenerate if needed (invalidates old key)
# Kalshi Settings → API → Generate New Key

Issue: "Rate Limit Exceeded"

Cause: >100 requests/minute

Solution:

# config.yaml
performance:
  kalshi_requests_per_minute: 90  # Stay under limit

Issue: "Market Closed"

Cause: Outside trading hours

Solution: Wait for market open or use demo for testing

Issue: "Insufficient Balance"

Cause: Not enough USD in account

Solution:

# Check balance
moltmarket balance --platform kalshi

# Deposit more funds via ACH/wire

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Compliance

Regulatory Status

• Regulated by: CFTC (Commodity Futures Trading Commission)

• Status: Designated Contract Market (DCM)

• March 2026 Guidance: New CFTC prediction market rules

What this means:

• ✅ Legal for US traders

• ✅ Institutional-grade compliance

• ✅ Segregated customer funds

• ✅ Regulatory oversight

User Responsibilities

• ❌ No wash trading

• ❌ No market manipulation

• ❌ No insider trading

• ✅ Accurate KYC information

• ✅ Tax reporting (1099 forms issued)

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Resources

• Kalshi API Docs

• Kalshi Help Center

• CFTC Website

• Market Hours

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Related Documentation

• Polymarket Integration - Compare platforms

• Authentication - API auth details

• Risk Limits - Configure safety