Kalshi is a US federally regulated exchange for event contracts, operating as a CFTC-regulated designated contract market. Traders buy yes or no contracts on questions spanning economics, politics, sports, and other categories.
Because it is federally regulated, Kalshi is available to US traders directly, a structural difference from offshore prediction markets. Its sports event contracts have drawn legal challenges, and Kalshi is in ongoing fights with several states over whether those contracts can be offered.
Kalshi publishes a public REST API for market data, which makes its listings, prices, and volumes legible to outside observers and data projects without an account.