Kalshi protocol
Overview
Kalshi is the CFTC-regulated event-contract exchange operated by Kalshi Inc., founded in 2018 by Tarek Mansour and Luana Lopes Lara and launched to the public in July 2021. As a market venue rather than a blockchain protocol, it runs a centralised order book in which binary contracts on real-world events trade between $0.01 and $0.99 and settle at $1 or $0 once the event resolves; the price therefore reads as an implied probability. It received its designated contract market licence from the CFTC in November 2020, the first US platform authorised to trade directly on event outcomes. Sports contracts dominate volume, representing more than 90% of activity and 89% of 2025 revenue. Kalshi is live and supplies event-contract infrastructure to third parties including Robinhood's Prediction Markets Hub. Kalshi's congressional-control contracts were rejected by the CFTC in 2023, prompting litigation; a DC District Court ruled in 2024 that the CFTC had exceeded its authority and Kalshi relaunched election markets. Media partnerships with CNN and CNBC followed in 2025, alongside state-level lawsuits from Massachusetts, Michigan, Arizona, Nevada, Ohio, Washington, Wisconsin and Minnesota alleging unlicensed gambling. Valuation rose from $11 billion (March 2026) to $22 billion (May 2026).
Within the DeFi Intel graph, Kalshi connects to 18 tracked entities, most strongly to CFTC, CFTC, Tarek Mansour.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 18 total).
| Relation | Connected entity | Confidence |
|---|---|---|
regulated_by | CFTC | 95% |
partnered_with | CFTC | 95% |
founded | Tarek Mansour | 95% |
founded | Luana Lopes Lara | 95% |
invested_in | Sequoia Capital | 90% |
invested_in | Y Combinator | 90% |
regulated_by | Kalshi v. CFTC Election Contracts Ruling | 90% |
deployed_on | Kalshi Presidential Control 2024 Contract | 90% |
competes_with | Polymarket | 85% |
partnered_with | Robinhood | 85% |
Frequently asked questions
What is Kalshi?
Kalshi is a protocol tracked in the DeFi Intel knowledge graph. It is connected to 18 other tracked entities, most strongly to CFTC, CFTC, Tarek Mansour.
What type of entity is Kalshi?
Kalshi is classified as a protocol (protocol) in the DeFi Intel knowledge graph.
What is Kalshi connected to?
In the DeFi Intel knowledge graph, Kalshi is linked to 18 other tracked entities, most strongly to CFTC, CFTC, Tarek Mansour.
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