---
title: "Kalshi Review"
url: https://altstreet.investments/platforms/reviews/kalshi
kind: platform-review
updated: 2026-09-29
description: "Kalshi review 2026: is the CFTC-regulated prediction market legit, legal, and worth using? AltStreet's 15,685-market study, fees, custody and FDIC limits, the state lawsuits and circuit split, crypto perpetuals, taxes, and the honest hedging use case."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Kalshi Review

Kalshi is the CFTC-regulated exchange where anyone 18+ can trade binary event contracts on elections, economics, weather, and — controversially — sports, plus leveraged crypto perpetuals since mid-2026. It is a trading venue, not an investment: AltStreet's own 15,685-market study found no exploitable edge after fees, the genuine use case for alternative investors is precision hedging, and the venue itself now sits at the center of the widest unresolved legal fight in retail markets. AltStreet's census of the federal docket record finds 80 matters naming a Kalshi entity across 41 courts and 8 circuits, 55 of them open, and 25 brought by Kalshi itself against state officials.

AltStreet score: 53.7 (B-), scored August 30, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Kalshi |
| What it is | CFTC-Designated Contract Market (Event Contracts & Perpetual Futures) |
| Asset class | Prediction Markets — Binary Event Contracts and Crypto Perpetuals |
| Website | kalshi.com |
| Review first published | August 30, 2026 |
| Last updated | September 29, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Kalshi is the most transparent trading venue in AltStreet's coverage and simultaneously the most legally contested. The plumbing is genuinely excellent: published rulebook and member agreements, fees disclosed to the cent per series, monthly FCM financial statements, a full public data API, and prompt cash settlement. The economics for traders are exactly what a fee-charging zero-sum market implies — AltStreet's own study of 15,685 markets found every apparent edge dissolved under better data. The honest uses for an alternative-asset investor are narrow and real: precision hedging of rate, inflation, commodity, and event exposure. Around that core sit three things a user must price: a sports-dominated product surface being litigated as unlicensed gambling across 41 federal courts and 8 circuits, with 55 matters open at September 29, 2026 (a federal circuit split formed August 28, 2026); disclosed structural conflicts, including an affiliate that trades on its own exchange and member cash Kalshi may invest without paying interest; and custody that is regulated but explicitly not FDIC-guaranteed to you.

- **0 edges** AltStreet tracked 15,685 Kalshi markets against the exchange's public endpoints and analyzed 195 settled contracts: four apparent trading edges all proved to be sampling artifacts. Combined with the fee formula (0.07 × contracts × price × (1 − price), peaking near 1.75 cents at 50-cent prices), the realistic base case for traders is the zero-sum market minus costs.
- **2 circuits, split** The Third Circuit ruled for Kalshi in April 2026 (New Jersey); the Ninth Circuit ruled for the states on August 28, 2026 (Nevada, potentially reviving Arizona's criminal charges against KalshiEX). New York's Attorney General sued July 31 seeking statutory penalties. Nothing is finally adjudicated, the CFTC actively backs Kalshi with emergency orders, and a Supreme Court test is now the likeliest resolution path.
- **$2.4B** Disclosed venture capital sold across Kalshi Inc.'s five Form D filings from October 2025 through the August 25, 2026 filing ($1.12 billion sold of $1.5 billion offered to 71 investors) — after raising just $36 million in 2020-2021. The company publishes no financial statements; the Form Ds are the entire public record of its capitalization.
- **6.1x** Maximum leverage on Kalshi's crypto perpetual futures, launched June 2026 through affiliate FCM Kalshi Prime — BTC and ETH perps showed over $100 million each in 24-hour volume at capture. Customer funds at the FCM went from zero (May) to $20.0 million (July 31) per its filed monthly statements. A leveraged derivatives product is a different risk class from binary event contracts, on the same login.
- **18+** Kalshi's own FAQ advertises an 18+ minimum age (versus sportsbooks' 21+) as a feature of the federal regime — while New York's suit alleges failures to keep out bettors under 21. Both positions are documented; which body of law controls is precisely what the courts are deciding.

Data note: Financial data: Kalshi Prime's six monthly 1-FR-FCM statements (Feb-Jul 2026) and Kalshi Inc.'s seven Form D filings are ingested into AltStreet's data layer; market-quality figures come from AltStreet's published microstructure study (its own collection, not Kalshi's marketing). Notional-volume totals ($23.8 billion processed) are platform-reported. Legal matters are pending unless stated otherwise; status as of August 30, 2026.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| 15,685 | Kalshi markets AltStreet tracked in its own microstructure study | 195 settled contracts analyzed; four apparent edges — all sampling artifacts; no exploitable edge after fees |
| 2 circuits, split | Third Circuit for Kalshi (April) vs Ninth Circuit for the states (Aug 28, 2026) | Plus Arizona criminal charges, the NY AG suit, tribal RICO claims — nothing finally adjudicated |
| $2.4B | Disclosed venture capital sold, Oct 2025 - Aug 2026 (five Form Ds) | Including $1.12B reported August 25, 2026; the company publishes no financial statements |
| 6.1x | Max leverage on crypto perpetuals, launched June 2026 | FCM customer funds: $0 (May) → $20.0M (July 31) per filed monthly statements |


## Verdict

Kalshi runs the most transparent venue plumbing AltStreet has reviewed — published rulebook, per-series fees, monthly FCM financials, full API, clean settlement record — wrapped around products whose legality is the most contested question in US retail markets, with a federal circuit split as of August 28, 2026. It is not an investment: AltStreet's own 15,685-market study found no exploitable trading edge, and the disclosed structure (affiliate market maker, uncompensated float, capped liability) prices the venue in the house's favor beyond the stated fee. The defensible use for this site's audience is narrow and real — precision hedging of rate, inflation, commodity, and weather exposure with defined maximum loss. The sports surface, the parlays, and the new 6.1x perps are a different proposition: speculation on a venue whose right to offer them is being decided across 41 federal courts at once, in a record where Kalshi is the plaintiff in 25 of 80 matters.

**Best for**

- Hedgers offsetting specific rate, CPI, commodity, or weather exposures with defined-risk contracts
- Researchers and data users — the API is open and the market data is genuinely excellent
- Traders who want US-regulated, KYC'd, segregated infrastructure instead of offshore books, and who price the trade as entertainment
- Readers of terms: the member agreements disclose nearly everything this review flags

**Look elsewhere if**

- You are looking for an investment, yield, or a durable trading edge
- You live in a state actively litigating or prosecuting event contracts and cannot tolerate mid-position disruption
- You need deposit-insurance certainty on cash balances
- You would trade sports or parlays at stakes that matter, or perps with money you cannot lose entirely

**Strengths**

- Venue transparency without peer in this coverage: rulebook, member agreements, per-series fee schedule, product certifications, monthly FCM financials, open API
- Real federal regulation: DCM/DCO/FCM registrations, segregation rules, surveillance obligations — and a clean located settlement record
- Fully collateralized event contracts: maximum loss defined at entry, no margin calls on the core product
- Genuine hedging utility in the economics, rates, commodity, and weather markets
- Independently verifiable: AltStreet ran its own 15,685-market collection against the public endpoints

**Limitations**

- Legality unresolved: 80 federal dockets, 55 open, across 41 courts and 8 circuits; circuit split (Aug 28, 2026), state criminal charges, AG suits, tribal claims, and 25 matters Kalshi brought itself
- Zero-sum economics with no located edge; absent one, directional trading carries a negative expected return after fees and execution costs
- Structural conflicts: affiliate trading member, undisclosed market-maker economics, member float invested without compensation
- Custody is omnibus with FDIC pass-through explicitly 'not guaranteed to you'; no SIPC
- No corporate financial disclosure despite ~$2.4B raised; product mix migrating toward its most contested segments


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Alternative-asset investors hedging specific exposures | neutral |  |
| Traders looking for an edge in prediction markets | poor-fit |  |
| Sports bettors drawn by the exchange model or 18+ access | poor-fit |  |
| Investors considering the pre-IPO SPVs (Hiive and others) | neutral |  |
| Crypto traders eyeing the perpetuals | poor-fit |  |
| Income and yield seekers | poor-fit |  |


## Questions

**What is Kalshi and how does it work?**

Kalshi is a CFTC-regulated exchange where you trade binary event contracts: yes/no positions on real-world outcomes — inflation prints, Fed decisions, elections, weather, sports — priced between $0.01 and $0.99 and settling at $1 if you're right, $0 if you're wrong. You trade against other users on an order book, Kalshi charges a published fee (0.07 × contracts × price × (1 − price)), and positions are fully collateralized, so your maximum loss is what you paid. Since June 2026 it also offers leveraged crypto perpetual futures. It is a trading venue, not an investment platform: nothing pays yield, and every dollar won is another trader's dollar lost.

**Is Kalshi legit and legal?**

Legit, yes: KalshiEX is a CFTC-designated contract market with a real rulebook, its clearinghouse and FCM are registered, and AltStreet located no missed settlement or CFTC enforcement action in its scan. Legal is genuinely unresolved for the sports products: as of August 30, 2026 the Third Circuit has ruled for Kalshi, the Ninth Circuit ruled for the states (August 28), Arizona has filed criminal charges against the exchange, New York's Attorney General is suing, and roughly a dozen state, tribal, and private cases are pending — while the CFTC actively defends Kalshi with emergency orders. Federal-level legality of the venue is established; whether state gambling law also reaches its sports contracts is what the courts are deciding, likely ending at the Supreme Court.

**Is Kalshi gambling or investing?**

Neither label fits cleanly, and the gambling half is the exact question in litigation: Kalshi says its contracts are CFTC-regulated derivatives (its own compliance documents call them 'swaps'), and several courts have agreed at the preliminary stage; several states say the sports contracts are unlicensed gambling, and other courts — including the Ninth Circuit on August 28, 2026 — have agreed with them. It is clearly not investing in the portfolio sense: event contracts create no ownership interest, yield, or claim on any asset — they are zero-sum derivative positions. Economically, the answer depends on the market: hedging a real exposure with a CPI or weather contract is classic risk transfer; buying NFL parlays at 18 is sportsbook economics on exchange rails. AltStreet's own 15,685-market study found no exploitable edge, so directional trading without one carries a negative expected value after fees either way.

**Can you actually make money on Kalshi?**

Some traders do — it is a zero-sum market, so every winner is matched by a loser, minus Kalshi's fees. The honest base case: AltStreet tracked 15,685 Kalshi markets specifically hunting for exploitable edges and found that all four apparent ones were sampling artifacts, while academic research on 300,000+ contracts finds low-priced contracts systematically underperform after fees. Add the published fee formula, the bid-ask spread, and market makers (including Kalshi's own affiliate) who receive rebates and better tools, and the realistic expectation for a directional trader without a durable edge is a negative return after costs. The defensible economic use is hedging, not profit-seeking.

**Is my money safe on Kalshi? Is it FDIC insured?**

Read Kalshi's own words: member funds sit in the clearinghouse's omnibus settlement account at Silicon Valley Bank (a division of First Citizens Bank) with an insured cash sweep, and because that account is not in your name, 'FDIC insurance is not guaranteed to you.' No SIPC applies — these are not securities accounts. The real protection is CFTC segregation law, which is meaningful and is not deposit insurance. The FCM's filed monthly statements currently show customer funds comfortably in excess of requirements. Separately, Kalshi may invest your idle cash for its own benefit without paying you interest on event-contract balances.

**What are Kalshi's fees?**

The standard taker fee is 0.07 × contracts × price × (1 − price), rounded up to the next cent — peaking around 1.75 cents per contract at 50-cent prices, with a one-cent-per-order floor that makes small low-priced orders proportionally expensive. But the schedule is now per-series: 156 series carry non-standard terms (maker fees of $0.02-$0.44 per 100 contracts, different multipliers, some fee-free), and combos charge makers half the taker rate. Perpetuals add 8-hour funding payments between traders. The largest real cost is usually not the fee at all — it's the bid-ask spread, which AltStreet measured as wide outside headline markets.

**How does Kalshi make money?**

Four disclosed ways: trading fees under the published schedule; the float — member cash may be invested by Kalshi under CFTC rules without notice, with no interest paid on event-contract balances; perpetuals economics through its FCM (funding-adjacent flows and margin interest spread above the 3.25% it pays); and market-data/API commercial terms. What it earns from each is unknown — Kalshi Inc. publishes no financial statements despite disclosing roughly $2.4 billion of venture capital raised across 2025-2026.

**How are Kalshi profits taxed?**

Gains are taxable and Kalshi provides year-end tax documents. The unsettled question is character: whether event contracts qualify for Section 1256's favorable 60/40 futures treatment or produce ordinary income is debated among tax practitioners and has not been definitively resolved — the difference matters for active traders. Perpetual futures may sit differently again. Keep independent records (the API exports everything) and resolve the character question with a tax adviser before trading at scale.

**What is the Kalshi lawsuit about?**

There are many, and they share one question: does federal commodities law preempt state gambling law for sports event contracts? New York's AG sued July 31, 2026 (unlicensed sports betting, under-21 allegations; Kalshi removed the case to federal court and the CFTC sought to block the state). Arizona filed criminal charges in March 2026. Wisconsin and Kentucky sued Kalshi together with Robinhood, Coinbase, and Webull. Three tribal coalitions sued under the Indian Gaming Regulatory Act, one with a civil RICO count. Kalshi has won at the Third Circuit and in several trial courts; the states won at the Ninth Circuit on August 28, 2026, creating a circuit split. Everything is pending; nothing is finally decided.

**What are Kalshi perpetuals?**

Leveraged crypto futures with no expiration, launched June 2026 — BTC at up to 6.1x leverage, ETH 4.7x, plus SOL, XRP, and HYPE — margined through Kalshi's own FCM (Kalshi Prime), with funding exchanged between longs and shorts every 8 hours and 3.25% interest paid on margin cash. Kalshi markets itself as the first US company to offer perpetuals. Unlike Kalshi's fully collateralized event contracts, perps carry liquidation risk: this is high-risk leveraged speculation in a regulated wrapper, and the wrapper does not change the arithmetic.

**Can I use Kalshi to hedge my investments?**

This is the use case AltStreet finds most defensible. Fed-decision, CPI, recession, commodity-price, and weather markets let you offset specific exposures — a floating-rate liability, inflation-sensitive costs, weather-dependent assets — with defined maximum loss, no margin calls (event contracts are fully collateralized), and immediate exit via the order book. Practical requirements: check depth in your specific market at your intended size first (liquidity concentrates heavily in headline markets), treat the spread as your real cost, and size positions as insurance premiums, not investments.

**Kalshi vs Polymarket — what's the difference?**

Kalshi is US-regulated (CFTC-designated exchange, KYC required, US bank custody, 18+, dollar-denominated); Polymarket operates on crypto rails with a different and historically offshore regulatory posture. Kalshi's advantages are the regulated wrapper, cash settlement, and legal recourse; its constraints are US-jurisdiction fights over sports contracts and restricted access from ~50 countries. AltStreet's markets pipeline tracks both venues daily — with the measurement caveat that their published statistics are not directly comparable (Kalshi's volume field and market-count sharding require methodology choices AltStreet documents in its data work).

**Who owns Kalshi?**

Kalshi Inc. is a private Delaware company founded in 2018 by CEO Tarek Mansour and Luana Lopes Lara, MIT graduates who worked at Goldman Sachs, Citadel, and Bridgewater, and went through Y Combinator in 2019. Its Form D filings disclose roughly $2.46 billion of equity sold to institutional investors across seven offerings (2020-2026), including $1.12 billion reported in the August 25, 2026 filing — but no cap table, valuation, or financial statements are published. An active ecosystem of pre-IPO SPVs (six Hiive series among them) resells its equity to accredited investors; press-reported valuations are unverified by any filing.


## Update history

**September 29, 2026: Litigation census: 80 federal dockets, and Kalshi is the plaintiff in 25 of them**

AltStreet built a full census of the federal docket record naming a Kalshi entity, from a paginated CourtListener caption search on 2026-09-29: 80 matters across 41 courts and 8 circuits, 55 open and 25 terminated. The review previously described the fight as spanning 'a dozen-plus jurisdictions', which understated it, and it did not reflect the structural finding at all: 25 of the 80 matters were brought by Kalshi, mostly against state attorneys general and gaming regulators, and the earliest is KalshiEX LLC v. Commodity Futures Trading Commission, filed in the District of Columbia on 2023-11-01. Twelve matters were brought by a state, commonwealth or city, 11 by gambling-loss recovery entities, 5 are tribal, 2 are trademark and 22 were brought by individuals. The full census, with every case number and the Kalshi entity named in each, is published at /research/kalshi-litigation.

**September 16, 2026: Verification sweep: the $1.12 billion Form D is the only signal since publication, and the review already carries it**

AltStreet's monitoring attached one signal to Kalshi since the review published on August 30, 2026: a critical large-raise flag on Kalshi Inc.'s Form D filed August 25, 2026 (accession 0001231919-26-001066), reporting $1.12 billion sold of $1.5 billion offered to 71 investors. That is the same filing this review's data section already reports as the fifth of Kalshi Inc.'s venture rounds since October 2025. EDGAR's submissions index shows no Kalshi Inc. filing after August 25 as of September 16; Kalshi Prime's monthly 1-FR-FCM statements are CFTC filings, not EDGAR filings, and are tracked separately. Scores are unchanged.


## Evidence appendix

Platform website captured August 29, 2026.

Review synthesized from: (1) primary venue documents — the Kalshi Member Agreement (v1.6, June 22, 2026) and Kalshi Klear Self-Clearing Member Agreement (May 2026), both read in full; the published per-series fee schedule; the regulatory, product-certification, and market-integrity pages; the perpetuals documentation; and Kalshi's compliance FAQ for finance professionals; (2) regulatory filings — Kalshi Prime LLC's monthly CFTC Form 1-FR-FCM statements (February-July 2026), ingested into AltStreet's data layer; CFTC registration orders (DCM 2020; DCO August 28, 2024) and the July 14 and August 11, 2026 CFTC emergency orders; Kalshi Inc.'s complete EDGAR Form D record (seven filings); (3) third-party filings — Robinhood's Q2 2026 Form 10-Q, the most comprehensive public account of the event-contract litigation; (4) AltStreet's own published microstructure study (15,685 markets tracked against public endpoints; 195 settled contracts analyzed); (5) a 102-page Firecrawl capture of kalshi.com (August 29, 2026); (6) court records and attributed press across the state, tribal, and federal proceedings, with both sides carried and pending status stated. Platform-reported figures (notional volume) are labeled as such.

**Highlights**

- MEASURED (AltStreet's own study): 15,685 Kalshi markets tracked against public endpoints; 195 settled contracts analyzed; four apparent trading edges all identified as sampling artifacts; prices consistent with reasonable calibration; spreads wide outside headline markets; volume heavily concentrated. Fee formula verified: 0.07 × C × P × (1 − P), rounded up, ~1.75-cent peak at 50-cent prices.
- CONFIRMED (Kalshi Member Agreement VII.C, verbatim basis): Kalshi's board approved affiliate Kalshi Trading LLC as an exchange member per Rulebook 2.12, disclosed via a September 2021 emergency rule filing. Sections VII.T-U: market makers receive fee discounts, rebates, revenue share, and tools that 'may give market makers a trading advantage over members who are not market makers.'
- CONFIRMED (Member Agreement VIII): member cash 'may, from time to time, without notice to You, be invested by Kalshi' under CFTC Regulations 22.2(e)(1) and 1.25. No provision paying members interest on event-contract balances was located; the perpetuals side pays 3.25% on margin cash ($250 average balance minimum).
- CONFIRMED (Klear Agreement IV, verbatim): member funds are held in Klear's settlement account at 'Silicon Valley Bank a Division of First Citizens Bank' with IntraFi Insured Cash Sweep; 'Because Klear's settlement account is not in your name, FDIC insurance is not guaranteed to you'; sweep eligibility may lag two business days; FCM customers' funds may not be sweep-eligible. Full collateralization required for event-contract clearing.
- CONFIRMED (Kalshi Prime 1-FR-FCM monthly statements, ingested): customer segregated funds $0 (February-May 2026) → $17,765,306 (June 30; required $8,370,057) → $19,979,525 (July 31; required $13,931,562; excess $6,047,963). Adjusted net capital $48,198,682 vs $1,000,000 requirement (July, per kalshi.com/prime). The zero baseline dates the perpetuals launch to June 2026.
- CONFIRMED (EDGAR): Kalshi Inc. Form Ds — $6,094,999 (2020-03-19, 28 investors); $29,999,999 (2021-02-23, 10); $294,500,203 of $389,999,943 (2025-10-23, 20); $124,999,957 (2025-10-30, 14); $69,999,989 (2025-11-06, 14); $820,819,303 of ~$1.0B (2025-12-04, 31); $1,120,010,122 of $1,499,997,894 (2026-08-25, 71). All Rule 506(b). No other Kalshi Inc. filings exist; no financial statements are published.
- CONFIRMED (CFTC orders): Kalshi Klear registered as a DCO August 28, 2024. July 14, 2026: the CFTC stayed KalshiEX's own emergency rule (filed to comply with a Michigan court order voiding certain residents' trades) and used emergency authority to order the trades fulfilled. August 11, 2026: emergency order directing Kalshi to continue operating even if New York obtains a restraining order.
- CONFIRMED (Robinhood Q2 2026 10-Q litigation disclosures): Arizona filed criminal charges against KalshiEX and a related entity (March 2026); the CFTC won a preliminary injunction blocking Arizona enforcement, appealed to the Ninth Circuit; Wisconsin (April 23, 2026) and Kentucky (June 17, 2026) sued the Kalshi entities together with Robinhood, Coinbase, and (Kentucky) Webull; Massachusetts state-court enforcement litigation pending; the CFTC filed affirmative preemption suits against states beginning April 2026; private 'Statute of Anne' loss-recovery organizations are suing DCMs and FCMs including KalshiEX; Robinhood ceased new Nevada sports contracts December 1, 2025.
- CONFIRMED (appellate): Third Circuit ruled for KalshiEX (April 2026; New Jersey cert petition to the Supreme Court anticipated per Robinhood's disclosures). Ninth Circuit ruled for the states August 28, 2026 (Nevada; reported as potentially reviving Arizona's prosecution) — a circuit split. ATTRIBUTED (press synthesis; verify per docket): trial-level outcomes against Kalshi in Maryland, Nevada, Ohio, New York, Wisconsin; for Kalshi in New Jersey, Tennessee, Minnesota.
- CONFIRMED (tribal, per court filings and Robinhood disclosures): Blue Lake Rancheria, Chicken Ranch Rancheria, and Picayune Rancheria (IGRA/compact claims; preliminary injunction denied November 2025; Ninth Circuit appeal active); Ho-Chunk Nation (core claims survived May 2026; trial set 2027); Mescalero Apache, Pojoaque, Sandia, and Isleta (May 2026). Claims include Lanham Act and civil RICO counts.
- CONFIRMED (Kalshi FAQ compliance table): minimum age advertised as 18+ (vs sportsbooks' 21+), presented as a feature of the federal regime — while New York's July 31, 2026 suit alleges failures to prevent under-21 access. Both positions documented; unresolved.
- CONFIRMED (fee schedule, August 2026): per-series system with 156 non-standard series across 16 pages; maker fees ($0.02-$0.44 per 100) on many series; combo makers at ~50% of taker; zero-fee promotional series. Perpetuals: BTC 6.1x max leverage ($118.2M 24-hour volume at capture), ETH 4.7x ($100.6M), SOL 3.5x, XRP 3.8x, HYPE 2.3x; 8-hour funding.
- CONFIRMED (compliance FAQ): Kalshi's own document describes event contracts as 'swaps whose payout is dictated by discrete event occurrences' and states no pattern-day-trading restrictions apply.
- NOT LOCATED: any CFTC enforcement action against a Kalshi entity; any missed or failed settlement; Kalshi Inc. financial statements; market-maker rebate/revenue-share terms; float income amounts. Search results, not guarantees.

**Primary source pages**

- kalshi.com/regulatory (agreements, rulebook, product certifications, notices)
- Kalshi Member Agreement v1.6 (June 22, 2026) and Kalshi Klear Self-Clearing Member Agreement (May 2026) — PDFs on file
- kalshi.com/fee-schedule (per-series; 156 non-standard series) and kalshi.com/perpetuals/learn
- kalshi.com/prime — Kalshi Prime LLC monthly financials (NFA 0574784); monthly 1-FR-FCM report PDFs February-July 2026
- CFTC: Kalshi Klear DCO Order of Registration (August 28, 2024); Press Releases 9267-26 (July 14, 2026 emergency order) and the August 11, 2026 order
- SEC EDGAR — Kalshi Inc. (CIK 0001806928): seven Form D filings, 2020-03-19 through 2026-08-25
- Robinhood Markets Form 10-Q, Q2 2026 (accession 0001783879-26-000114) — event-contract litigation disclosures
- AltStreet: 'We Thought We Found Kalshi Trading Edges. Better Data Changed the Story' (the 15,685-market study)
- kalshi.com 102-page site capture (August 29, 2026); FAQ compliance-comparison table (18+ minimum age)


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/kalshi
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Source page: https://altstreet.investments/platforms/reviews/kalshi
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.