Institutional

Kalshi for Asset Managers, Hedge Funds, & Quant Firms

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Use Cases

Hedging

Hedge the exact event driving portfolio risk instead of relying only on a future or option that partially tracks it

Examples
  • Offset Fed-decision risk on rate-sensitive books directly
  • Hedge inflation-linked liabilities against CPI-print contracts
  • Cover election- or policy-driven volatility in specific sector exposures

Relative Value

Trade the spread between Kalshi’s market-implied probability and pricing from other derivative venues

Examples
  • Trade gold-threshold contracts against gold futures pricing
  • Price rate-decision contracts against options-implied odds
  • Compare earnings-threshold contracts with listed equity options
  • Compare BTC perpetual pricing with spot bitcoin

Directional Trading

Take an outright position on events or asset prices based on your own research and historical data

Examples
  • Take a view on recession or unemployment odds
  • Position around tariff or trade-policy outcomes
  • Go long or short BTC perpetuals on a macro thesis

Institutional-grade Infrastructure

Subaccounts

Institutions can segregate funds and positions into up to 64 subaccounts under one set of API credentials. Entity accounts can also support multiple authorized users with separate logins and permissions for qualifying accounts.

API Capabilities and Controls

Kalshi’s API provides separate capacity for reading market data and placing orders. As activity grows, institutions can move to faster tiers built for firms placing thousands of orders per second.

FIX (Financial Information eXchange) protocol connectivity is available to members who meet minimum activity and technical requirements. FIX is a standardized electronic communications protocol used for real-time exchange of securities transaction information.

API documentation

The Orderbook

Every Kalshi market runs on its own order book, and institutions can access liquidity through the public order book or through privately negotiated block trades for larger transactions. Quick (market) orders, limit orders, and RFQs (request-for-quote) are supported.

Block trades

Eligible Contract Participants can negotiate qualifying transactions off the public order book and report them to Kalshi

What is a block trade?

A negotiated transaction between two counterparties, executed away from the public order book and reported to the exchange

Why use block trades?

Establish large positions without moving the public market price, including in a custom contract when no listed market fits

Transaction thresholdsMinimum sizes
Non-sports event contracts25,000 contracts
Sports event contracts50,000 contracts

Coming soon: perpetual futures block trades

BTC perpetual futures$200,000
ETH perpetual futures$100,000
SOL perpetual futures$100,000
XRP perpetual futures$100,000
Other perpetual futures$50,000
No existing market?Create a custom contract
  1. Submit proposed contract specifications to Kalshi
  2. Kalshi reviews the terms against CFTC standards
  3. Existing certified specifications can be listed within days; new terms require CFTC recertification
  4. Both parties confirm the final certified specification
  5. Proceed through the block-trade process

How it works

Negotiate

Agree terms with an eligible counterparty off exchange

Pre-fund

Fund the Kalshi accounts used for the transaction

Submit

Report the agreed trade to Kalshi for review

Execute

Kalshi processes the approved block transaction

Settle

The trade settles at $1 or $0 per contract

Institutional guide

Kalshi’s Hedging Playbook: 50 Ideas for Block Trades

Get the playbook

Trade directly with Kalshi or through a broker or trading platform you already use

Ask if a particular connection is available

Market makers

Kalshi's market includes designated market makers who agree to provide consistent, two-sided liquidity. In exchange for meeting defined quoting and volume requirements, market makers may receive reduced fees and certain adjusted position limits.

Market maker status is granted following a thorough review of financial resources, trading experience, and business reputation; and approval is based on the ability to meet ongoing liquidity obligations while ensuring a fair and orderly marketplace.

Market makers are also subject to the same core rules and oversight as other participants. Any fee reductions or other program benefits are conditional on maintaining sufficient liquidity and orderly markets, and they assume trading risk and may face losses like any other participant.

Apply and indicate market-making interest