Kalshi API

Kalshi Trade API v2 — Vendor Facts

Pinned from docs.kalshi.com on 2026-09-04. Do NOT re-fetch from the network (GUARDRAILS.md §1.4).

Base URLs

• Production: https://external-api.kalshi.com/trade-api/v2 (alt: https://api.elections.kalshi.com/trade-api/v2)
• Demo: https://external-api.demo.kalshi.co/trade-api/v2
• WebSocket (NOT used in this kit): wss://external-api-ws.kalshi.com/trade-api/ws/v2

Authentication

Signature-based with RSA private key:

• Headers: KALSHI-ACCESS-KEY (public key ID), KALSHI-ACCESS-TIMESTAMP (ms), KALSHI-ACCESS-SIGNATURE
• Signature algorithm: RSA-PSS(SHA256, MGF1-SHA256, salt length = digest length)
• Signed string: f"{timestamp_ms}{METHOD}{path}" where path is URL path WITHOUT query string
• Example: sign /trade-api/v2/portfolio/orders, not …?status=open
• Private key format: PEM-encoded

Market Payload

Fixed-point dollar strings for prices and sizes (some older payloads use integer cents; parse both):

• yes_bid_dollars, yes_ask_dollars, no_bid_dollars, no_ask_dollars — top-of-book bids/asks
• last_price_dollars — most recent trade price
• *_fp fields — sizes (fixed-point, contract count)
• rules_primary, rules_secondary — market rules text
• close_time, expected_expiration_time, latest_expiration_time — timing fields
• settlement_timer_seconds — dispute-window countdown
• settlement_ts — settlement timestamp
• result — one of {yes, no, scalar, ""} (empty = unresolved)
• fee_waiver_expiration_time — optional fee waiver deadline
• price_level_structure — tick sizes by price range

Order Book

GET /markets/{ticker}/orderbook returns:

{
  "orderbook_fp": {
    "yes_dollars": [[price, qty], ...],
    "no_dollars": [[price, qty], ...]
  }
}

• Bids only: Both fields are bid levels
• Derive asks: A NO bid at price q is a YES ask at 1−q
• Derivation: yes_asks = 1 - no_dollars, no_asks = 1 - yes_dollars

Orders (V2)

Used for YES-side orders only (side="bid" to buy, side="ask" to sell — see the Legacy section below for why NO-side orders and all cancels use a different endpoint).

POST /portfolio/events/orders with:

• ticker — market ticker
• side — one of {bid, ask} (not BUY/SELL)
• count — size, fixed-point string (contract count)
• price — limit price, dollar string (2–4 decimal places)
• time_in_force — one of {fill_or_kill, good_till_canceled, immediate_or_cancel}
• self_trade_prevention_type — optional
• client_order_id — optional, for idempotency
• post_only — optional, post-only limit flag
• expiration_time — optional

Response includes:

• order_id, client_order_id, fill_count, remaining_count
• average_fill_price, average_fee_paid
• ts_ms — server timestamp (milliseconds)

Orders (Legacy — NO side and all cancels)

app/venues/kalshi/live.py also calls two legacy endpoints, both marked verified=False in that file's ORDER_ROUTES table because GUARDRAILS.md §1.4 forbids fetching kalshi.com/kalshi.co to confirm their exact body/response shape — the field spellings below are a documented, tested ASSUMPTION, not a vendor-pinned fact:

• POST /portfolio/orders — used for NO-side orders instead of V2: side="no" plus action ("buy" or "sell"). This is deliberate, not a shortcut — buying/selling NO is a different contract from YES, not a mirrored ask, and neither venue supports naked shorts, so routing "buy NO" as a V2 YES ask would either be rejected or (worse) liquidate an unrelated YES position the account happened to hold.
• DELETE /portfolio/orders/{order_id} — used for ALL cancels, YES and NO alike; there is no V2 cancel path in this adapter.

A wrong field name on either legacy call is expected to surface as a loud 4xx from the venue, not a silent misexecution.

Fees

Formula: fee = rate × C × P × (1 − P) where C = contracts, P = probability in [0, 1]

• Standard rates: Taker 0.07, Maker 0.0 (some series carry maker fees)
• Rounding: trade_fee = ceil_6dp(model_fee) per fill, then ceil_2dp(net) for non-direct members
• Per-fill ceiling: Applies to each partial fill independently; multi-fill orders sum multiple ceilings
• Fee waiver: Some markets carry fee_waiver_expiration_time (zero fee until deadline)
• Rates are NOT confirmed at implementation time (PLAN.md D11; the 0.07 default is historical)

Capital

• Account type: USD in CFTC-regulated FCM account
• Deposit/withdrawal: ACH/wire transfers (days, not instant)
• Fungibility: NOT fungible with Polymarket USDC in real time
• Transfer latency: Default transfer_latency_hours=72
• Per-venue ledgers: Capital does not auto-move between venues; each venue has its own balance and position tracking

Key Implementation Notes

1. The field name decides the encoding, never the magnitude: bare yes/no is the LEGACY integer-cents format (divide by 100 to get a probability); yes_dollars/no_dollars is the current fixed-point dollar-string format (already a probability in [0,1], no conversion). Both can appear regardless of whether the payload's top level key was orderbook_fp or orderbook — check the field suffix inside the container, not the container's own key name.
2. Derive YES asks from NO bids and vice versa (orderbook is bids-only)
3. Prices are probabilities in [0, 1]; no conversion to fixed-point in the adapter
4. Sizes are contracts (1 = $1 at resolution); stored as float
5. Fee model must round per-fill to 6 decimal places, then optionally to cents
6. Signature must be computed at request time with fresh timestamp_ms
7. REST polling only; WebSocket not implemented in this kit (raises NotImplementedError)