KALSHI Mechanics
No Ask
The NO ask is the lowest NO price offered to sell NO contracts.
Detailed explanation
NO ask represents the lowest price at which sellers are willing to part with a NO contract. It couples with the YES side to determine the fair-value band of a binary Kalshi market. In a balanced market, the best NO ask and the best YES bid should reflect a roughly $1.00 total when combined with the corresponding NO bid and YES ask, but spreads and liquidity shifts can move the NO ask independently. Traders watch the NO ask alongside the YES ask to gauge whether an intra-market edge exists where YES and NO prices sum to less than $1.00.
Understanding the NO ask helps you assess liquidity and potential arbitrage opportunities within a single market. When the NO ask is high relative to the YES bid, the gap may indicate a wider spread to exploit, especially if multiple child markets under an event ticker offer a combined edge.
Worked example
Example: In a market with YES at 42¢ and NO at 56¢, the NO ask is 56¢. The sum with YES ask or YES bid can yield a 2¢ edge if other legs align (e.g., a complete set of child markets under an event ticker).
FAQ
- What is the NO ask vs the NO bid?
- NO ask is the price at which sellers are willing to sell NO contracts; NO bid is the price buyers are willing to pay. The spread between them drives liquidity and potential edge.
- How is the NO ask determined?
- The NO ask is set by market participants placing sell orders for NO contracts; Kalshi’s CLOB matches buyers and sellers, with prices constrained by the $0.01–$0.99 range.
- How can I exploit an intra-market edge involving the NO ask?
- If the sum of best YES ask and NO ask is less than $1.00, you can buy both legs to lock in a risk-defined edge, subject to fees and execution risk.
See No Ask on a live Kalshi market
KalshiArb scans every open Kalshi market for arbitrage edges where YES + NO < $1.00. Plug in your Kalshi API key and start receiving alerts in under 5 minutes.
Related terms
- Yes ContractA YES contract is the binary Kalshi market side that pays $1 if the event resolves true, $0 otherwise.
- No ContractThe NO contract is the opposite side of a binary Kalshi market, paying $1 if the event does not occur.
- Yes AskThe ASK price to buy YES on a Kalshi market; the YES side’s best offer.
- Best AskThe lowest price sellers are willing to accept for a contract side (YES/NO) on the current Kalshi order book.
- Best BidThe highest price investors are willing to pay for a YES or NO side of a Kalshi market.
- Tick SizeTick size is the minimum price increment by which Kalshi contract prices can move (1 cent).