No Contract

Worked example

If YES is priced at 42¢ and NO at 56¢, the combined price is 98¢, leaving a 2¢ edge opportunity if the two legs can be hedged together.

FAQ

What happens if I hold both YES and NO on the same event?

Holding both sides is a form of spread strategy. When YES_ask + NO_ask < $1.00, you can buy both legs to lock in a near-risk-free edge, minus the per-contract fee.

How does the NO contract settle compared to YES?

The NO contract settles for $1.00 if the event does not occur and $0.00 if it does occur, the opposite of the YES contract.

Are NO contracts subject to the same fees as YES contracts?

Yes. Kalshi charges a per-contract fee on trades for both YES and NO sides; the fee structure is the same for either side.

Related terms

• Yes Contract
  A YES contract is the binary Kalshi market side that pays $1 if the event resolves true, $0 otherwise.
• Yes Ask
  The ASK price to buy YES on a Kalshi market; the YES side’s best offer.
• Best Ask
  The lowest price sellers are willing to accept for a contract side (YES/NO) on the current Kalshi order book.
• Tick Size
  Tick size is the minimum price increment by which Kalshi contract prices can move (1 cent).
• Event Ticker
  A code that groups mutually exclusive Kalshi markets under one event (e.g., CPIYY-26MAR) and links its child YES/NO contracts.