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Open Interest

Total number of unsettled Kalshi contracts across YES/NO in a market.

Detailed explanation

Open interest is the total amount of Kalshi contracts that are currently held by traders and have not yet settled. It reflects how much money is tied up in a market and indicates liquidity pressure: higher OI usually means more depth but also the potential for larger price moves as positions unwind. Kalshi publishes open interest alongside price and volume data, helping traders gauge whether a market can accommodate larger trades without excessive slippage.

Worked example

Market example: YES is priced at 42¢ and NO at 56¢. If there are 1,400 YES contracts and 1,000 NO contracts open, the open interest is 2,400 contracts (1,400 YES + 1,000 NO). This baseline shows liquidity depth; a change in new trades that adds 100 YES and 150 NO will increase OI to 2,650.

FAQ

What does open interest tell you about a Kalshi market?
It shows how many contracts are currently outstanding and not settled, indicating liquidity depth and how easily large trades might fill.
How is open interest different from trading volume?
Volume counts traded contracts in a period; open interest counts outstanding contracts at a point in time, including positions carried over between sessions.
Can open interest help identify arbitrage opportunities?
High or rising OI can signal deeper markets; combined with price action, it helps assess edge stability, especially for intra-market arbitrage.

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