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24H Volume

Total number of contracts traded in the last 24 hours for a market.

Detailed explanation

24h Volume shows how active a Kalshi market has been over the past day, expressed as the count of contracts traded (YES and NO together). It gives a sense of liquidity and recent trading interest, but is not a measure of current price or fair value. Like other on-chain metrics, it should be considered alongside bid/ask, open interest, and recent trades when evaluating a market.

High 24h volume can indicate strong participation and tighter spreads in the short term, while low volume may imply wider spreads and more slippage risk on large orders. Since Kalshi settles in USD and uses a CFTC-regulated DCM, volume dynamics can shift with news flow, scheduling, and regulatory updates, so traders should monitor changes alongside other market signals.

Worked example

Market CPIYY-26MAR example: in the last 24h, 60 YES contracts traded at 42¢ and 60 NO contracts traded at 56¢, for a total 24h volume of 120 contracts. The 42¢ YES and 56¢ NO prices imply a near-full spread with a combined price of 98¢, leaving a small edge for a complete-set buy if an arbitrage opportunity exists elsewhere in the book.

FAQ

What does 24h Volume indicate for a Kalshi market?
It indicates how actively that market traded in the previous 24 hours, helping gauge liquidity and potential slippage risk.
How is 24h Volume different from Open Interest?
24h Volume is the total contracts traded in the last 24 hours; open interest is the total outstanding contracts that remain unsettled.
Should I base trades on high 24h Volume alone?
No. Volume is one signal; combine it with bid/ask, spreads, and your risk model before trading.

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