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KALSHI Mechanics

Yes Contract

A YES contract is the binary Kalshi market side that pays $1 if the event resolves true, $0 otherwise.

Detailed explanation

A YES contract on Kalshi represents a binary bet on the event outcome. If the event resolves true, the YES contract pays out at $1.00; if it resolves false, it pays out $0.00. Each contract is priced between $0.01 and $0.99, with the total for YES and NO on a given market typically summing to $1.00 at fair value. Traders buy YES to express belief in the event occurring, while the NO side expresses belief it will not occur. TheYES side is one half of the underlying binary pair, and the market mechanics ensure symmetric risk for YES/NO trade pairs.

Worked example

Example: A market on whether a CPI year-over-year change will be positive. If YES is priced at 42¢ and NO at 56¢ (sum 98¢ due to the per-contract fee and spread), buying both YES and NO would lock in a risk-defined edge of 2¢ assuming no near-term shifts. The outcome will pay $1 for the winning side and $0 for the losing side.

FAQ

What is a YES contract in Kalshi terms?
A YES contract pays $1 if the event occurs and $0 if it does not. It is one side of the binary pair in every market.
How is the YES price determined?
Prices are set on the Kalshi order book with a bid/ask spread; the YES price plus the NO price typically sum to $1.00 in fair value, accounting for fees and liquidity.

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