What Is KALSHI and Raya
Kalshi is a US-regulated prediction-market where you trade YES or NO contracts that settle to $1.00 if your prediction is correct. The term “Raya” does not appear in Kalshi’s official documentation as a defined product or venue; it may be a miscommunication or a term from another context. This article focuses on what Kalshi is, how its binary markets work, and what traders should know about settlement, fees, and access. If you were referring to a specific feature or partner named Raya, please provide a source so we can align the definition with Kalshi’s rulebook.
What Kalshi is and how it works
Kalshi is a CFTC-regulated Designated Contract Market (DCM) based in the United States. It offers binary event contracts where each market has YES and NO sides. A contract settles to $1.00 for the winning side and $0.00 for the losing side. Prices move in cents, with a typical fair value scenario where YES_ask + NO_ask sums to $1.00. Traders place limit or market orders on Kalshi’s centralised order book, and the Kalshi Klear clearinghouse handles settlement. All accounts require KYC, and settlements are in USD with no on-chain components.
Raya: does it belong to Kalshi?
There is no formal definition of Raya within Kalshi’s published rulebook or product glossary. If Raya refers to a third-party feature, integration, or a misnamed term, it isn’t documented as part of Kalshi’s binary markets or settlement framework. For clarity, Kalshi emphasizes the standard YES/NO binary contracts and their settlement rules, not a separate Raya product. If you have a source or document mentioning Raya, share it and we’ll reconcile it with Kalshi’s official terms.
Key mechanics to know (YES/NO, pricing, and settlement)
Every Kalshi contract has a YES and a NO side. The best-ask prices for YES and NO generally sum to $1.00. If YES is priced at, say, 42¢ and NO at 58¢, buying both legs locks in a near risk-free position minus the per-contract fee. Settlement is determined by Kalshi’s written resolution rule and a designated source, not by external oracles. The currency is USD, and payouts are capped at $1.00 per contract.
Access, fees, and arbitrage basics
To trade on Kalshi, you must be a US resident 18+ with verified identity and a linked bank account or eligible debit card. There are per-contract fees that apply to both maker and taker sides; the exact fee depends on price and size. Intra-market arbitrage opportunities arise when the best YES and NO prices create an edge that allows buying both sides for less than $1.00, locking in the spread after fees.
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FAQ
- What is Kalshi in simple terms?
- Kalshi is a US-regulated platform where you trade YES/NO contracts on real-world events. Each contract settles to $1.00 for the correct side, with USD as the settlement asset.
- Is Raya part of Kalshi?
- Raya does not appear in Kalshi’s official definitions. It may be a misnamed term or a concept from another context. If you have a source, please share it so we can verify how it relates to Kalshi.
- How does settlement work on Kalshi?
- Settlement follows a written resolution rule and a designated source. Kalshi determines which side pays out based on that rule, and each contract pays $1.00 to the winning side and $0.00 to the losing side.
- What is an edge on Kalshi for arbitrage?
- If the best YES ask plus the best NO ask is less than $1.00, you can buy both sides and lock in a risk-defined spread minus fees. This is a primary arbitrage pattern inside a single market.