These are the trading terms used in Kalshi Pro. Product copy calls a related group of outcomes a market and each tradable outcome within it a strike; API fields may use different internal names.

Prediction markets

• •Market: A question or real-world event with one or more tradable outcomes, such as an election result or an economic release.
• •Strike: One tradable outcome within a market. A strike settles to $1.0000 if its condition is true and $0.0000 if it is false.
• •Yes / No: The two sides of a strike. A Yes position benefits when the stated condition occurs; a No position benefits when it does not.
• •Price: The market-implied probability shown in cents or dollars. A 63¢ Yes price corresponds to a $0.6300 contract price before fees.
• •Ticker: The exchange identifier for a market or strike. Pro usually shows the plain-language title, while tickers remain useful for search and API work.
• •Volume: The number of contracts traded during a period. Open interest is the number of contracts that remain open.

Orders and the order book

• •Order book: The live list of prices and quantities traders are offering to buy or sell.
• •Bid / ask: The best bid is the highest resting buy price; the best ask is the lowest resting sell price.
• •Spread: The distance between the best bid and best ask. A narrower spread generally means the two sides are closer to agreement.
• •Limit order: An instruction to trade only at a specified price or better. It may rest in the book if it cannot execute immediately.
• •Market order: An instruction to trade immediately against available orders. The average execution price can move as it consumes multiple price levels.
• •Resting order: An open order waiting in the book. A fill is the portion of an order that has executed.
• •Position: The contracts you currently hold. Cost basis is the amount paid for that position; unrealized P&L estimates the gain or loss before closing it.

Perpetuals and margin

• •Perpetual: A leveraged derivatives contract without a fixed expiration date. Perpetuals are separate from prediction-market contracts.
• •Margin: Collateral supporting a leveraged position. Isolated margin limits collateral to one position; portfolio margin considers risk across eligible positions.
• •Leverage: Position exposure relative to committed margin. Higher leverage magnifies gains and losses and moves the liquidation price closer.
• •Funding: Periodic payments between long and short perpetual positions that help keep the contract price near its reference market.
• •Liquidation: Forced position reduction or closure when available margin can no longer support the position.
• •Take profit / stop loss: Trigger orders intended to close some or all of a position after price reaches a chosen profit or loss level.