{
  "schema_version": 1,
  "observed_at_utc": "2026-07-17T13:35:44.917409+00:00",
  "scope": {
    "status": "open",
    "mve_filter": "exclude",
    "markets_scanned": 69863,
    "api_pages": 70
  },
  "ranking": {
    "primary": "volume_24h_fp descending",
    "tie_breaker": "ticker ascending",
    "rows": 5,
    "claim_boundary": "This is an activity ranking, not a claim that the rows are the five most liquid markets for every order size."
  },
  "interpretation": {
    "volume_24h_contracts": "Reported recent contracts traded; useful for discovery but not proof of current executable liquidity.",
    "top_of_book": "Best displayed YES bid and ask plus size from the market-list response at capture time.",
    "spread": "Ask minus bid only when both quotes and both displayed sizes are positive.",
    "open_interest": "Outstanding exposure, not an exit quote or available depth."
  },
  "limitations": [
    "The public market-list endpoint is a changing point-in-time response.",
    "Only the best displayed YES bid and ask levels are preserved; deeper levels are not measured.",
    "Displayed size can change before an order reaches the exchange and does not promise a fill.",
    "A high 24-hour volume can coexist with a wide current spread or shallow current quote.",
    "Markets are ranked individually, so related contracts from one event can occupy multiple rows.",
    "Fees, eligibility, product terms, and market rules are outside this snapshot.",
    "The deprecated liquidity and liquidity_dollars fields are intentionally not used."
  ],
  "source": {
    "api_endpoint": "https://external-api.kalshi.com/trade-api/v2/markets",
    "request_parameters": {
      "status": "open",
      "mve_filter": "exclude",
      "limit": 1000
    },
    "documentation": [
      "https://docs.kalshi.com/api-reference/market/get-markets",
      "https://docs.kalshi.com/changelog"
    ]
  },
  "markets": [
    {
      "rank_by_24h_volume": 1,
      "ticker": "KXMENWORLDCUP-26-AR",
      "event_ticker": "KXMENWORLDCUP-26",
      "title": "Will the Argentina win the 2026 Men's World Cup?",
      "subtitle": null,
      "close_time": "2028-07-18T14:00:00Z",
      "last_price_dollars": "0.4170",
      "volume_24h_contracts": "20505232.38",
      "total_volume_contracts": "101111851.55",
      "open_interest_contracts": "55768374.58",
      "top_of_book": {
        "yes_bid_dollars": "0.4130",
        "yes_bid_size_contracts": "4.15",
        "yes_ask_dollars": "0.4170",
        "yes_ask_size_contracts": "17221.10",
        "two_sided_quote": true,
        "spread_dollars": "0.0040",
        "spread_cents": "0.40"
      },
      "market_api": "https://external-api.kalshi.com/trade-api/v2/markets/KXMENWORLDCUP-26-AR"
    },
    {
      "rank_by_24h_volume": 2,
      "ticker": "KXMENWORLDCUP-26-ES",
      "event_ticker": "KXMENWORLDCUP-26",
      "title": "Will the Spain win the 2026 Men's World Cup?",
      "subtitle": null,
      "close_time": "2028-07-18T14:00:00Z",
      "last_price_dollars": "0.5870",
      "volume_24h_contracts": "4606301.07",
      "total_volume_contracts": "55273304.70",
      "open_interest_contracts": "30283452.16",
      "top_of_book": {
        "yes_bid_dollars": "0.5820",
        "yes_bid_size_contracts": "2002.48",
        "yes_ask_dollars": "0.5870",
        "yes_ask_size_contracts": "29884.07",
        "two_sided_quote": true,
        "spread_dollars": "0.0050",
        "spread_cents": "0.50"
      },
      "market_api": "https://external-api.kalshi.com/trade-api/v2/markets/KXMENWORLDCUP-26-ES"
    },
    {
      "rank_by_24h_volume": 3,
      "ticker": "KXWCSCORE-26JUL19ESPARG-ESP2ARG3",
      "event_ticker": "KXWCSCORE-26JUL19ESPARG",
      "title": "Will the final score be Argentina wins 3-2?",
      "subtitle": null,
      "close_time": "2026-08-02T19:00:00Z",
      "last_price_dollars": "0.0400",
      "volume_24h_contracts": "3329056.64",
      "total_volume_contracts": "6095713.77",
      "open_interest_contracts": "5608946.80",
      "top_of_book": {
        "yes_bid_dollars": "0.0300",
        "yes_bid_size_contracts": "679939.49",
        "yes_ask_dollars": "0.0400",
        "yes_ask_size_contracts": "1596048.24",
        "two_sided_quote": true,
        "spread_dollars": "0.0100",
        "spread_cents": "1.00"
      },
      "market_api": "https://external-api.kalshi.com/trade-api/v2/markets/KXWCSCORE-26JUL19ESPARG-ESP2ARG3"
    },
    {
      "rank_by_24h_volume": 4,
      "ticker": "KXPGATOUR-THOC26-CMOR",
      "event_ticker": "KXPGATOUR-THOC26",
      "title": "Will Collin Morikawa win the The Open Championship?",
      "subtitle": null,
      "close_time": "2026-08-02T04:00:00Z",
      "last_price_dollars": "0.0370",
      "volume_24h_contracts": "2412776.19",
      "total_volume_contracts": "5220931.23",
      "open_interest_contracts": "4457940.22",
      "top_of_book": {
        "yes_bid_dollars": "0.0300",
        "yes_bid_size_contracts": "80.00",
        "yes_ask_dollars": "0.0350",
        "yes_ask_size_contracts": "20492.00",
        "two_sided_quote": true,
        "spread_dollars": "0.0050",
        "spread_cents": "0.50"
      },
      "market_api": "https://external-api.kalshi.com/trade-api/v2/markets/KXPGATOUR-THOC26-CMOR"
    },
    {
      "rank_by_24h_volume": 5,
      "ticker": "KXPGATOUR-THOC26-MFIT",
      "event_ticker": "KXPGATOUR-THOC26",
      "title": "Will Matt Fitzpatrick win the The Open Championship?",
      "subtitle": null,
      "close_time": "2026-08-02T04:00:00Z",
      "last_price_dollars": "0.0010",
      "volume_24h_contracts": "2279044.66",
      "total_volume_contracts": "5718727.39",
      "open_interest_contracts": "4970852.22",
      "top_of_book": {
        "yes_bid_dollars": "0.0000",
        "yes_bid_size_contracts": "0.00",
        "yes_ask_dollars": "0.0010",
        "yes_ask_size_contracts": "94554.44",
        "two_sided_quote": false,
        "spread_dollars": null,
        "spread_cents": null
      },
      "market_api": "https://external-api.kalshi.com/trade-api/v2/markets/KXPGATOUR-THOC26-MFIT"
    }
  ]
}