Glossary › Yes and No prices

What are Yes and No prices on Kalshi?

Checked September 25, 2026 · 4 sources · plain-English definition, not financial advice

How it works on Kalshi

Every Kalshi market has two sides. Yes pays $1 if the event happens and No pays $1 if it does not, so the two prices add up to about $1. Kalshi's help center uses the example of Yes at 70¢ and No at 30¢: a Yes buyer and a No buyer together put $1 into the market, and the side that turns out right collects it.

Buying Yes and selling No are the same position. Kalshi's help center says there is no inherent difference between them, and its API documentation treats a No bid at 30¢ as a Yes ask at 70¢. That is why the order book for one side mirrors the other.

What to check: Kalshi notes that displayed odds reflect the last trade price and do not guarantee you can trade at that price. What you actually pay is the current ask for your side plus the fee on the order ticket, and what you can sell for is the current bid.

Related terms

• Implied probability: The chance of an outcome implied by its price: a Yes contract at 62¢ implies about a 62% chance, before fees and the bid-ask spread.
• Bid and ask: The bid is the highest price a buyer offers and the ask the lowest price a seller accepts; on Kalshi a No bid at 30¢ is a Yes ask at 70¢.
• Bid-ask spread: The gap between the best bid and best ask in a Kalshi market; crossing it costs money, so a 2¢ spread on a 44¢ contract is about 4.5%.
• Event contract: A contract that pays a fixed amount, $1 on Kalshi, if a stated event happens and nothing if it does not; its price reflects the market's odds.
• Settlement: The step after a Kalshi market's result is determined, when each winning contract is paid $1 into your cash balance.

See also

Kalshi odds converter · Kalshi odds today

Sources

1. How are prices determined?, Kalshi Help Center, March 10, 2026
2. Buying Yes vs Selling No, Kalshi Help Center, March 17, 2026
3. Orderbook Responses, Kalshi API documentation, accessed September 25, 2026
4. Portfolio, Kalshi Help Center, August 25, 2026

Checked September 25, 2026. Kalshi changes fees, rules, funding options and limits; the market's rules, the order ticket and Kalshi's help center are the final word.

Previous: Withdrawal · Next: 1099 tax forms · All 40 terms