Tools › Kalshi order book explained
Live example refreshed with the odds pages · checked September 24, 2026 at 19:49 UTC
On FedEx Open de France Winner (Matt Fitzpatrick), the best bid to buy YES is 16¢ and the best offer is 18¢, a spread of 2¢ around a 17.0¢ midpoint. The offer comes from the other side of the book: a NO bid at 82¢ is the same as selling YES at 18¢, because one YES and one NO always pay $1 together.
Bid: the highest price someone is willing to pay for YES right now. Offer (ask): the lowest price someone will sell YES for; on Kalshi it comes from the NO side, at $1 minus the best NO bid. Spread: the gap between the two, which you pay whenever you buy at the offer and later sell at the bid. Depth: how many contracts wait at each price; thin books move against a large order.
The price shown on market pages, here and elsewhere, is usually the midpoint between the bid and the offer, or the last trade. It is a probability estimate, not a price you are guaranteed to get.
Order book for FedEx Open de France Winner (Matt Fitzpatrick), read from Kalshi's public data September 24, 2026 at 19:49 UTC. It changes by the second; open the market on Kalshi for the current book.
| Price | Contracts |
|---|---|
| 16¢ | 25,458 |
| 15¢ | 12,788 |
| 14¢ | 16,741 |
| 13¢ | 3,819 |
| 12¢ | 137 |
| 11¢ | 150 |
| YES price | Contracts | NO bid |
|---|---|---|
| 18¢ | 43,820 | 82¢ |
| 19¢ | 38,105 | 81¢ |
| 20¢ | 20,506 | 80¢ |
| 21¢ | 23,000 | 79¢ |
| 22¢ | 23,750 | 78¢ |
| 25¢ | 21 | 75¢ |
Spread: 2¢ · midpoint 17.0¢ · contracts bid within 5¢ of the midpoint: 58,943 · offered within 5¢: 125,432.
| Contracts | Average price | vs best offer |
|---|---|---|
| 100 | 18.00¢ | +0.00¢ |
| 1,000 | 18.00¢ | +0.00¢ |
| 10,000 | 18.00¢ | +0.00¢ |
Walking the offers from the best price up, before fees. Bigger orders fill at worse prices: that is slippage. The slippage calculator does this for any book.
Costs of a trade: fee calculator, slippage calculator, payout calculator and APY calculator. All live prices: Kalshi odds today.
On FedEx Open de France Winner (Matt Fitzpatrick), the best bid to buy YES is 16¢ and the best offer is 18¢, a spread of 2¢ around a 17.0¢ midpoint. The offer comes from the other side of the book: a NO bid at 82¢ is the same as selling YES at 18¢, because one YES and one NO always pay $1 together.
Every contract has a YES and a NO side that together pay $1, so a bid to buy NO at a price is the same as an offer to sell YES at $1 minus that price. Listing bids on both sides therefore shows the whole book.
On busy markets the best bid and offer are often a cent or two apart; thin markets can be several cents wide. The wider the spread, the more you pay to trade in and out, on top of the fee.