Kalshi is the first CFTC-regulated prediction market exchange in the United States, launched in 2021. The platform allows users to trade on event contracts with real money. Kalshi's unique position as a regulated entity means it maintains strict compliance standards while offering a legitimate way to hedge against real-world events. The platform uses a central limit order book model and emphasizes transparency in market operations.

The platform has a large number of short-duration, high frequency markets for predictions on common events. It generates revenue from fees on market orders and is required to limit individual positions to $25,000 per market.