Kalshi

A US prediction-market exchange regulated by the CFTC (Commodity Futures Trading Commission). Instead of betting against a bookmaker, you buy yes/no contracts from other traders; each contract settles at $1 if its outcome happens and $0 if not, so its price in cents reads as the market's probability.

• Implied Probability — The win probability baked into a price. −110 implies ≈52.4%, +150 implies 40%. Comparing the model probability to this is how an edge is found.
• P&L (profit and loss) — Net money made or lost after fees. Only closed positions count — an open one has no P&L yet.