The bonus credit can be used on sports markets this week, including baseball games.
Sign up with Kalshi and get up to $500 in bonus trading credit after trading $25 or more in event contracts:
Kalshi referral code SL500 for up to $500 in bonus credits
The current Kalshi promo code is SL500, and with this offer, new Kalshi users get up to $500 in bonus trading credits after trading at least $25 in event contracts. Bonus funds expire seven days after they are issued, and new users have 30 days to trade at least $25 in order to receive the bonus funds.
These trades can be done on a variety of different markets, including individual games in sports markets and long-term trades like award winners and league champions. Kalshi also offers trades for a variety of non-sports topics such as pop culture, politics, weather and more.
Kalshi referral bonus | Trade $25+, get up to $500 in bonus trading credits |
States Kalshi is Available | All 50 states, Washington, D.C. and U.S. territories* |
Kalshi Minimum Age | 18+ and have a legal, U.S. residential address within a state or territory where Kalshi operates |
Kalshi Deposit Methods | Apple Pay, Venmo, Google Pay, PayPal, debit cards, bank transfers, wire transfers (minimum $1,000) and crypto deposits |
Kalshi Referral Code Last Verified | August 10, 2026 |
*Sports event trading is not available in all 50 states.
Sign up with Kalshi and get bonus funds today:
Steps for how to sign up for Kalshi
Interested in signing up with the Kalshi promo code SL500? New users must be 18 or older where Kalshi is available. If you qualify, follow these steps:
Tap the CLAIM BONUS button on this page.
Download the Kalshi app to your smartphone or tablet or go to the Kalshi website.
Enter all required information to create an account, such as name, email and address.
Deposit at least $1 into your Kalshi account.
Click the three lines on the left side of your screen and go to "Enter referral code," and enter the Kalshi referral code SL500.
Trade at least $25 on Kalshi.
The bonus trading credit an eligible user receives ranges from $15 to $500.
Click here to sign up with Kalshi:
Featured sports predictions market: Pro Baseball Champion
We are in the dog days of summer, and the baseball playoff race is heating up. Here are the latest prices at Kalshi for the Pro Baseball Champion, as of Monday morning:
- Los Angeles D: 40.0 cents
- New York Y: 10 cents
- Milwaukee: 9.5 cents
- Boston: 7.9 cents
- Atlanta: 6.9 cents
- Chicago C: 6.4 cents
- Tampa Bay: 6 cents
- Philadelphia: 4.9 cents
Prices reflect the predicted likelihood of each outcome set by traders on Kalshi's prediction market. Because each team has its own separate yes/no contract, the prices don't need to add up to $1.
Kalshi pros and cons
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Kalshi offers a large selection of deposit methods, which include online bank transfers, debit cards, Venmo and Apple Pay and crypto wallets.
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What is Kalshi?
Kalshi is federally regulated by the Commodity Futures Trading Commission, which is an independent government agency. The CFTC has regulated derivatives markets since the 1970s, and Kalshi is regulated as a Designated Contract Market (DCM). Because Kalshi is federally regulated as a DCM, it can be used all across the country. Some states, however, have moved to restrict Kalshi's usage and are currently in legal battles with the platform. As such, sports event trading is not available across all 50 states.
Kalshi is not sports betting. Kalshi is a prediction market that allows for trading on different sporting events (in most states) and topics. You're trading contracts/shares, oftentimes buying them from other Kalshi users, similar to how the stock market works. Many contracts on Kalshi are of the "yes/no" variety and are based on percentages in the form of dollar amounts – $0.35 per share, for instance. A winning prediction pays out $1.00 per share.
How Kalshi markets work
Kalshi users trade prediction contracts for the outcome of specific events. Prices are listed in percentage form, and you choose whether you're buying "yes" or "no" shares.
For example, if you were trying to trade on Los Angeles to defeat Denver, Los Angeles "Yes" to win may be priced at $0.40 per share. That means there's an implied probability of 40% for L.A. to win that game. If you were to buy 100 shares – $40 worth – of Los Angeles winning, the payout if you are correct would be $100 ($60 in profit). Whenever you purchase event contracts, you will get a review where Kalshi breaks down your investment – dollars and price point – as well as what the payout would be if your prediction is correct.
It's important to note that there are two main ways to buy shares at Kalshi. With "quick order" purchases, you are immediately purchasing a specific number of contracts at the best available price. This means if you were trying to purchase $10 worth of contracts, you may wind up with $9.86 worth, given what's available at the current price point. With "limit orders," you specify the maximum price you're willing to pay per share. If shares are available at that price or even lower, your order will be executed. That means if the prediction you want to purchase contracts of is trading at $0.45 per share, and you don't want to spend more than $0.40 per share, you'd set your limit order at $0.40 and, if the amount of shares you've specified becomes available at your listed price point, your order will go through. If not, you won't have an order placed on that specific market.
The percentages and price points for different markets shift regularly, much like the stock market. Unlike sportsbooks, where oddsmakers are the ones changing and updating odds as different news and information come to light, Kalshi prices are dictated by the market. A high influx of share purchases or sales for either side of Yes or No can drive prices up or down. But once you purchase your shares at a certain price, you're locked into that price point. You can also choose to sell your shares before the market is graded out.
Start trading event contracts at Kalshi and get up to $500 in bonus trading credit:
How Kalshi prediction markets are settled
Whenever you go to buy shares through Kalshi, there will be a rules summary for the market that you have selected. This will explain the terms and conditions for what must occur for "Yes" or "No" to be the correct prediction for that market. Additionally, there is a "Timeline and Payout" tab that Kalshi users can select in order to see when that market first opened, when the market closes, and when the projected payout will occur.
Kalshi determines market outcomes after it receives data from its source agency that verifies the outcome of each market. Additionally, Kalshi users can select "Request to Settle" when on the page for that specific market if they feel the terms and conditions for that particular market have been met.
Kalshi sports markets vs. sports betting
Trading on Kalshi is not sports betting, nor is it a sportsbook. Kalshi is federally regulated. Sportsbooks are licensed at the state level and aren't as available across the country.
Sportsbooks also have odds for different games and events that are set and changed by oddsmakers. At sportsbooks, bettors are betting against "the house."
Users can see Kalshi contract prices change for different sporting events, but those changes occur based on user buying activity and interest. More purchases or sales for one specific side of an outcome could drive contract prices up or down.
Kalshi users also have the ability to place "limit orders." With a limit order, you set the maximum amount per share you're willing to spend, so that you can target an ideal price point should the market change in your favor. If "Yes" contracts are trading at $0.55 per share, and you don't want to spend more than $0.50 per share, you can set a limit order where, if that $0.50 price point becomes available, an order will automatically go through so long as the number of shares you want is also available.
This option means that Kalshi users don't have to consistently monitor share prices for a specific market if they don't want to, as the order will go through automatically if the price and total share parameters are both available.
Other available markets on Kalshi
A big part of Kalshi's appeal is not only widespread accessibility but also the wide variety of markets that the platform provides. In addition to sporting events across different sports and leagues, Kalshi also allows users to trade contracts for topics like:
Politics and elections
Weather
Culture
Crypto
Miscellaneous markets on current events, like whether certain words, phrases or topics will be brought up during speeches, interviews, or press conferences
There are short-term contracts that can be placed, such as the winner of a specific sporting event that day, or long-term contracts, such as the winner of the 2028 Presidential election or the nominee for each party. The "Culture" section of Kalshi offers various markets, such as movies that will win awards at shows like the Oscars, how many sales a specific album will have, the review score a new movie will receive, the winner of different reality TV shows and much more.
Trade contracts on sports, politics, pop culture and more with the Kalshi referral code bonus:
Suggesting new markets
Something interesting Kalshi offers is that user feedback plays a large role in the markets that become available on the platform. Kalshi features an "Ideas" tab on its app and website where users can share different markets they'd like to see added to the platform.
Per Kalshi, "We analyze all markets that are suggested to make sure that they are compliant with CFTC regulations, not easy to manipulate, and are in the interest of our users, so we cannot promise that every market suggested will make it to the platform."
The "Ideas" section of the app is similar to a social media platform's feed as you can "like" and comment on different posts and suggestions. You can also see the most popular posts for a given day, week or month.
What is the Kalshi Orderbook?
Kalshi also offers "The Orderbook," which displays all "resting orders," or buy/sell offers for a market that have yet to be matched with a trade. The Orderbook displays every resting order and its corresponding price.
For example, there may be 4,000 contracts available to buy "Yes" for $0.70 each and 5,000 contracts available to sell on the "No" side for $0.75 each. That means someone is willing to bid as much as $0.70 per share for Yes shares while someone is selling their No shares for as low as $0.75 per share. This helps users see what the high- and low-ends of that particular market look like at any given time, and Kalshi users can use this option to buy another user's event shares for their listed asking price.
Kalshi banking methods
Kalshi offers a wide range of deposit methods for its users, as well as a few different ways to withdraw your funds. Here's a quick breakdown of how Kalshi users can move their money around, as well as how Kalshi users can actually accrue interest through the platform.
Kalshi deposit methods
Deposit method | Daily maximum | Fees | Processing time |
Bank account | $10,000 | No fees | 2-4 business days |
Debit card | $20,000 | 2% | Within 30 minutes |
PayPal | $60,000 | 2% | Within 30 minutes |
Venmo | $10,000 | 2% | Within 30 minutes |
Apple Pay | $20,000 | 2% | Within 30 minutes |
Crypto wallet | $500,000 | Fees vary | Within 30 minutes |
Wire transfer | $1,000 minimum (no maximum) | Bank fees apply | By next business day |
Kalshi withdrawal methods
Withdrawal method | Maximum withdrawal | Fees | Processing time |
Debit card | $2,500 daily maximum | $2 fee | Within 30 minutes |
Bank account | No limits | No fees | Up to 3-4 business days |
Crypto wallet | No listed maximum | Subject to fees by ZeroHash, Kalshi's third-party crypto processor | Within 30 minutes |
How earning interest works at Kalshi
Kalshi offers a flat 3.25% annual percentage yield (APY) where users can earn interest on cash and open positions. This allows Kalshi users to maximize their returns and earn additional funds while holding positions. It also incentivizes users to purchase positions that will take longer to settle and hold onto them for longer periods of time.
Interest rate accrual is only available to Kalshi users who have balances of $250 or more. The net value of your portfolio is determined by your account's available funds as well as your portfolio value at the end of the day, based on last traded prices. Interest is paid monthly but is accrued daily, and interest is typically paid out within the first week of the following month. It can take up to 10 business days for interest to process.
Kalshi app review: User experience
It's hard to find much fault with how the Kalshi app operates from a user experience standpoint. The platform places trending topics and events front and center on the app and site, and also features pages for key topics like sports, politics, culture and climate. Here's a quick breakdown of the Kalshi user experience.
Get started at Kalshi and earn up to $500 in bonus trading funds:
Home screen layout/finding markets
The Kalshi home page defaults to its "Explore" tab, which offers a "For You" setting based on your interests, existing and prior trades, as well as different trending topics. At the top of the screen, you can shift between sports, politics, economy, culture, tech and science, climate, crypto, companies, financials and mentions. Clicking any of these options takes you to a new curated page with tons of different markets for that specific topic. By going to "Your Interests," you can choose different topics that will be presented more often to you on your home page. You can also use the "Search" function, which is located at the bottom of the screen on the app, to look for different topics or events.
User interface
The user interface is very strong on both the Kalshi app and website. It's very easy to find a topic or market and then make trades. Everything you need is available within one to two clicks from the Kalshi home page, be it finding a market to trade, checking out your portfolio, or visiting Kalshi's customer support or FAQ menus.
App design, speed, functionality
Kalshi's design can appear a bit overwhelming when you first create an account, just because of how many markets there are and all the different numbers that are in your face. But once you get your bearings, the design works very well, given how easy it is to find different topics and markets, be it through main hubs like sports or politics as well as the platform's search function. The app works very fast, be it scrolling through different topics, selecting markets or placing trades. Everything fits very well together and is presented in a clear way.
If I were to make one design suggestion, it'd be to have a more prominent place for how trading on Kalshi works without having to visit the FAQ or help center pages. A focused tab under the hamburger dropdown menu would be an ideal place for that and could really assist new users, especially those who have never used prediction markets or traded on the stock market.
App vs. desktop site
There are slight differences between the Kalshi app and the desktop site, but not a ton. I personally like using the desktop site more than the app just because there's so much information available, and it can look a bit tidier and less crowded than on a smartphone app. But in terms of functionality, getting where you need to go and trading contracts, there's not much of a difference from a user experience standpoint – it really just boils down to personal preference between your phone/tablet or computer.
App store ratings for Kalshi (as of August 10, 2026)
- Apple App Store: 4.8/5 stars (455k ratings)
- Google Play Store: 4.8/5 stars (96.9k reviews)
How to track your positions in your portfolio and the features there
By selecting "Portfolio," you can view and track all of your current positions, which include breakdowns of the price you bought them at, what the current price/percentage is trading at for that position and also what your total payout would be if your prediction is correct. By clicking on your positions, you can get even more options, including the ability to buy more shares or cash out of your current prediction. The portfolio tab also allows you to check your current resting offers if you have any, your overall prediction history for closed positions and your watchlist.
Customer support methods
To get in contact with Kalshi customer support, click the three lines/hamburger menu at the top-left corner of the app and click "Kalshi Support." By clicking "Your support chats" under the "Kalshi Support" option, you can start a live conversation with someone from Kalshi's support team. There, you can also view your active chats. The "Kalshi Support" tab also has an option to visit Kalshi's FAQ page and help center, which includes a section for contacting customer support via the email address support@kalshi.com.
Kalshi app review: Final thoughts
Kalshi offers a very strong platform to its users, with its key strengths being the available markets as well as the ability to set limit orders to get shares and contracts at an ideal price. Kalshi pays out fast while still offering an incredibly wide range of markets for users to place predictions, and it has a great mix of short- and long-term market options across all sorts of different topics.
I found the desktop version of Kalshi to be better when it came to customizing my feed and the markets and topics that are most relevant to me, especially with a "sports" option for "Customize your view." You can select topics on the app under "Your interests," but I found the desktop version to be a bit better and cleaner in that regard.
One other area I think could improve is the order process. I'm someone who has experience trading stocks, so I am very familiar with limit orders and how to utilize them. I think that Kalshi does a good job of breaking down how to use the platform, but pushing the difference between quick orders and limit orders to new users would be helpful and avoid potential confusion when someone goes to trade their first contracts with the platform.
Sign up with Kalshi today and get up to $500 in bonus trading credits after trading $25 in event contracts:
Responsible trading tools
Kalshi offers different responsible trading tools and resources, which can be found under the "Account and Security" tab on the left side of the app under the hamburger dropdown menu.
Trading breaks: Users can take a break from using Kalshi by setting a timeframe where they are unable to place trades.
Voluntary opt-outs: Users can restrict access to Kalshi for longer durations of time, which they set.
Personal funding caps: Kalshi users can set a maximum amount that they can deposit into their account in a given month. You can increase the funding cap, which will take place the following month. Users can also extend how long the funding cap will take place.
Kalshi FAQ
What is Kalshi?
Kalshi is a prediction market that is available across the United States. With Kalshi, users place predictions for different events and outcomes, and the platform covers a wide variety of markets such as sports, politics, pop culture, weather and more.
What is the Kalshi referral code offer?
The Kalshi referral code offers up to $500 in bonus trading credits given to new users after they trade $25+ in event contracts and use the code SL500 at sign-up.
Is Kalshi a sportsbook?
No, Kalshi is not a sportsbook – it is a prediction market. Kalshi is federally regulated by the Commodity Futures Trading Commission, whereas sportsbooks operate with sportsbook licenses on a state-by-state basis.
How does Kalshi work?
At Kalshi, users purchase "yes/no" prediction contracts for the outcome of different events. Each event contract/share is priced with a figure under $1, such as $0.25 per share. This $0.25 price suggests a 25% likelihood of that outcome occurring. For instance, if you were looking at a sporting event where New York was $0.25 to beat Boston and you purchased $25 worth of shares and New York won, you'd get your $25 back as well as $75 in winnings for a total return of $100. The percentages and prices for each event are dictated by the market, meaning traders buying or selling contracts can push prices up or down on a regular basis.
Does Kalshi have election odds?
Yes, Kalshi takes predictions for local, national and international elections available on the platform. It also offers a wide range of different political prediction markets, such as nominees for different governmental positions, which party will have majority control in Congress after the 2026 midterm elections and much more.
Does Kalshi have presidential election odds?
Yes, Kalshi offers markets for the 2028 United States presidential election, as well as markets for who the nominees for both the Democratic and Republican parties will be.
Disclaimer: Event contracts trading involves a risk of substantial loss and is not suitable for all investors. Participation in prediction markets is subject to applicable eligibility requirements. Participation may be restricted or prohibited in certain jurisdictions and participants are responsible for ensuring their participation complies with applicable laws and regulations in their jurisdiction.
