Enter a Kalshi contract price (in cents) or any odds format.
All other fields update live.
Contracts and Payout Calculator
For the Kalshi price entered above
Contracts purchased
---
Profit if it resolves YES
---
Total payout if it resolves YES
---
Break-even probability
---
Common Kalshi Prices
Tap to load a typical contract price.
How Kalshi pricing works
Kalshi is a CFTC-regulated US event exchange. Every market is a
binary YES/NO contract that settles at $1 if the event happens
and $0 if it does not. The market price of the YES contract, in
cents, is the live probability estimate.
The price is the probability
A Kalshi contract trading at 40 cents implies a 40% probability.
The matching NO contract trades close to 60 cents. Because
Kalshi is an exchange rather than a sportsbook, there is no
operator-side vig: the bid and ask are set by traders, and the
two sides usually sum within a few tenths of a cent of $1.00.
The spread you pay is the bid/ask plus exchange fees, not a
fixed sportsbook margin.
Converting Kalshi cents to American odds
Treat the cent price as a percent and divide 100 by it to get
the decimal odds. A 40 cent YES is decimal 2.50,
American +150. A 75 cent YES is decimal
1.333, American -300. The same rule
runs in reverse: convert any American line to its implied
percentage and that number, in cents, is the equivalent Kalshi
price.
Contracts and payout
Spending $100 at 40 cents buys 250 contracts. If the event
resolves YES, each contract pays $1, for $250 total ($150
profit). At 80 cents the same $100 buys 125 contracts and
pays $125 ($25 profit). Kalshi caps your maximum loss at the
price you paid, so the calculator above reflects exactly what
you risk and what you can win.
Why traders compare Kalshi to a sportsbook
Because Kalshi has no bookmaker margin baked into the line,
the displayed price is close to a no-vig estimate of the true
probability. If a sportsbook is offering meaningfully better
odds on the same outcome, that is a candidate for positive
expected value. Conversely, if your book is worse, Kalshi
itself may be the better venue, regulated and US-legal in
most states.
Kalshi Odds Converter FAQ
What does a 40 cent Kalshi price mean?
A 40 cent YES means the market is pricing the event at a 40%
chance of happening. Each contract costs $0.40 and pays $1 on
a YES resolution. In sportsbook terms that is decimal
2.50, American +150, fractional
3/2.
How do I convert a Kalshi price to American odds?
Read the cent price as a percent. Divide 100 by it to get
decimal odds, then convert decimal to American. 25 cents is
25%, decimal 4.00, American +300. 80
cents is 80%, decimal 1.25, American
-400.
Does Kalshi have a vig like a sportsbook?
Not in the same form. There is no operator-side margin built
into the price. The cost of trading is the bid/ask spread set
by other traders plus Kalshi's exchange fee on settled
contracts. On liquid markets this is far smaller than a 4 to
8 percent sportsbook vig.
Can I sell a Kalshi contract before it resolves?
Yes. Kalshi is a continuous order book exchange. You can sell
your position to another trader at any time before settlement
for whatever price the market is offering, similar to selling
a stock.
How is Kalshi different from Polymarket?
Kalshi is a US-regulated derivatives exchange settling in USD
with a narrower set of CFTC-approved event contracts.
Polymarket is a decentralized exchange settling in USDC on a
blockchain with a much wider universe of markets but less
regulatory protection. The pricing math is identical. See the
Polymarket odds converter for the matching tool.