Prediction Market Glossary: 50+ Terms Explained (Polymarket & Kalshi, 2026)

Basics

Event contract

A contract that pays out according to whether a specified event happens, such as an election result or an interest-rate decision. The US regulator, the CFTC, defines it as a derivative whose payoff is based on a specified event, and says most are yes-or-no contracts with a fixed payout, usually $1, and an expiry date. Polymarket calls its version shares and Kalshi calls them contracts; for the bigger picture, see what a prediction market is.

Yes/No share

The two sides of a binary market: a Yes share pays $1 if the event happens and $0 if not, and a No share pays the reverse. Because one Yes plus one No always pays exactly $1, their prices mirror each other; Kalshi's docs put it as a Yes bid at X being the same as a No ask at $1 − X, and on polymarket.com every Yes/No pair is backed by exactly $1 of collateral. The Polymarket US app lists one instrument per outcome, and selling Yes there works exactly like buying No; see how Polymarket works and how Kalshi works.

Position

What you hold in a market: how many Yes or No shares (contracts) you own and what you paid for them. Polymarket tracks each position's average entry price, current value (shares × current price) and profit or loss, and the Polymarket US app shows contracts held, average entry price, current price and potential payout. On polymarket.com you can hold Yes and No in the same market, and each Yes/No pair is worth $1 at resolution whichever way it goes.

Prices and odds

Implied probability

The chance of an event that a market price suggests: the price in dollars × 100, so a 37¢ Yes implies about 37%. Polymarket and Kalshi both present prices this way, but the reading is approximate: academic work finds prices are usually close to traders' average belief, with the biggest distortions near 0¢ and $1, and fees and the bid-ask spread mean the price you actually pay differs from the headline number. See how to read prediction market odds.

Bid

The highest price someone is currently willing to pay for a share. It is what you receive if you sell immediately, so a market sell usually gets less than the price displayed for the market, and a large sale can fill at lower bids too. In Kalshi's docs, a Yes bid at X is equivalent to a No ask at $1 − X.

Ask (offer)

The lowest price someone is currently willing to sell a share for. It is what you pay if you buy immediately, so on polymarket.com a market buy costs the ask, not the midpoint shown as the market's price: in Polymarket's own example the market shows 37% while the ask is 40¢. See how to buy on Polymarket.

Spread (bid-ask spread)

The gap between the best ask and the best bid: with a 34¢ bid and a 40¢ ask, the spread is 6¢. Polymarket's docs say tighter spreads indicate more liquid markets. Buying at the ask and later selling at the bid costs you the spread even if the midpoint never moves, on top of any fees.

Midpoint (mid price)

The price halfway between the best bid and the best ask, (bid + ask) ÷ 2, so a 34¢ bid and a 40¢ ask give a 37¢ midpoint. polymarket.com displays the midpoint as a market's price, or the last traded price if the spread is wider than 10¢. Kalshi doesn't document whether its headline figure is the midpoint, the last trade or something else, so on either platform the live bid and ask show what you can actually trade at; more in how to read prediction market odds.

Last trade (last traded price)

The price of the most recent completed trade. It can be stale, hours old or far from where you could trade now. polymarket.com shows the last trade instead of the midpoint when the spread is wider than 10¢, so in a thin market the displayed percentage may say little about the current bid and ask.

Orders and the order book

Order book

The live list of open buy orders (bids) and sell orders (asks) in a market, with the number of shares waiting at each price. Kalshi, polymarket.com and the Polymarket US app all run order books in which traders' orders are matched against each other; the Polymarket US docs call theirs a central limit order book. Polymarket's help center advises checking the book's depth before a large order.

Depth (market depth)

How many shares are waiting in the order book at and near the best prices. In a deep book a large order fills close to the best price; in a shallow one it walks through several price levels. Polymarket has no size limits on orders but says there is no guarantee you can trade a given amount without moving the price significantly, or at all.

Liquidity

How easily you can buy or sell without moving the price much: a liquid market has tight spreads and plenty of depth. Thin markets are the most exposed to big price swings and manipulation attempts, according to academic reviews, and Kalshi's self-published calibration study says its forecasts improve with participation and volume.

Slippage (price impact)

The difference between the price you expected and the average price you actually get, usually because your order is bigger than what is waiting at the best price. For example, spending $100 on Yes when 100 shares are offered at 40¢, 100 at 42¢ and more at 45¢ buys 100 + 100 + 40 = 240 shares at an average of $100 ÷ 240 ≈ 41.67¢, not 40¢. The Polymarket US docs give the example of a contract near 97¢ that could fill at 94¢.

Market order

An order to buy or sell straight away at the best prices currently available. In Polymarket's order system it is a limit order priced to fill immediately against resting orders, a buy is sized in dollars and a sell in shares, and it pays the taker fee where one applies. If there isn't enough on the book, it either fills what it can and cancels the rest or is cancelled entirely (see FOK and FAK).

Limit order

An order to buy or sell at a price you set or better. If it can't match straight away, it rests on the order book until someone takes it, you cancel it or it expires, and it can fill in parts. A resting limit order that later fills is a maker order, which pays no fee on polymarket.com and, by default, none on Kalshi; one priced to match immediately is a taker order.

GTC (good 'til cancelled)

An order duration: the order stays open until it fills or you cancel it. Polymarket's order system and the Polymarket US API both offer it. Even a GTC order can be cancelled for you: polymarket.com cancels resting orders in sports markets when the game starts and clears the order book when a market's rules are clarified.

GTD (good 'til date)

An order duration: the order stays open until a time you choose and then expires if it hasn't filled. In Polymarket's order system a GTD order expires one minute before its stated time as a security buffer, and the Polymarket US API also offers GTD.

FOK and FAK (fill-or-kill, fill-and-kill)

Two ways an order that should fill immediately handles a shortfall. Fill-or-kill (FOK) must fill completely at once or is cancelled entirely; fill-and-kill (FAK) fills whatever is available immediately and cancels the rest. Polymarket's market orders use one of the two (its docs don't say which the website uses), and the Polymarket US API lists FOK and IOC (immediate-or-cancel) among its order durations.

Partial fill

When only part of an order is matched. A limit order can fill in pieces as different traders take it; on polymarket.com the filled part can't be cancelled, only the unfilled remainder. On the Polymarket US app, an order that can't fill completely is partly filled and the rest stays open on the book.

Tick size

The smallest step in which a price can move, set market by market. On polymarket.com the docs' examples use 1¢ (0.01), some markets use finer steps such as 0.5¢, the tick can narrow (for example to 0.1¢) when the price is above 96¢ or below 4¢, and all World Cup markets moved to a 0.25¢ tick in July 2026. An order priced between ticks is rejected.

Minimum order size

The smallest order a market accepts. On polymarket.com it is set per market in shares (5 in the docs' examples) and smaller orders are rejected; there is no maximum, though a large order can move the price. The Polymarket US app trades whole contracts only, so $100 at 65¢ buys 153 contracts for $99.45 and the other $0.55 goes back to your cash balance.

Maker

A trader whose order rests on the order book and is matched later, adding liquidity. On polymarket.com makers pay no trading fee and can share in a daily rebate pool; on Kalshi makers generally pay nothing, though some series charge a maker fee; on the Polymarket US app makers receive a rebate. See maker rebate.

Taker

A trader whose order matches immediately against orders already on the book, removing liquidity; every market order is a taker order. Takers pay the trading fee: on polymarket.com in every category except geopolitics, on Kalshi at a standard rate of 0.07 (some series differ) and on the Polymarket US app at 0.0695, see fee rate. An academic study of Kalshi found average returns of about −31% for takers against about −10% for makers.

Fees

Fee rate (taker fee)

The number that sets a taker's trading fee. On Polymarket and Kalshi the fee is shares × rate × price × (1 − price), largest at 50¢ and shrinking toward 0¢ and $1: the fee on 100 shares at 50¢ is $1.75 at Kalshi's 0.07, about $1.74 at the Polymarket US app's 0.0695 and $1.00 at a 0.04 rate on polymarket.com, and because the fee comes on top of the price, a taker who holds to resolution breaks even only if the event's chance is above the price plus the fee per share. As of September 2026 polymarket.com's rate depends on the category (0.07 crypto; 0.05 sports, economics, culture, weather and other; 0.04 finance, politics, mentions and tech; 0 geopolitics); see Polymarket fees explained, Kalshi fees explained and the fee calculator.

Maker rebate

Money paid back to makers whose resting orders get filled. On polymarket.com a share of taker fees (15% to 25% depending on the category, none in geopolitics, per Polymarket's docs as of September 2026) goes into a pool paid out daily in pUSD, split in proportion to the fees each maker's filled orders would have paid as a taker. On the Polymarket US app each maker fill earns 0.0125 × contracts × price × (1 − price), about $0.31 per 100 contracts at 50¢; see Polymarket fees explained.

Profit and loss

Average price (average entry price)

What you paid per share on average across all the fills that built a position, also called your cost basis. Buy 100 shares at 40¢ and 100 at 42¢ and your average price is 41¢. Both polymarket.com and the Polymarket US app show it for each position.

Mark-to-market (current value)

Valuing a position at the current market price rather than at what you paid. Polymarket's docs define a position's current value as shares × current price and its profit or loss as current value minus cost. Because polymarket.com's displayed price is the midpoint (or last trade), a position bought at the ask is usually marked below what you paid straight away, and the mark isn't what a sale would get, which is the bid.

Realized and unrealized P&L

Unrealized profit and loss (P&L) is the gain or loss on shares you still hold, valued at the current price; realized P&L is fixed when you sell or the market resolves. Buy 100 Yes at 40¢, and if the price is now 55¢ your unrealized gain is 100 × (55¢ − 40¢) = $15 before fees; sell at 55¢ and it becomes realized. On polymarket.com taker fees are charged in pUSD at each fill and reduce both figures.

Money and wallets

pUSD (Polymarket USD)

The token polymarket.com has used as cash for trading since its April 28, 2026 exchange upgrade: a token on the Polygon network backed 1:1 by USDC, replacing bridged USDC (USDC.e). Deposits are converted into pUSD and a winning share redeems for 1 pUSD, but some exchanges no longer accept pUSD deposits, so check what a receiving service accepts before withdrawing. The Polymarket US app and Kalshi work in US dollars instead; see Polymarket deposits and withdrawals.

USDC

A dollar stablecoin: a crypto token designed to stay worth $1. On polymarket.com you can deposit USDC, native or the bridged USDC.e, and it is wrapped into pUSD, which is backed 1:1 by USDC; other supported tokens are swapped first. Polymarket charges no fee to deposit or withdraw, but bridges, swaps and blockchain networks can add their own costs.

Polygon

The blockchain network polymarket.com runs on: pUSD balances and Yes/No shares are tokens on Polygon. Deposits sent on other supported networks, such as Ethereum, Solana or Bitcoin, are converted automatically, and Polymarket's relayer lets accounts trade without paying network (gas) fees themselves. The Polymarket US app is funded in US dollars instead.

Deposit address

The crypto address you send funds to when depositing on polymarket.com. Each account has a fixed address for each network type (EVM chains, Solana, Bitcoin and Tron) that can't be changed or regenerated, and transactions sent to the wrong chain or address can't be reversed, with recovery possible only in some cases. The address shown on the profile settings page is a different one, marked 'Do not send funds to this address'; see Polymarket deposits and withdrawals.

Non-custodial

A service that never takes custody of your funds: you control them through your own wallet and keys. polymarket.com is non-custodial, so its security depends on how you protect your credentials and private key, and Polymarket can't reverse resolutions or recover funds lost to shared login codes. The Polymarket US app works like a conventional account instead: you verify your identity and deposit dollars into a cash balance.

Private key

The secret code that controls a crypto wallet: whoever has it can move the funds in it. Polymarket lets email sign-ups export their key, says it will never ask for your private key and tells users never to share it or their 6-digit login code with anyone; if you lose your credentials, you lose access to the funds. Accounts opened with a wallet such as MetaMask keep the key in that wallet.

Resolution and settlement

Resolution

The point at which a market's outcome is officially decided under its written rules; after it, trading stops, winning shares pay $1 and losing shares $0. The rules decide, not the headline: Polymarket says a market's title only describes it, and in 2026 Kalshi settled its market on whether Khamenei would leave office before March 1 at the last traded price before his death, invoking a 'death carveout' that traders challenged in a class action. polymarket.com resolves markets through the UMA Optimistic Oracle, while on the Polymarket US app the exchange confirms results itself.

Resolution source

The source a market's rules name for deciding the outcome, such as an official result or a data release. The Polymarket US app decides from publicly verifiable information in the sources its rules name and says unlisted sources have no effect; on polymarket.com the rules under the order book set the source, Polymarket can add context for proposers and voters that can't change the question's fundamental intent, and clarifying a market clears its order book. Because the same headline event can be settled differently on two platforms, the rules matter more than the title.

UMA Optimistic Oracle

The system polymarket.com uses to settle markets: a result is proposed with a bond and stands unless someone disputes it within 2 hours. Since September 2025 only whitelisted addresses can propose results for Polymarket markets while anyone can still dispute, and a repeated dispute goes to a vote of UMA token holders, which critics say lets large holders sway outcomes. The Polymarket US app doesn't use it.

Proposal bond

Money a proposer puts up when submitting a market result to UMA, typically $750 in pUSD on polymarket.com. A correct proposal that isn't disputed gets the bond back plus a reward, while a wrong or premature one loses it. A disputer posts a bond of the same size, and after a vote the side that wins gets its bond back plus half of the loser's.

Challenge window (challenge period)

The time during which a proposed result can be disputed: 2 hours for polymarket.com markets. If nobody disputes it within the window, the result stands, so an undisputed market resolves about 2 hours after the proposal. Polymarket doesn't publish how soon after an event a result is normally proposed.

Dispute

A challenge to a proposed result, made on UMA's site during the 2-hour window by posting a bond, usually $750. Under Polymarket's docs a first dispute leads to a second proposal and a second dispute sends the question to UMA's vote of token holders, which takes about 48 hours, so a disputed market usually takes 4–6 days, longer if the vote rolls over to another round. Once UMA finalizes a result, Polymarket says it can't alter or reverse it; see how to sell and redeem on Polymarket.

Redeem (claim)

Turning winning shares into cash after resolution. On polymarket.com you claim (redeem) winning shares for 1 pUSD each, with no Polymarket fee and no deadline, and the pUSD stays in your Polymarket balance until you withdraw it; losing shares return nothing. On the Polymarket US app, settled contracts are paid into your cash balance automatically with no claim step, and Kalshi's fee schedule says it charges no settlement fee; see how to sell and redeem on Polymarket.

50-50 resolution

An outcome in which every Yes and every No share redeems for $0.50 instead of $1 or $0. On polymarket.com it happens when a market's rules call for it, for example a cricket match that is cancelled or ends without a winner, or, rarely, after a UMA vote finds the answer can't be determined. The Polymarket US app instead settles cancelled or no-contest games at the last fair market price, which can be any price, and pays $0.50 on a winner contract only when there is no winner.

Market types

Multi-outcome market

A market with more than two possible answers, such as who wins an election. On polymarket.com each outcome is its own Yes/No market grouped under one event, so you buy Yes on an outcome you expect or No against it (see negRisk). Because only one outcome can win, the Yes prices should add up to roughly 100%, but displayed figures can land a little above or below because of spreads, stale trades and rounding, and neither platform publishes a rule on this.

negRisk (negative risk)

Polymarket's structure for multi-outcome events in which exactly one outcome resolves Yes and every other resolves No. Because of that, one No share in any outcome can be converted into one Yes share in every other outcome. Some of these events have placeholder outcomes and an 'Other' option; Polymarket's docs say to trade only named outcomes, and if the correct answer isn't named, the market resolves to 'Other'.

Combo (parlay)

A single position built from several outcomes, called legs, that pays only if every leg is right, like a sportsbook parlay. Polymarket's help center says that if any leg of a Combo resolves incorrectly the whole Combo is lost, and that you can sell a Combo before resolution. The Polymarket US app gives combos their own fee formula, and Kalshi's fee schedule lists combo series with different fee multipliers.

Platforms and regulation

CFTC (Commodity Futures Trading Commission)

The US federal regulator of futures, swaps and event contracts. It designated Kalshi as an exchange in November 2020, ordered Polymarket to pay a $1.4 million penalty in January 2022 for offering event markets without registering, and oversees QCX, the exchange behind the Polymarket US app. In June 2026 it proposed rules on which event contracts are in the public interest, and as of September 2026 federal appeals courts are split on whether states can regulate sports event contracts as gambling.

DCM (designated contract market)

A US exchange approved by the CFTC to list futures and event contracts. Kalshi (KalshiEX LLC) has been one since November 2020, and the Polymarket US app is operated by QCX LLC, a DCM Polymarket bought in 2025; polymarket.com is a separate international product that US residents can't use. A DCM can list a new contract by self-certifying it, and the CFTC can bar contracts involving terrorism, assassination, war, gaming or unlawful activity that are contrary to the public interest; compare the platforms in Polymarket vs Kalshi.

KYC (know your customer)

Identity checks a platform runs before letting you trade. The Polymarket US app requires them before any deposit or trade (full name, date of birth and address, and sometimes a government ID and a selfie). polymarket.com's sign-up has no identity step, although its terms let it request more information, and a Polymarket executive said in May 2026 that no KYC was being added to the existing site.

Geoblock

Blocking access based on where you are. polymarket.com blocks the US and dozens of other countries and regions under its own published lists, Kalshi's member agreement lists 55 restricted countries, and several governments have separately ordered internet providers to block one or both platforms, so a country missing from a platform's list isn't necessarily one where it is allowed. Polymarket's terms prohibit using a VPN or similar tool to get around its restrictions; see where Polymarket and Kalshi are available.

Close-only mode

A restriction under which you can sell or close existing positions but can't open new ones. Polymarket's help center (updated August 14, 2026) applies it to users in Singapore, Poland, Thailand and Taiwan, says users in Germany must hold positions until resolution to redeem them, and its terms say the wallets of anyone who breaks them may be placed in close-only mode. Polymarket's terms prohibit using a VPN to get around these restrictions; see where Polymarket and Kalshi are available.

Risks and accuracy

Whale

A trader with positions large enough to move a market's price. In 2024 a French trader held about $28.6 million on Trump across four Polymarket accounts; Polymarket said it found nothing to suggest he had manipulated the market, and an on-chain research preprint read the episode as trading on differing beliefs rather than manipulation. On Intrade in 2012, one trader who placed more than a third of all bets on Romney to win lost close to $7 million.

Wash trading

Trading with yourself, or in concert with others, to create volume without taking real market risk. A Columbia University study reported in November 2025 estimated that about 25% of Polymarket's historical volume was likely wash trading, peaking near 60% of weekly volume in December 2024, and Polymarket's terms prohibit it. That's one reason volume figures, which are also counted in different ways, are an imperfect guide to real activity.

Insider trading

Trading on material non-public information, such as a leak about a decision before it is announced. In April 2026 the US Justice Department charged a soldier with using classified information to win about $409,881 on Polymarket, and in February 2026 Kalshi fined and suspended a video editor over trades it said likely used such information. Polymarket's market-integrity rules and the Polymarket US app's trading restrictions prohibit it, and the CFTC asked about inside information in its 2026 review of prediction markets.

Favorite-longshot bias

The tendency for cheap long shots to win less often than their price implies, and for favorites to win slightly more often. An academic study of Kalshi found that contracts under 10¢ lost over 60% of the money put into them on average while contracts above 50¢ earned a small positive return; on Polymarket the evidence is mixed and depends on how returns are measured. It is one reason a very low price shouldn't be read literally as a probability; see how to read prediction market odds.

Brier score (and calibration)

A measure of forecast accuracy: the average of (forecast − outcome)², where the outcome is 1 if the event happened and 0 if not, so 0 is perfect and always forecasting 50% scores 0.25; a 70% forecast scores 0.09 if the event happens and 0.49 if it doesn't. A market is well calibrated when events priced at X% happen about X% of the time. Polymarket and Kalshi both publish accuracy figures for themselves; these are self-published and don't disclose every detail of their method, so see how to read prediction market odds.

Frequently asked questions

What does a price of 70¢ mean on a prediction market?

It means the market puts the chance of the event at roughly 70%. A Yes share bought at 70¢ pays $1 if the event happens, 30¢ more than you paid before fees, and $0 if it doesn't, so you lose the 70¢; the CFTC uses the same 70-cent example. Treat the number as approximate, because fees, the bid-ask spread and known biases near the extremes all matter, as explained in how to read prediction market odds.

Why is the price I pay higher than the percentage shown?

On polymarket.com the percentage is usually the midpoint between the best bid and ask, while a buy fills at the ask, and a taker fee is added in most categories. In Polymarket's example the market shows 37% with a 34¢ bid and a 40¢ ask; buying 100 shares in a category with the 0.04 rate costs 100 × 40¢ = $40.00 plus a fee of 100 × 0.04 × 0.40 × 0.60 = $0.96, or $40.96 in total, about 41¢ a share.

How are prediction market outcomes decided?

Each market is settled under its written rules, which can differ from what the headline suggests. polymarket.com uses the UMA Optimistic Oracle: a proposed result stands if nobody disputes it within 2 hours, while a disputed one usually takes 4–6 days and can go to a vote of UMA token holders. On the Polymarket US app the exchange confirms results from the sources named in the rules and pays winners into their cash balance automatically.

What is the difference between Polymarket and Kalshi?

Kalshi is a US exchange regulated by the CFTC since 2020 whose contracts are priced and paid in dollars. polymarket.com is an international, non-custodial crypto platform on the Polygon network that settles markets through UMA and is closed to US residents, while Polymarket US is a separate CFTC-regulated app for US users. Both restrict many countries (see where Polymarket and Kalshi are available; Polymarket's terms prohibit using a VPN to get around its restrictions), and our Polymarket vs Kalshi comparison covers fees and markets side by side.

Sources & verification

Every definition on this page rests on the sources below, checked on September 24, 2026. Where platforms' own pages disagree or a detail couldn't be confirmed, the entry says so or leaves it out. Fees, order rules and regulation change often; we re-verify this page quarterly. How we work: methodology.

US regulators and courts: CFTC, Understanding Prediction Markets and Event Contracts, contracts and products, Kalshi designation (November 4, 2020), Polymarket order (January 3, 2022), June 2026 proposed rule and March 2026 request for comment; US Department of Justice, charges over prediction-market bets (April 23, 2026); Ninth Circuit opinion (August 28, 2026) and Third Circuit opinion (April 6, 2026).

polymarket.com help center: How Are Prices Calculated?, Does Polymarket Have Trading Limits?, Limit Orders, Trading Fees, Exchange Upgrade April 28, 2026, How Are Prediction Markets Resolved?, How Are Markets Disputed?, How Are Markets Clarified?, What are Combos?, How to Deposit, Is My Money Safe?, How Do I Export My Key?, How to Sign-Up, Geographic Restrictions and Website vs App.

Polymarket developer docs: prices and order book, order book, order lifecycle, placing orders, market data channel, changelog, fees, maker rebates, positions and tokens, how positions work, managing positions, redeeming, resolution, markets and events, negative risk, pUSD, deposits, withdrawals, wallets and geoblock; polymarket.com Terms of Use (effective August 11, 2026), settings page, accuracy page and the rules of a cricket market (checked September 24, 2026).

Polymarket US docs: what Polymarket US is, market structure, orders, order types, creating orders (API), whole contracts, fee schedule, price slippage, monitoring positions, contract settlement, market resolution, sports FAQs, creating an account, cash balance and trading restrictions.

Kalshi: What Is Kalshi? (February 9, 2026), how to read probabilities (March 12, 2026), how prices are determined, order book docs, fee schedule (effective July 7, 2026), calibration study (August 20, 2026, self-published) and Member Agreement. UMA: managed proposers update (November 8, 2025) and voting walkthrough.

Research: Wolfers & Zitzewitz, Interpreting Prediction Market Prices as Probabilities (NBER, 2006); Bürgi, Deng & Whelan, Makers and Takers: The Economics of the Kalshi Prediction Market (2026); Reichenbach & Walther, Accuracy, Skill, and Bias on Polymarket (2025); Cardozo & Rivero-Wildemauwe, The Favorite–Longshot Bias in Prediction Markets (2026 preprint); Rothschild & Sethi, Trading Strategies and Market Microstructure (2016); The Anatomy of a Blockchain Prediction Market (2026 preprint).

Reporting: NBC News on the French trader (October 2024); Decrypt on the Columbia wash-trading study (November 7, 2025); NPR on Kalshi's insider-trading cases (February 25, 2026); CasinoBeats on Kalshi's Khamenei market (March 9, 2026); Cointelegraph on Polymarket and KYC (May 28, 2026); PR Newswire on Polymarket's QCEX purchase (July 21, 2025); Business Wire on Polymarket's integrity rules (March 20, 2026); The Block on UMA's oracle update (August 12, 2025).

PolyKal is an independent research tool, not affiliated with Polymarket or Kalshi. This glossary explains terms; it is not financial, legal or tax advice, and not an invitation to open an account or trade.