KR-2026-01
Same quote, different depth: the cost of buying 100 contracts
A reproducible mechanics study with an interactive order-size explorer, complete example data, and a defined set of exclusions.
Independent research on market mechanicsResearch note 1 · October 2026
A price is only
part of the picture.
Two order books can show the same price and a different cost for your order. Our first research note makes that difference visible, one level at a time.
Read the research noteIllustrative YES asksContracts available
48¢
50¢
55¢
The question
What does a best quote leave out about an order’s cost?
The method
Two disclosed examples. The same arithmetic at every price level.
The boundary
No live market sample, return forecast, or trading strategy.
Research you can inspect.
KR-2026-01
Market mechanics
The method stays with the result.
Each report names its data, units, window, assumptions, and limitations. This inaugural report is a worked example, so its figures are explicitly synthetic.
Read the methodologyKalshi Report is an independent publication, not affiliated with or endorsed by Kalshi. Editorial information, not a trading recommendation.