The Seats

Every week the board lists a hundred-odd seats. A seat is one trading rule, running on one kind of market, with its own clock and its own money. This page says what each one actually does, with the real trigger and the real threshold, so you can check our claims instead of trusting them.

Almost every seat here trades on paper, at the price the order book was actually showing. One desk trades real money; it is marked as such below and its complete daily record is on the proof page. Paper or real, every fill is charged the fee Kalshi would actually charge. Takers pay ceil(7 × price × (100 − price) / 10000) cents per contract. Makers pay nothing on more than 98% of Kalshi series and a quarter of the taker rate on about 130 of them, which the fee study lists in full. That fee is why a seat can pick winners and still finish red, and it's the most common thing this lab has proven so far.

The rest of this page is the reference itself: every seat on the board, grouped by market, with the trigger and the threshold each one actually fires on, plus the retirement notes for the ones that died. It is the working document behind every weekly board, and it is kept current as seats are added and cut.