Kalshi adds transparency tools to U.S. election contracts before midterms
With less than a month until the midterm elections, Kalshi is introducing new disclosure tools for its election contracts as trading interest shifts toward more local contests. The changes include low-volume labels, accuracy scores and live trade feeds, aimed at helping users assess liquidity and market reliability.
Highlights
- Kalshi introduced tags for low-volume election markets (less than $10,000 volume), Brier scores, and a live trade activity feed to boost transparency before U.S. midterms.
- CEO Tarek Mansour reports Kalshi's election markets are expanding six times faster than football markets this year, driven by heightened interest in local races.
- Internal data shows market viewers outnumber traders five to one during the midterms, bolstered by the July launch of the Midterms Hub tracking Senate and House odds.
New election market disclosures
As reported by CNBC, Kalshi is launching three features on its election contracts to give traders more visibility into how active and accurate the markets are ahead of the U.S. midterms.The first feature adds tags to identify low-volume election markets, which the company defines as contracts with less than $10,000 in volume. Prediction market specialists have warned that prices in thinly traded markets can swing sharply, while spreads between bid and ask prices can widen.
Kalshi is also adding Brier scores to its own election markets, a metric designed to measure how closely market probabilities match actual outcomes. The platform is further rolling out a live activity feed that displays individual trades taking place on election contracts in real time.
Trading patterns and market implications
Kalshi says it decided to add the transparency features after observing that election traders are taking more interest in markets tied to local races than in national contests. Co-founder and CEO Tarek Mansour describes the midterms as the "first meaningful prediction market election," adding that the platform's election markets are growing six times faster than football markets this year versus the year before.Internal company data also shows a wider audience is following the midterm markets than actively trading them, with viewers outnumbering traders by a ratio of five to one. In July, the platform launched a Midterms Hub that lets users track traders' odds on markets tied to U.S. Senate and House of Representatives races.
The dispute over international monitoring of the 2026 U.S. midterm elections highlighted growing tensions around election transparency after the administration declined to invite OSCE observers, ending a practice in place since 2002. Our publication previously noted that critics warned the move could weaken public trust in election integrity and undermine U.S. democratic credibility with allies.
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