Kalshi (website) is a federally regulated prediction market platform in the US founded in 2018 by MIT graduates Tarek Mansour (CEO) and Luana Lopes Lara (COO). As the first CFTC-regulated exchange for event contracts, Kalshi enables users to trade on binary outcomes of future events—such as elections, economic indicators, or weather—with contracts paying $1 for correct predictions.
KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.