Trading spot crypto
When trading spot crypto, users swap one SPL token for another.- A quote is requested.
- The user signs and submits a transaction.
- The trade routes through onchain liquidity venues.
- The output token lands in the user’s wallet.
Trading prediction markets
When trading prediction markets, users trade outcome tokens that represent possible results of an event.- A quote is requested for an outcome token.
- The user signs and submits a transaction.
- The trade executes through Kalshi’s prediction market liquidity.
- The outcome token lands in the user’s wallet.
Same model, different assets
From a builder’s perspective, both asset types follow the same flow:- Quotes are requested the same way.
- Users sign and submit transactions the same way.
- The same routing and execution primitives apply.
- Spot crypto trades complete atomically.
- Prediction market trades always execute asynchronously through CLPs.
- Prediction markets eventually resolve, so outcome tokens can be redeemed.