Trading Crypto
When trading crypto, users swap one SPL token for another.- A quote is requested.
- The user signs and submits a transaction.
- The trade routes through available onchain liquidity venues.
- The output token is available 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 is available in the user’s wallet.
How These Trades Are the Same
From a trading perspective, crypto and prediction market trades 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.
Where They Differ
The differences come from asset behavior and liquidity structure, not from the trading model itself.- Crypto trades usually complete atomically.
- Prediction market trades always execute asynchronously through CLPs.
- Prediction markets eventually resolve, allowing outcome tokens to be redeemed.