A game versus a contract
Kalshi sells event contracts in dollars. Ledger grades calls in Float. We do not claim to be a free Kalshi. We claim the rules that ship.
Updated September 11, 2026
Kalshi is a designated contract market. You buy Yes or No with dollars, under CFTC rules, with KYC and cash settlement. Ledger is a free-to-play game. You spend Float that cannot be bought. Reality grades the Board. Standing is a record, not a payout in cash. Kalshi has no free tier of the live product; a developer sandbox is not a game. If you want a regulated contract, that is Kalshi. If you want the ritual of the call without a cash door, that is Ledger.
Same sentence, different object
Both products ask you to take a side on a real event before the result. Kalshi’s object is a contract that clears in dollars. Ledger’s object is a ticket that clears in Float and, when the call is a skill call that lands, writes Standing. We borrowed the one-question, two-sides sentence. We did not borrow the order book, the deposit funnel, or the claim that play-money is a proven treatment.
The longer comparison, including what a free prediction game cannot offer, lives at Is there a free version of Kalshi?