administration:kalshi_account_mode

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administration:kalshi_account_mode [2026/08/27 20:11] – Worked example: show order #1 fill as explicit step (limit fill = no cash change); renumber to 9 steps frankadministration:kalshi_account_mode [2026/08/27 20:21] (current) – Remove Notes section; document per-lot commission formatting (1 Kalshi contract = 100 T4 lots, 2c => 0.0002) frank
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   * **Reducing orders reserve nothing.** A new order first offsets existing opposite exposure (net position not already consumed by other working orders); only the portion that increases exposure reserves premium. A position flip reserves only the increasing portion.   * **Reducing orders reserve nothing.** A new order first offsets existing opposite exposure (net position not already consumed by other working orders); only the portion that increases exposure reserves premium. A position flip reserves only the increasing portion.
   * **Estimated fees and commissions are reserved alongside premium** for new fill volume, so available cash reflects the full expected cash impact of the order up front. Accounts with Fees set to //None// reserve no fees.   * **Estimated fees and commissions are reserved alongside premium** for new fill volume, so available cash reflects the full expected cash impact of the order up front. Accounts with Fees set to //None// reserve no fees.
 +  * **Commission rates are per T4 lot, and Kalshi volume is fractional.** One full Kalshi contract is **100 T4 lots** (the market's volume scale), and the premium formulas above are stated per full Kalshi contract. Commission rates, however, are configured per T4 lot — so a fee of 2¢ per full Kalshi contract must be entered as ''0.0002'' (100 lots × 0.0002 = $0.02). Entering ''0.02'' would charge 100× the intended fee.
   * **Order revisions are re-gated.** A revision recomputes the reservation from the proposed price/volume and charges the difference — a price-only revise that increases the reservation consumes cash and can be rejected, while a volume decrease releases its reservation (reserved fees are not refunded).   * **Order revisions are re-gated.** A revision recomputes the reservation from the proposed price/volume and charges the difference — a price-only revise that increases the reservation consumes cash and can be rejected, while a volume decrease releases its reservation (reserved fees are not refunded).
   * **Fills re-price the reservation.** Once an order fills, the position's premium is recomputed from the actual average open price — a market order's conservative pre-fill reservation is replaced by the real cost of the fill. A **closing fill releases the position's premium entirely** and books realized P&L into available cash; fees on the closing volume are charged at fill time (reducing orders never reserve them up front).   * **Fills re-price the reservation.** Once an order fills, the position's premium is recomputed from the actual average open price — a market order's conservative pre-fill reservation is replaced by the real cost of the fill. A **closing fill releases the position's premium entirely** and books realized P&L into available cash; fees on the closing volume are charged at fill time (reducing orders never reserve them up front).
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 ===== Worked example ===== ===== Worked example =====
  
-Account with a $500.00 balance, no positions, contracts settling at $1.00, and a fee of **2¢ per contract** (reserved on increasing volume only):+Account with a $500.00 balance, no positions, contracts settling at $1.00, and a fee of **2¢ per full Kalshi contract** (configured as ''0.0002'' per T4 lot; reserved on increasing volume only). Volumes below are full Kalshi contracts:
  
 ^ # ^ Action ^ Premium ^ Fees ^ Total reserved ^ Available cash after ^ ^ # ^ Action ^ Premium ^ Fees ^ Total reserved ^ Available cash after ^
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 | Account Mode | Set to **Kalshi** (Admin Portal or Admin API). | | Account Mode | Set to **Kalshi** (Admin Portal or Admin API). |
 | Funding | The cash balance is the account's entire risk budget — fund it accordingly. | | Funding | The cash balance is the account's entire risk budget — fund it accordingly. |
-| Fees | Configure account fees as usual; estimates are reserved on working orders. With Fees = //None// nothing is reserved and imported fees still reduce cash. |+| Fees | Configure account fees as usual; estimates are reserved on working orders. **Commission rates are per T4 lot and one full Kalshi contract is 100 T4 lots** — a 2¢-per-contract fee is entered as ''0.0002''. With Fees = //None// nothing is reserved and imported fees still reduce cash. |
 | Markets | Only Kalshi prediction markets are tradeable in this mode; no per-market enablement is needed beyond the exchange being available to the firm. | | Markets | Only Kalshi prediction markets are tradeable in this mode; no per-market enablement is needed beyond the exchange being available to the firm. |
 | Resolved Value override | Optional: set the **parent firm contract** margin value for a contract to override the default $1.00 payout. Leave unset for standard binary contracts. | | Resolved Value override | Optional: set the **parent firm contract** margin value for a contract to override the default $1.00 payout. Leave unset for standard binary contracts. |
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 | Desktop client version | The T4 desktop client displays Kalshi available cash and equity with this mode's formulas from version **8.0.1.88** onward. Older desktop builds show futures-style values for Kalshi accounts — if a client-side balance looks wrong, check the frontend version first. | | Desktop client version | The T4 desktop client displays Kalshi available cash and equity with this mode's formulas from version **8.0.1.88** onward. Older desktop builds show futures-style values for Kalshi accounts — if a client-side balance looks wrong, check the frontend version first. |
 | Active time / blocked flags | Honored as in other modes: they block exposure increases while allowing reducing and flattening orders. | | Active time / blocked flags | Honored as in other modes: they block exposure increases while allowing reducing and flattening orders. |
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-===== Notes ===== 
- 
-  * Kalshi accounts use the standard end-of-day day change only (no alternate mid-day day change). 
-  * All reservations and checks are converted to USD using the contract currency's conversion rate. 
-  * Premium reservation math respects the market's volume scale, so fractional-contract listings reserve proportionally. 
-  * Kalshi mode is not compatible with [[administration:propfirm_rules|PropFirm Account Rules]] — prop-firm rules require the Auto Liq account mode. 
  • administration/kalshi_account_mode.txt
  • Last modified: 2026/08/27 20:21
  • by frank