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Kalshi implements an RFQ (Request for Quote) system for pre-execution communication between members. RFQs allow a requester to solicit quotes from market makers on a specific market and size. Execution follows a two-step lock: accept, then confirm. RFQs are available on any market, including combo (multivariate event) markets. Combo markets are classified as High Volatility Markets (HVM), which have shorter timing windows — see Timing.

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Interfaces

RFQs are accessible over REST, FIX, and WebSocket. Quote notifications arrive on the communications WebSocket channel, not the orderbook channel.

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Flow

  1. Requester creates an RFQ specifying a market ticker, size, and whether to rest any remainder.
  2. The RFQ is broadcast to all makers.
  3. Makers respond with quotes containing a yes_bid and no_bid. Quotes are for the full RFQ size. Each quote is private between the requester and the individual maker — makers cannot see each other’s quotes.
  4. Requester accepts one side of the best-priced quote.
  5. Maker confirms within the confirmation window. Once confirmed, neither party can withdraw.
  6. After the execution timeout, orders are placed on the public book.

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Sizing

When creating an RFQ, the requester specifies size in exactly one of:
  • contracts_fp — number of contracts (whole only).
  • target_cost_dollars — dollar amount to spend. The exchange derives a contract count from the quote price, returned as yes_contracts_fp / no_contracts_fp on the quote.

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Quotes

Each quote has two prices: yes_bid (price per YES contract) and no_bid (price per NO contract). These are typically different. Either can be "0" to decline that side, but not both. Prices must land on the market’s price grid. Check price_ranges on GET /markets/{ticker} for the valid step size. A new quote on the same RFQ replaces the maker’s previous quote.

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Timing

The exchange designates certain markets as High Volatility Markets (HVM). All combo markets are HVMs. HVMs use shorter confirmation and execution windows.
StandardHVM
Confirmation window30 s1 s
Execution timer15 s1 s
After acceptance, the maker has the confirmation window to confirm. Upon confirmation, the platform begins the execution timer. At the end of the timer, orders are entered into the book. Fills appear in GET /portfolio/fills — match on creator_order_id (maker) or rfq_creator_order_id (requester).

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WebSocket

Subscribe to the communications channel (requires auth). rfq_created and rfq_deleted go to all subscribers. quote_created, quote_accepted, and quote_executed go only to the involved requester and maker.

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Combos (MVE)

Combo RFQs include mve_collection_ticker and mve_selected_legs. Use Multivariate Event Collections to discover eligible combinations.

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Common errors

ErrorWhat’s going on
invalid_parametersPrice not on a valid step, or RFQ already closed
RFQ_CLOSEDRFQ was deleted, expired, or already executed
INSUFFICIENT_BALANCENot enough funds for the trade
409 ConflictOpen RFQ already exists on this market ticker