> ## Documentation Index
> Fetch the complete documentation index at: https://docs.routeur.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Venues

> What differs between Kalshi and Polymarket, and how the API evens it out.

Routeur covers **Kalshi** and **global Polymarket**. Their listings are shaped differently; the API gives both the same form, and keeps the venue's own identifiers so you can act on them.

|                 | Kalshi                                                | Polymarket                                                 |
| --------------- | ----------------------------------------------------- | ---------------------------------------------------------- |
| `venue`         | `kalshi`                                              | `polymarket`                                               |
| Market `id`     | The market ticker, such as `KXFEDDECISION-26OCT-H0`   | The market slug, such as `fed-decision-in-october`         |
| Event `id`      | The event ticker                                      | Polymarket's event id                                      |
| Outcomes        | A Yes and a No on every market                        | Two outcome tokens per market; the first is treated as Yes |
| Trade `outcome` | `yes` or `no`                                         | The outcome's label, with its token                        |
| Recorded        | Every 15 minutes                                      | Every 30 minutes                                           |
| Settled history | Kalshi's own archive back to 2021, with daily candles | Imported history from February 2026, marked `archive`      |

## Prices

Every price is an ask per contract that pays \$1, as a decimal string in USD. The **implied chance** of an outcome is the midpoint of its best Yes ask and one minus its best No ask across venues that list it.

When an outcome is listed on both venues, `prices` carries each venue's asks and `best_venue` names the cheaper Yes.

## Fees

Leads carry `estimated_fee_usd` from each venue's fee schedule, and a lead's [`depth`](/concepts/leads) is walked with the series' real fees and minimum sizes. Fees change; treat estimates as estimates.

## Contract versions

A market's terms can change. Each version has a `rules_hash`, and relations are proven against a specific version; when terms change, the market is re-read and its relations proven again.