| Archive | History from before Routeur recorded it: Kalshi’s own settled archive and an imported Polymarket record. Marked "source": "archive" on quote points and archived on tape and flow rows. | quotes, calibration, tape |
| Ask | The lowest price someone offers to sell at: what it costs to buy one Yes or No contract now. Every price in the API is an ask unless named otherwise. | yes_ask_usd, no_ask_usd |
| Bid | The highest price someone offers to buy at. Only the latest quote of a market carries bids; a Yes ask is a No bid at one minus the price. | yes_bid_usd, no_bid_usd, order books |
| Calibration | How often markets priced in a band resolved Yes, against their price, per venue, category and horizon. | GET /v1/insights/calibration |
| Category | One of Sports, Politics, Economics, Crypto, Culture, Tech & Science, Weather, World, Other. | category on events; category filters |
| Chance | An outcome’s implied probability: the midpoint of its best Yes ask and one minus its best No ask across the venues that list it. | chance on outcomes |
| Contract | A market’s terms. A contract pays $1 if its question resolves in its favour and $0 otherwise. | rules, proof trails |
| Contract version | One recorded state of a market’s terms, identified by its rules hash, with when it was first and last seen. | versions[] on /rules |
| Crawl | One pass that reads a venue’s listings, terms and top of book. Kalshi every 15 minutes, Polymarket every 30. | latest_crawls in GET /v1/status |
| Cross-venue | Involving one market on Kalshi and one on Polymarket. | cross_venue flags and filters |
| Cursor | An opaque string that names where the next page starts, or, on the stream, the last event received. Pass it back unchanged. | next_cursor, cursor, Last-Event-ID |
| Deep | Liquidity grade: round trip of $0.02 or less, and either $25,000 traded in 24 hours or $250,000 of open interest. | liquidity |
| Depth | A lead sized against the live order books by walking both ladders with fees and minimum sizes: how many pairs, their cost, fees and net, and what stopped the fill. | depth on leads |
| Depth within 5 cents | USD resting within 5 cents of a side’s best bid in the recorded book (book_yes_depth_5c_usd, book_no_depth_5c_usd); books also report 1- and 2-cent windows. | market objects, books |
| Equivalent | Relation: the two markets resolve Yes in exactly the same outcomes. | relation |
| Event | A real-world question grouping one or more markets, such as a game with one market per line or a Fed decision with one market per outcome. Addressed as {venue}/{id}. | GET /v1/events |
| Evidence | The facts recorded when a relation was proven, as text. | evidence[] on relations |
| Executable | depth.executable = true: at least one whole pair of the lead could be bought for less than it pays, after fees and minimum sizes, on the books as observed. | depth.executable, executable=true filter |
| Flow signal | Unusual trading in one market: burst (far more trades than usual), large_fill (one fill much larger than typical) or one_sided (flow almost all one way that moved the price). | GET /v1/flow, kind |
| Gap | The difference between the Yes asks of two proven-equivalent markets on different venues, in cents. | gap_cents in compare_venues |
| Graph run | One hourly build of the relation graph from the latest complete crawls, numbered. Graph-derived responses name the run they were read from. | graph_run |
| Horizon | How many days before a market closed its price is taken, for calibration and strategies: 1, 7 or 30. | horizon_days |
| Imbalance | (Yes depth − No depth) / (Yes depth + No depth) over the 5-cent windows, from −1 (all resting money is on No) to 1 (all on Yes). | book_imbalance, imbalance |
| Implies, implied by | Relation from the requested market’s side: implies means if this market resolves Yes the other does too; implied_by is the reverse. Stated from the left market’s side on cross-venue pairs and proofs as subset and superset. | relation |
| Informational | A lead whose relation is proven but whose venues settle a delayed or cancelled economic release differently. Never offered as executable; depth.limited_by is informational. | depth.limited_by, issues[] |
| Lead | A two-leg purchase that pays at least $1 in every outcome a proven relation allows, with its cost, gross edge, estimated fee and net edge at the top of book, and its depth. | GET /v1/opportunities |
| Leg | One side of a lead: a venue, a market, a side (yes or no) and the ask. | legs[] |
| Limited by | What stopped a lead’s fill from growing: price (the next pair would cost at least its $1 payout, fees included), depth (a leg’s book ran out), minimum (the profitable size is below an order minimum), fees (rounded fees consumed the edge), unavailable (no depth could be measured) or informational (see below). | depth.limited_by |
| Liquidity | How tradeable a market is, carried on every object that names one: 24-hour volume, open interest, round-trip spread, trades in 24 hours and a grade of deep, tradeable or thin. | volume_24h_usd, spread_usd, liquidity |
| Market | One contract, addressed by its venue and that venue’s id: a ticker on Kalshi (KXNFLTOTAL-26SEP17DETBUF-55), a slug on Polymarket (nfl-det-buf-2026-09-18-total-54pt5). | venue, id, market_id |
| Microprice | The bid and ask weighed by the size resting at the other: (Yes bid × ask size + Yes ask × bid size) / (both sizes). Leans toward the thinner side. | microprice_usd |
| Mid | (Yes bid + Yes ask) / 2. | mid_usd |
| Mutually exclusive | An event whose markets cannot both resolve Yes, such as one winner among candidates. | mutually_exclusive, event_mutually_exclusive |
| Notional | Price times quantity, in USD. | notional_usd |
| Open interest | Contracts currently held, at face value. Kalshi only. | open_interest_usd |
| Outcome | One answer to an event’s question, priced on each venue that lists it, with the better venue named. | outcomes[], best_venue |
| Overlaps | Relation: the two markets’ Yes outcome sets intersect without either containing the other. | relation |
| Proof trail | The ordered steps that establish a relation, rebuilt from the stored contract versions: usable, same_event, same_variable, intervals, mutually_exclusive, game_quantity, same_game, orient_margin, econ_quantity, not_reproduced, conclusion. | GET /v1/relations/{left_venue}/{left_id}/{right_venue}/{right_id} |
| Proposition | A market whose structured terms a proof can read: an event, a variable and a Yes interval. | propositions in GET /v1/status |
| Quote | A market’s top of book as recorded on one crawl: asks, bids on the latest one, and observed_at. | quote, GET /v1/markets/{venue}/{id}/quotes |
| Relation | A proven constraint between two markets’ outcomes: equivalent, implies, implied_by, contradicts or overlaps from one market’s side; equivalent, subset, superset, contradicts or overlaps from the left side of a pair. | relation |
| Reproduced | On a proof trail, whether rebuilding the steps from the stored contract versions still yields the stored relation. | reproduced |
| Round trip | The cost of buying Yes and No together: Yes ask + No ask − $1. See Spread. | spread_usd |
| Rulebook | Terms above a market: a Kalshi series (contract terms document, settlement sources, prohibitions), a Kalshi event (settlement sources, exclusivity, strike period) or a Polymarket market’s resolution metadata. Kinds: series, event, market. Versioned by content_hash. | rulebooks[], GET /v1/rulebooks/{venue}/{kind}/{id} |
| Rule change | One entry in a market’s ledger of term changes, with a scope: contract (the market’s own text), series, event or market (a rulebook above it) or document (the venue’s terms document). | changes[], stream rule_change |
| Rules hash | The SHA-256 fingerprint of one version of a market’s terms. Relations are proven against a specific version. | rules_hash |
| Rules text | The venue’s own rule text for a market, verbatim. | rules |
| Settlement source | The named source a rulebook says decides the market, with a link where the venue gave one. | settlement_sources[] |
| Spread | spread_usd: the round trip, Yes ask + No ask − $1, absent when a side has no ask. yes_spread_usd and no_spread_usd are each side’s ask less its bid. book_spread_usd is best Yes ask less best Yes bid from the recorded book. | market objects |
| Strategy | A rule to buy one side of markets in a Yes-price band at a horizon before close, measured against settled history: win rate, return per $100 and its range, and the listed markets that fit now. | GET /v1/insights/strategies |
| Strategy id | {venue}~{category-slug}~{horizon}d~b{bucket}~{side}: venue all, kalshi or polymarket; the category lower-cased with dashes (tech-and-science); horizon 1, 7 or 30; bucket 0 to 9 for the 10-cent band starting at that tenth; side yes or no. Example: all~culture~1d~b8~no is the No side of Culture markets priced 0.80 to 0.90 a day before close. | id, strategy_id |
| Strike | A market’s payoff condition as a structured range on its underlying quantity, with bounds as exact rationals: {"type": "greater", "floor": "109/2"} is “more than 54.5”. | strike |
| Subset, superset | Relation from the left market’s side: subset means the left market’s Yes outcomes are contained in the right’s (left implies right); superset is the reverse. | relation on pairs and proofs |
| Thin | Liquidity grade: anything below tradeable, or no quoted round trip because a side has no ask. Lists of suggestions leave thin markets out unless include_thin=true. | liquidity |
| Tier (key) | A key’s limits: free, trader, pro or institutional. | X-RateLimit-Limit |
| Tier (book) | How a market’s order book is recorded: full (every level change from the venue feed) or rest (polled, five levels per side). | tier on books |
| Topic | A person, team, place or subject that markets are labeled with, addressed by a lowercase dashed slug. | GET /v1/topics, /v1/topics/{slug} |
| Tradeable | Liquidity grade: round trip of $0.05 or less, and either $1,000 traded in 24 hours or $25,000 of open interest. The default floor for lists of suggestions. | liquidity |
| Trade | One public fill: outcome, taker_action (buy or sell), price, quantity and executed_at. Kalshi marks block trades. | GET /v1/markets/{venue}/{id}/trades |
| Twin | The same event listed on the other venue, with its outcomes proven equivalent. | twin |
| Venue | An exchange Routeur reads: kalshi or polymarket. | venue |
| Volume source | Where volume_24h_usd comes from: venue (the venue’s own figure; Kalshi counts contracts at $1 face value, Polymarket reports USDC notional) or trades (the notional of fills Routeur recorded). | volume_source |
| Webhook | A signed POST Routeur sends when a lead becomes executable, or a test ping. | Webhooks |
