Parlay P&L

How parlay bettors on Kalshi actually do. A parlay needs every leg to hit — the payouts are big, but most expire worthless. These are the real dollars won and lost by the people buying them.

Kalshi parlays: bettors' daily P&L

Daily bettor P&L after fees, in dollars or as a share of stakes.

Kalshi parlays: cumulative bettor P&L

Cumulative bettor P&L before and after fees.

Kalshi parlays: bettor P&L if every parlay were held to settlement

Compare realized P&L with the counterfactual where every position is held to settlement.

Kalshi parlays: share of stakes lost, by price paid

Realized P&L as a share of stakes, grouped by entry price — .

Kalshi parlays: cumulative market-maker P&L

The same parlays seen from the other side of the trade — the market makers who sold them. Before fees this is the exact mirror of what bettors made: every dollar a bettor loses is a dollar the counterparty wins, so the two lines below are a single line until , when Kalshi began charging parlay makers. After fees it stops being a mirror. The exchange bills both sides, so bettors' losses and makers' gains no longer cancel.

Same trade-level engine and the same settled parlays as the bettor charts above (from ), so before fees this line is their exact mirror. Of the gap, is maker fees — all of it since — and the rest is the takers' own fees.

Kalshi parlays: daily stakes and return

Each bar is the money staked on parlays that day; its colour is how the day turned out for bettors — green for a win, red for a loss. The tallest bars are the heavy-action days around big games.