How it works
Kolshi runs pari-mutuel markets on how fomo and pump.fun traders perform. No bookmaker sets the odds: the pot does.
Five steps
Pick a trader
Each market lists fomo or pump.fun traders and runs for 1 to 3 days. Back the one you think makes the most PnL while the market runs, from the moment it opens to the moment it ends.
fomopumpOdds come from the pot
Every bet goes into one pot. A trader's odds are their share of it, so they move with each bet until betting closes.
55%45%Winners split everything
When the market settles, everyone who backed the winner shares the whole pot in proportion to their stake. A 3% fee is taken on each bet.
3% fee on each betSettlement
When the market ends, each trader's PnL is worked out from the snapshots taken at the open and every day since, and the winner is proposed. The proposal can be challenged for the dispute window before it becomes final. If the result can't be read, or nobody backed the winner, the market is voided and every bet is refunded in full, fee included.
Dispute window, set on-chainPoints for every bet
Win or lose, every bet earns points, and your rank climbs with the ETH you play: Paper hands at 0.1 ETH, Legend at 10.
Try the maths
Move the pools and your stake. This is exactly how a market pays out.
If frankdegods wins, you get0.1701 ETH
A 3% fee comes off your 0.10, so 0.097 joins the pot. That is 6.52% of everything on frankdegods, so you get 6.52% of the whole pot: 2.61 × 6.52% = 0.1701 ETH. If orangie wins, your stake goes to their backers.
A market's life
Every market moves through the same four stages, and can only end one of two ways: settled or voided.
Betting is open
Back any trader in the lineup. Odds move with every bet.
Until betting closesThe last hours run
No new bets for the final 12 hours. The traders keep trading and it all counts.
12 hoursThe result is read
At the end the closing snapshot is taken and a winner proposed. It can be challenged before it's final.
Dispute window, set on-chainWinners get paid
The result is final. Backers of the winner claim their share from their portfolio.
Claim any timeNo result 7 days after the read time, or nobody backed the winner. Every bet comes back in full, fee included. Voided markets never earn points.
The rules
The same for every market, enforced by the contract.
- Fee
- 3%Locked per market when it's created, held until it settles, refunded if the market is voided.
- Dispute window
- Set on-chainAfter a result is proposed, before anyone can finalize it.
- Traders per market
- 1 to 10One against a line, two head to head, up to 8 in a battle royale, up to 5 a side in a clash.
- PnL source
- fomo, pump.funRealized plus the change in unrealized, over the market's run. See the docs.
- Currency
- ETHOn Robinhood Chain.
- Minimum bet
- NoneAny amount above 0 ETH.
- Odds
- Move until closeYour payout is your share of the final pot, not the odds when you bet.
- Voided markets
- Full refundFee included. They never count towards points.
Questions
Every rule in full, from how PnL is measured to when a market is voided, is in the docs.
Can I back more than one trader in the same market?
Yes. Each bet is its own stake. Only the bets on the winning trader are paid; the rest go into the pot they share.
What counts as PnL?
Profit on trades closed while the market runs, plus how much the positions still held gained or lost over the same time. Only the market's own run counts. The full formula is in the docs.
What if a trader's figures can't be read?
Then the result can't be worked out and the market is voided. Every bet comes back in full, fee included.
Can the odds change after I bet?
Yes, until betting closes. The multiple you see is today's; what you get is your share of the final pot. Try the maths to see how a bet moves it.
When can I collect my winnings?
Once the result is final: when the dispute window ends after it's proposed if nobody challenges it. Claim from your portfolio.
Where the fees go
Most of every fee buys back the Kolshi token and burns it, and creators lock the token to list markets. The flywheel, every fee split and the contracts are on the token page.