Same quote, different depth.
The cost of buying 100 contracts in two illustrative order books.
Finding in this model: both books begin at a 48¢ ask and a 46¢ bid. Buying 100 contracts costs $50.60 in one book and $53.90 in the other, before fees. Equal best quotes do not imply equal capacity at those quotes.
Scope and measurement window
This is a reproducible mechanics exercise, prepared October 14, 2026, Pacific time. There is no observed-market time series or sampling window. We compare two frozen, synthetic books at one hypothetical instant. None of the prices or quantities represents an actual Kalshi market.
What the book tells you
For binary prediction markets, Kalshi documents separate YES and NO bids. The corresponding YES ask is one dollar minus the NO bid, with the same quantity. A 52¢ NO bid therefore represents a 48¢ YES ask. Source: Kalshi’s order-book guide.
We already express the levels as YES asks. Both books have a best YES bid of 46¢ and a best YES ask of 48¢, giving a 2¢ quoted spread. Everything below follows from our disclosed inputs and arithmetic.
The same first price, different quantities
| YES ask | Book A: more near the top | Book B: less near the top |
|---|---|---|
| 48¢ | 20 contracts | 5 contracts |
| 50¢ | 60 contracts | 15 contracts |
| 55¢ | 120 contracts | 180 contracts |
| Total displayed | 200 contracts | 200 contracts |
To buy 100 contracts in Book A, allocate 20 at 48¢, 60 at 50¢, and the remaining 20 at 55¢. The sum is $9.60 + $30.00 + $11.00 = $50.60.
In Book B, allocate 5 at 48¢, 15 at 50¢, and 80 at 55¢. That sum is $2.40 + $7.50 + $44.00 = $53.90. The $3.30 difference comes entirely from where the example quantities sit.
Try the same order in two books
Both examples show a 48¢ best ask. Change the size to see when that headline price stops describing the whole order.
Illustration only. Fixed hypothetical books; fees and market movement excluded. No account connection or order placement. Calculations happen in your browser.
Size changes the comparison
| Contracts | Book A | Book B | Difference |
|---|---|---|---|
| 10 | $4.80 | $4.90 | $0.10 |
| 50 | $24.60 | $26.40 | $1.80 |
| 100 | $50.60 | $53.90 | $3.30 |
The relevant comparison is the quote and the quantity you intend to evaluate. A single spread number discards the distribution of size away from the top level. Even total displayed quantity is identical in our examples.
How to reproduce it
Sort asks from lowest to highest price. At each level, take the smaller of remaining requested contracts and available quantity. Multiply that amount by the level price, then add the costs. Divide total cost by total contracts for the average price.
We use integer cents and whole contracts so the example can be checked on paper. Kalshi’s actual APIs use fixed-point strings that can represent sub-cent prices and fractional quantities; real research should retain that precision. Source: Kalshi’s fixed-point reference.
What this result cannot establish
- It does not measure liquidity across Kalshi or in an actual market.
- Displayed orders may change before an order reaches them. Our model freezes every level.
- Fees, rebates, latency, cancellations, hidden liquidity, queue position, and partial-fill behavior are excluded.
- It does not estimate an event’s probability, settlement value, or expected return.
- A real order with a price limit below 55¢ would not necessarily reach all the levels used in the 100-contract example.
Use and citation
Suggested citation: Kalshi Report. “Same quote, different depth.” Research note KR-2026-01. October 14, 2026. When sharing figures, describe them as synthetic examples and retain the before-fee qualification.
Inspect the complete inputs and editorial method.
Kalshi Report is an independent publication, not affiliated with or endorsed by Kalshi. Editorial information, not a trading recommendation.