Report date 2026-09-23 · strategy Anchor · audit_version anchor · focus category Politics · horizon 45 days · capital $2,500

Kalshi Politics — Mispricing Audit (Anchor, NO-side structural)

0picks deployed
22logged rejects (7 reached Stage 2)
$0allocated · 100% cash
901open markets scanned in 117 allowlisted series

1. Verdict

Zero picks. Cash is the position this week.
Every Anchor-shaped market inside the 45-day horizon is already priced as a deep favorite (NO ≥ 90¢) or is a sub-60¢ macro coin flip. The two names within a cent of the 85–89¢ lane (Patel Nov 1, Tesla/SpaceX Nov 1) trade at 90¢ marketable and would need a resting order behind existing depth to get 88–89. Anchor does not bend the band for that.
Why nothing cleared. The Anchor record lives in NO entries at 60–89¢ on event markets. In the Politics allowlist right now, that price lane is empty inside the horizon: the departure ladders (Patel, Hegseth, Miller, Gallego, McConnell, Pelosi) have all decayed to YES ≤ 12¢, the Anthropic Nov 1 rung collapsed to 6–8¢ on the Sep 18 WSJ delay report, and the only two-sided market (Bank of Canada Oct 28) is a 44/56 hawkish repricing whose loss tail on either side is the trend continuing. The in-band NO candidates that do exist (Hegseth before 2027 at NO ~73¢, Patel before 2027 at NO ~83¢, Wiles, Lutnick, MJ rescheduling) all close Jan 1, 2027 — 100 days out, beyond this run's 45-day horizon — and are listed in section 6 for the next horizon window, not traded here.

2. Method (Anchor)

3. Picks

None. No position-size, limit, EV or cluster tables apply. Reserve held: $2,500 (100%).

4. Stage-2 candidates (all rejected) — pick cards

departure/ouster NO side deep-favorite (≥90¢)

Kash Patel out as FBI Director before Nov 1, 2026?

KXKASHOUT-26JUL-26NOV01 · closes 2026-11-01

REJECT — deep-favorite band. NO is 90¢ marketable (YES bid 10, only 13 contracts) and 92–93¢ at size; status-quo NO is the right side but the band caps entry at 89¢

YES condition
For YES to pay, Kash Patel must actually vacate the FBI Director role (resignation, removal, term end — not a leave of absence or a 'considering replacing' report) before Nov 1, 2026, resolved by Kalshi on the actual departure date.
Thesis shape
Anchor-shaped (new action by a person/institution). Mechanism if traded: status-quo.
Probability (YES)
Prob: 8% pre-market → 7% final. Market YES 10/12; NO effective entry 90¢.
Vehicle
No vehicle. No resignation letter, no named successor, no White House statement. The last dated primary-source event is the Sep 15, 2026 Senate Judiciary oversight hearing (CBS/WaPo/NBC live coverage) — a five-hour grilling that Patel finished in office, with Republicans on the panel not calling for his exit. Searches for a Sep 22–23 ouster story return only late-2025 'Trump weighing replacement / Andrew Bailey' pieces (New Republic, MS NOW) that never produced a departure.
Calendar
39 days to the Nov 1 deadline. No confirmation process needed for an acting replacement, so a firing could land any day; but the record on this series (KXKASHOUT APR-JUN01, APR-JUL01 both NO at 67–77% priced) is that news-cycle pressure does not convert to a vacancy inside a 5–6 week window.
Already happened?
No. Patel is in office as of Sep 23 (testified Sep 15; no departure report since).
Precedents consulted
KXKASHOUT-26APR-JUL01 (NO): 'far rungs of monthly departure ladders are systematically overpriced… each 30-day window adds only the low base rate of an actual firing.' KXKASHOUT-26APR-JUN01 (NO): 'Anonymous it's-only-a-matter-of-time sourcing is not a resolution event; a principal publicly fighting back has not been told to go.' KXHEGSETHOUT-26APR-JUN01 (NO): 'require an affirmative White House signal before paying above base rate.'
Resolver profile & risk
Kalshi single-official read of an actual vacancy; rules_secondary requires 'an actual departure date and vacate the role within the time period'. Death → last fair price (–1 pt). Re-occupation settles on initial vacation (–0). Total deductions ≈ 1 pt.
Cleanest tail
Cleanest loss: Trump fires Patel or Patel resigns before Nov 1 — a new discrete event, not a continuation. Acceptable tail shape. Not the blocker.
Book / 48h move
Candles: 5–6¢ Sep 17–19 → 8–9¢ Sep 22 (5.3k vol) → 18¢ last print Sep 23 on a book with 13 contracts at the YES bid. 48h move is a thin-book narrative pop with no primary-source catalyst found; it argues the NO is cheap-ish at 90–93 but not that the band should bend. Entry context: YES bid 10 / ask 12, depth at touch 13 contracts, vol24h 4,651, OI 35,912.
corporate-event NO side deep-favorite (≥90¢)

Tesla/SpaceX definitive merger agreement before Nov 1, 2026?

KXCOMPANYACTIONMERGER-27-26NOV01 · closes 2026-11-01

REJECT — deep-favorite band. NO is 90¢ marketable (276 contracts at YES bid 10); resting at 89 sits behind 170 contracts already bid; no-vehicle NO is correct but outside the band

YES condition
For YES to pay, Tesla or SpaceX must officially announce (press release, SEC filing, verified account, or Musk's unambiguous confirmation of a signed agreement) a definitive, binding merger/acquisition agreement before Nov 1, 2026.
Thesis shape
Anchor-shaped (institutional action by a deadline). Mechanism if traded: no-vehicle.
Probability (YES)
Prob: 6% pre-market → 7% final. Market YES 10/11; NO effective entry 90¢.
Vehicle
No vehicle. No 8-K, no board announcement, no proxy. Musk's most recent public comment was at the All-In Summit on Sep 15, 2026 with Gwynne Shotwell — 'imagine what action one might take' — an expression of intent that rules_secondary explicitly says does NOT qualify. Tesla's March 2026 $2B stake in SpaceX (<1%) is not a controlling-interest transfer.
Calendar
39 days. A definitive agreement between a public company and a ~$1T private company needs fairness opinions, special-committee process and an 8-K; nothing of that shape is on any public calendar. Polymarket 'announced by Sep 30' sat ~5% (Yahoo Finance, Sep 16).
Already happened?
No.
Precedents consulted
No rows for KXCOMPANYACTIONMERGER. Nearest archetype rows (KXIPOANTHROPIC JUN01/JUL01, NO): Kalshi's corporate-event resolvers read triggers mechanically — filed/intends/hinted never pays; only the defined instrument does.
Resolver profile & risk
Single trigger, tightly defined; Musk-statement carve-out is a dated clarification that protects the NO. Deduction ≈ 2 pts for 'official statements to media subsequently confirmed by the company' ambiguity.
Cleanest tail
Cleanest loss: a surprise definitive-agreement 8-K before Nov 1 — new discrete event. Acceptable shape.
Book / 48h move
Range-bound 7–12¢ for two weeks; 36k contracts on Sep 16 (post-All-In) did not move the close. No 48h dislocation. OI 90.8k, specialist-dense. Entry context: YES bid 10 / ask 11, depth at touch 276 contracts, vol24h 2,130, OI 90,782.
scheduled-process NO side below band (<60¢)

Bank of Canada hikes 25 bp at Oct 28, 2026 meeting?

KXCBDECISIONCANADA-26OCT-H25 · closes 2026-10-28

REJECT — below band. NO costs 56¢ (YES 44/47), under the 60¢ floor; also a live macro-threshold coin flip where our probability is inside the spread — no edge to price

YES condition
For YES to pay, the Bank of Canada must raise the overnight target by exactly 25 bp at its fixed-date Oct 28, 2026 announcement.
Thesis shape
Scheduled-process (a decision at a dated meeting) — Anchor-shaped in form, but the content is a macro call.
Probability (YES)
Prob: 45% pre-market → 44% final. Market YES 44/47; NO effective entry 56¢.
Vehicle
The vehicle exists and is dated: Oct 28, 2026 fixed announcement date (BoC schedule). Catalyst chain before it: Sep jobs (~Oct 9), Business Outlook Survey (~Oct 19), Sep CPI (~Oct 20).
Calendar
Sep 2 hold at 2.25% (seventh straight; bankofcanada.ca press release) with Macklem: 'if it takes more than one increase, we're prepared to do that.' Sep 21 Halifax speech (Bloomberg/CMT): flags the risk of 'delaying a rate hike too long'. Market OIS ~50% (Globe and Mail, Yahoo Finance Canada); sell-side base case still hold (Capital Economics' Brown: 'close call').
Already happened?
No.
Precedents consulted
KXCBDECISIONCANADA JUN/JUL/SEP ladders all resolved hold; the Sep-22 note in the store says the NO-hike leg 'only becomes an Anchor-shaped trade when it is inside the 60–84¢ band with the last pre-meeting CPI already printed; at parity with OIS before that print there is no edge.' KXFEDDECISION-26JUL-H25 (NO): a hawkish repricing into a live meeting was a fade — but that repricing peaked at 36–38%, not 50%.
Resolver profile & risk
Mechanical: BoC press release at 09:45 ET. Zero definitional risk (0 pts).
Cleanest tail
Cleanest loss for NO: the BoC hikes — which is the current trend (oil, 3% CPI, Governor pre-signalling) continuing. That is a continuation tail. Would fail Stage 3 even if it were in band.
Book / 48h move
H25 ran 15¢ (Sep 10) → 48¢ last (Sep 23) in two weeks on steady volume; H0 mirror 85 → 57. Book thick on both sides (1.4k NO at 51, 3k YES bid at 55 on the H0 leg). Entry context: YES bid 44 / ask 47, depth at touch 1386 contracts, vol24h 3,402, OI 28,263.
scheduled-process YES side below band (<60¢)

Bank of Canada holds at Oct 28, 2026 meeting?

KXCBDECISIONCANADA-26OCT-H0 · closes 2026-10-28

REJECT — below band. hold leg costs 57¢, under the 60¢ floor; also a yes-side thesis whose 'process-in-motion' step is a meeting whose outcome is the question, and the loss tail (hike) is the trend continuing

YES condition
For YES to pay, the BoC must leave the overnight target unchanged at 2.25% on Oct 28, 2026.
Thesis shape
Scheduled-process; YES side. Fails the side rule (the calendar step exists, but the precedent condition 'resolver pays on that step' is about the decision content, not the step).
Probability (YES)
Prob: 55% pre-market → 56% final. Market YES 56/57; YES effective entry 57¢.
Vehicle
Same as H25 leg.
Calendar
Same as H25 leg.
Already happened?
No.
Precedents consulted
KXCBDECISIONCANADA-26SEP-H0: 'Kalshi settles the 0bps leg YES on an unchanged target rate; seven straight holds.' KXFEDDECISION-26JUL-H0 (YES): 'buy the hold rung when a hawkish repricing has knocked it well below par' — but that was 62–64¢ vs 36% hike odds; here the hold is 57¢ vs ~50% OIS. No room.
Resolver profile & risk
Mechanical (0 pts).
Cleanest tail
Loss = hike = trend continues. Continuation tail.
Book / 48h move
57¢ last; 3k YES bid at 55, 129 at 56. Liquid. Entry context: YES bid 56 / ask 57, depth at touch 129 contracts, vol24h 2,316, OI 28,819.
corporate-event NO side deep-favorite (≥90¢)

Anthropic officially announces IPO before Nov 1, 2026?

KXIPOANTHROPIC-DATE-26NOV01 · closes 2026-11-01

REJECT — deep-favorite band. NO is 94¢ marketable (YES bid 6). WSJ Sep 18 delay-to-November report already collapsed YES from 53¢ to 8¢; nothing left to fade

YES condition
For YES to pay, the SEC must declare Anthropic's S-1 effective, OR the IPO must price, OR an exchange must assign a ticker, before Nov 1, 2026.
Thesis shape
Anchor-shaped (process reaching a defined step). Mechanism if traded: calendar-impossibility / status-quo.
Probability (YES)
Prob: 5% pre-market → 4% final. Market YES 6/8; NO effective entry 94¢.
Vehicle
Process is in motion (confidential S-1 filed June; Nasdaq venue picked Sep 13 per Bloomberg) but the dated step moved: WSJ (Sep 18, via Investing.com/PYMNTS) reports the IPO staging pushed to November to show Q3 numbers; Reuters (Sep 5, CNBC) had marketing at mid-October at the earliest. Bloomberg Sep 22: 'derailed IPO plans rattle US market ahead of Anthropic debut'.
Calendar
An effective S-1 or pricing before Nov 1 now requires a public S-1 flip and a roadshow launched within ~3 weeks, against the company's own reported November plan.
Already happened?
No — none of the three triggers has occurred.
Precedents consulted
KXIPOANTHROPIC-DATE-26JUN01/JUL01 (NO): triggers are mechanical; 'filed' ≠ 'confirmed'. KXIPO-26-SPACEX row: a proposed symbol in an S-1 is not 'an exchange has assigned a ticker'; venue-selection headlines are non-events.
Resolver profile & risk
Three explicit triggers; ticker-assignment clause is the only soft edge (–3 pts).
Cleanest tail
Loss = accelerated public S-1 + pricing in late October — a new discrete event, acceptable shape.
Book / 48h move
53¢ Sep 17 → 8¢ Sep 18 on 37k contracts; 5–8¢ since. The move already happened; NO at 94 is deep-favorite. Entry context: YES bid 6 / ask 8, depth at touch 240 contracts, vol24h 4,687, OI 94,420.
departure/ouster NO side deep-favorite (≥90¢)

Max Miller out as U.S. Representative before Nov 3, 2026?

KXMILLEROUT-26JUL-26NOV03 · closes 2026-11-03

REJECT — deep-favorite band. NO is 96¢ marketable (YES bid 4). Miller is campaigning (attack-ad dispute reported Sep 23, Ohio Capital Journal); no vehicle for an exit before Nov 3

YES condition
For YES to pay, Rep. Max Miller must actually vacate his House seat (resign, be expelled, die) before Nov 3, 2026.
Thesis shape
Anchor-shaped. Mechanism if traded: status-quo.
Probability (YES)
Prob: 3% pre-market → 3% final. Market YES 4/6; NO effective entry 96¢.
Vehicle
None. Ohio ballot-replacement window closed Aug 8–9 (Washington Post); Miller stayed on as GOP nominee (WaPo Aug 10); Sep 23 coverage is about his race's attack ads, i.e. he is an active candidate in office. Expulsion needs a two-thirds House vote with no resolution pending.
Calendar
41 days; the House is in and out of session through October. Nothing scheduled.
Already happened?
No.
Precedents consulted
KXLEAVEWALZ-27JAN01-TWAL-26JUL01 (NO): 'quitting a race, resignation demands and filed impeachment articles all leave the incumbent in office — only resignation, completed removal or death resolves Yes.'
Resolver profile & risk
Standard departure rules_secondary; death → last fair price (–1 pt).
Cleanest tail
Loss = surprise resignation — new discrete event. Acceptable shape.
Book / 48h move
Flat 4–7¢ for two weeks, thin (v24 797). Deep-favorite. Entry context: YES bid 4 / ask 6, depth at touch 170 contracts, vol24h 797, OI 49,889.
confirmation/enact NO side deep-favorite (≥90¢)

Mamdani signs >0 executive orders Sep 20–26, 2026?

KXMAMDANIEO-26SEP26-T0 · closes 2026-09-27

REJECT — continuous-number market. weekly executive-order count (classifier slip); also closes Sep 27 — effectively inside 7d even though expected_expiration is Dec 25

YES condition
For YES to pay, Mamdani must sign at least one non-emergency executive order between Sep 20 and Sep 26, 2026 (a count, resolved by NYC's EO register).
Thesis shape
Count/level market → continuous-number thesis. Stopped at step 2; no probability formed beyond the book.
Probability (YES)
Prob: not formed pre-market → 10% final. Market YES 10/11; NO effective entry 90¢.
Vehicle
n/a
Calendar
n/a
Already happened?
n/a
Precedents consulted
None in store for KXMAMDANIEO.
Resolver profile & risk
n/a
Cleanest tail
n/a
Book / 48h move
7¢ → 12–15¢ Sep 21 (10.6k vol) → 11¢. Not researched further. Entry context: YES bid 10 / ask 11, depth at touch 96 contracts, vol24h 780, OI 7,673.

5. Reject log

Stage-2 rejects carry the side, price and probability we would have used, so the passed-on scoreboard can score them. Stage-0 rejects carry side/price only.

TickerArchetypeSideEntryP(YES)ClusterReason
KXKASHOUT-26JUL-26NOV01departure/ousterNO90¢7%kash-patel-fbi-exitdeep-favorite band
KXCOMPANYACTIONMERGER-27-26NOV01corporate-eventNO90¢7%tesla-spacex-mergerdeep-favorite band
KXCBDECISIONCANADA-26OCT-H25scheduled-processNO56¢44%boc-oct-2026-decisionbelow band
KXCBDECISIONCANADA-26OCT-H0scheduled-processYES57¢56%boc-oct-2026-decisionbelow band
KXIPOANTHROPIC-DATE-26NOV01corporate-eventNO94¢4%anthropic-ipo-timingdeep-favorite band
KXMILLEROUT-26JUL-26NOV03departure/ousterNO96¢3%max-miller-house-exitdeep-favorite band
KXMAMDANIEO-26SEP26-T0confirmation/enactNO90¢10%mamdani-eo-countcontinuous-number market
KXLOCALLAW-CAAANG-26OCT01confirmation/enactNO100¢—anaheim-angels-billYES ask 1¢ ≤ 5¢ (Stage-0); NO side would be 100¢ = deep-favorite band
KXAGICO-COMP-26Q3multi-news-otherNO99¢—agi-announcementYES ask 2¢ ≤ 5¢ (Stage-0); NO side would be 99¢ = deep-favorite band
KXRETIREMM-26departure/ousterNO96¢—mcconnell-exitYES ask 4¢ ≤ 5¢ (Stage-0); NO side would be 96¢ = deep-favorite band
KXSUEZWEEKLY-26SEP27-T290legal-actionNO45¢—suez-weekly-transitscontinuous-number market: cumulative weekly Suez transit count; also inside 7d (expires Sep 29)
KXSUEZWEEKLY-26SEP27-T260legal-actionNO11¢—suez-weekly-transitscontinuous-number market: cumulative weekly Suez transit count; also inside 7d (expires Sep 29)
KXSUEZWEEKLY-26SEP27-T280legal-actionNO34¢—suez-weekly-transitscontinuous-number market: cumulative weekly Suez transit count; also inside 7d (expires Sep 29)
KXSUEZWEEKLY-26SEP27-T270legal-actionNO25¢—suez-weekly-transitscontinuous-number market: cumulative weekly Suez transit count; also inside 7d (expires Sep 29)
KXHEGSETHOUT-26AUG-26NOV01multi-news-otherNO94¢—hegseth-dod-exitclose after expiration: close_time Nov 1 is >1h after expected_expiration_time Oct 1
KXHEGSETHOUT-26AUG-26OCT01multi-news-otherNO100¢—hegseth-dod-exitYES ask 1¢ ≤ 5¢ (Stage-0); NO side would be 100¢ = deep-favorite band
KXCBDECISIONMEXICO-26SEP24-HOLDscheduled-processYES100¢—banxico-sep-2026inside 7d (expires Sep 24); YES bid 96 ≥ 95
KXGALLEGOOUT-26OCT01departure/ousterNO100¢—gallego-exitYES ask 2¢ ≤ 5¢ (Stage-0); NO side would be 100¢ = deep-favorite band
KXUSAIRANAGREEMENT-27-26NOVscheduled-processNO97¢—us-iran-dealYES ask 4¢ ≤ 5¢ (Stage-0); NO side would be 97¢ = deep-favorite band
KXKASHOUT-26JUL-26OCT01departure/ousterNO100¢—kash-patel-fbi-exitYES ask 1¢ ≤ 5¢ (Stage-0); NO side would be 100¢ = deep-favorite band
KXRETIREPELOSI-26departure/ousterNO97¢—pelosi-exitYES ask 3¢ ≤ 5¢ (Stage-0); NO side would be 97¢ = deep-favorite band
KXIPOANTHROPIC-DATE-26OCT17corporate-eventNO99¢—anthropic-ipo-timingYES ask 2¢ ≤ 5¢ (Stage-0); NO side would be 99¢ = deep-favorite band

6. Watchlist — in-band NO shapes just outside the 45-day horizon

Not candidates this run (close Jan 1, 2027 or later). Logged for the next run whose horizon reaches them; prices are today's live quotes.

TickerQuestionYES bid/askNO effectiveVol24hNote
KXTRUMPADMINLEAVE-26DEC31-PHEGHegseth leaves SecDef before 202726/2774¢ (core band)5,462Precedent: active war = structural NO for the defence chief. Closes 2027-01-01.
KXTRUMPADMINLEAVE-26DEC31-KPATPatel leaves FBI before 202716/1784¢ (core band)5,800Same status-quo shape as the Nov 1 rung but in band; 100 days out.
KXTRUMPADMINLEAVE-26DEC31-SWILWiles leaves Chief of Staff before 202717/1883¢2,147No vehicle found; not researched this run.
KXTRUMPADMINLEAVE-26DEC31-HLUTLutnick leaves Commerce before 202716/1884¢596Precedent: absent a named successor, price near base rate.
KXMJSCHEDULE-27Marijuana rescheduled before 202723/2477¢6,165Process-in-motion check needed (DEA/OLC step). Not researched.
KXFEDERALCHARGE-27JAN01-LJAMLetitia James charged before 202711/1589¢ (thin band, wide spread)1,283Spread 4¢; legal-action archetype.

7. Risk profile & execution notes

8. Sources consulted this run