How it works
Kolshi runs pari-mutuel markets on how fomo traders perform. No bookmaker sets the odds: the pot does.
Five steps
Pick a trader
Each market lists fomo traders and a PnL window: 24 hours, 7 days or 30 days. Back the one you think posts the highest realized PnL when the window closes.
24h7d30dOdds 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
After the window ends the resolver reads each trader's PnL and proposes the winner. 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 the losers
Backed the wrong KOL? You earn 1,471 points for every 0.001 ETH lost on a settled market.
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 window runs
No new bets. The 24h, 7d or 30d PnL window plays out.
24 hours to 30 daysPnL is read once
At the window's end each trader's PnL is read 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
- 2 to 16Head to head, or a battle royale.
- PnL source
- fomoscanRealized PnL reported by fomo, read once when the window ends.
- 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
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 does realized PnL mean?
Profit and loss on positions the trader has actually closed on fomo during the window, as reported by fomoscan. Open positions don't count until they're sold.
What if a trader has no PnL for the window?
Then the result can't be read 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.