The Prediction Markets

Fed Decision in April?

Closes
Apr 28, 2027, in 6 months
Traded
$102K
Venues
Polymarket, Kalshi
Prices updated
4 h ago
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What the markets expect

No change 59.5%

Next is 25 bps increase at 26%. The venues differ most on No change (Polymarket 55.5%, Kalshi 59%), a 3.5-point gap.

50+ bps decrease 3.5%25 bps decrease 9%No change 59.5%25 bps increase 26%50+ bps increase 2%

Ordered from largest cut to largest hike.

Odds by venue

Fair chance strips out each venue’s built-in margin (its prices add up to more than 100%), then blends the venues by how much has traded there, so the outcomes add up to 100%. Best Yes price is the cheapest ask across venues, and the payout is what a winning $100 stake returns before fees. Open a row for each venue’s contract name, bid and ask, and how closely their rules match.

Prices come from our regular polls of each venue, the oldest 4 h ago. Ages are as of when this page was built.

  • Polymarket
  • Kalshi
50+ bps decrease
3.5%
Polymarket 4.1%polled, 4 h agoKalshi 3%polled, 4 h agoBest Yes 5¢ on Kalshi, $100 pays $2,000 (20.0x)
Polymarket
Contract
50+ bps decrease
Last price
4.1%
As of
Polled 4 h ago
Buy Yes
7¢
Sell Yes
1.2¢
$100 on Yes pays
$1,429 (14.3x)
Volume
$3K
Trade this on Polymarket
Kalshi
Contract
Cut >25bps
Last price
3%
As of
Polled 4 h ago
Buy Yes
5¢
Sell Yes
3¢
$100 on Yes pays
$2,000 (20.0x)
Volume
$4K
Trade this on Kalshi
Partial parity

Payoffs match in ordinary outcomes; see the rule differences below the table.

Prices on these venues are 4 h old, too old to show an executable spread.

25 bps decrease
9%
Polymarket 10.5%polled, 4 h agoKalshi 8%polled, 4 h agoBest Yes 11¢ on Kalshi, $100 pays $909 (9.09x)
Polymarket
Contract
25 bps decrease
Last price
10.5%
As of
Polled 4 h ago
Buy Yes
12¢
Sell Yes
9¢
$100 on Yes pays
$833 (8.33x)
Volume
$3K
Trade this on Polymarket
Kalshi
Contract
Cut 25bps
Last price
8%
As of
Polled 4 h ago
Buy Yes
11¢
Sell Yes
8¢
$100 on Yes pays
$909 (9.09x)
Volume
$7K
Trade this on Kalshi
Partial parity

Payoffs match in ordinary outcomes; see the rule differences below the table.

Prices on these venues are 4 h old, too old to show an executable spread.

No change
59.5%
Polymarket 55.5%(56.9% fair)polled, 4 h agoKalshi 59%(60.8% fair)polled, 4 h agoBest Yes 57¢ on Polymarket, $100 pays $175 (1.75x)
Polymarket
Contract
No change
Last price
55.5%
Fair, margin removed
56.9%
As of
Polled 4 h ago
Buy Yes
57¢
Sell Yes
54¢
$100 on Yes pays
$175 (1.75x)
Volume
$12K
Trade this on Polymarket
Kalshi
Contract
Fed maintains rate
Last price
59%
Fair, margin removed
60.8%
As of
Polled 4 h ago
Buy Yes
59¢
Sell Yes
55¢
$100 on Yes pays
$169 (1.69x)
Volume
$23K
Trade this on Kalshi
Partial parity

Payoffs match in ordinary outcomes; see the rule differences below the table.

Prices on these venues are 4 h old, too old to show an executable spread.

25 bps increase
26%
Polymarket 25.5%(26.1% fair)polled, 4 h agoKalshi 25%(25.8% fair)polled, 4 h agoBest Yes 26¢ on Polymarket, $100 pays $385 (3.85x)
Polymarket
Contract
25 bps increase
Last price
25.5%
Fair, margin removed
26.1%
As of
Polled 4 h ago
Buy Yes
26¢
Sell Yes
25¢
$100 on Yes pays
$385 (3.85x)
Volume
$16K
Trade this on Polymarket
Kalshi
Contract
Hike 25bps
Last price
25%
Fair, margin removed
25.8%
As of
Polled 4 h ago
Buy Yes
31¢
Sell Yes
25¢
$100 on Yes pays
$323 (3.23x)
Volume
$8K
Trade this on Kalshi
Partial parity

Payoffs match in ordinary outcomes; see the rule differences below the table.

Prices on these venues are 4 h old, too old to show an executable spread.

50+ bps increase
2%
Polymarket 2%polled, 4 h agoKalshi 2%polled, 4 h agoBest Yes 2¢ on Kalshi, $100 pays $5,000 (50.0x)
Polymarket
Contract
50+ bps increase
Last price
2%
As of
Polled 4 h ago
Buy Yes
2.6¢
Sell Yes
1.3¢
$100 on Yes pays
$3,846 (38.5x)
Volume
$2K
Trade this on Polymarket
Kalshi
Contract
Hike >25bps
Last price
2%
As of
Polled 4 h ago
Buy Yes
2¢
Sell Yes
1¢
$100 on Yes pays
$5,000 (50.0x)
Volume
$23K
Trade this on Kalshi
Partial parity

Payoffs match in ordinary outcomes; see the rule differences below the table.

Prices on these venues are 4 h old, too old to show an executable spread.

Venue prices are 4 h old, so we are not showing a cross-venue spread. Check each venue for current prices. Find markets with fresh spreads

Mostly the same bet: 4 differences

Where they differ

  • Buckets assume 25 bp steps: Kalshi 'Cut >25bps' / 'Hike >25bps' and Polymarket '50+ bps' differ for a move strictly between 25 and 50 bps; Kalshi 'Cut 1-25bps' also covers moves under 25 bps.
  • Polymarket names the reference rate per bank (Fed: upper bound of the target range; ECB: deposit facility rate; BoJ: uncollateralized overnight call rate); Kalshi settles on the announced action.
  • Both settle on the scheduled meeting in the named month; an unscheduled move between meetings counts for neither.
  • Trading closes at different times: Apr 28, 2027, 11:59 PM UTC on Polymarket and Apr 28, 2027, 5:59 PM UTC on Kalshi.
Polymarket
Polymarket resolves via:
UMA optimistic oracle, source: federalreserve.gov
Kalshi
Kalshi resolves via:
Kalshi (CFTC-regulated exchange), source: Federal Reserve
Show full rule comparison
  • Buckets assume 25 bp steps: Kalshi 'Cut >25bps' / 'Hike >25bps' and Polymarket '50+ bps' differ for a move strictly between 25 and 50 bps; Kalshi 'Cut 1-25bps' also covers moves under 25 bps.
  • Polymarket names the reference rate per bank (Fed: upper bound of the target range; ECB: deposit facility rate; BoJ: uncollateralized overnight call rate); Kalshi settles on the announced action.
  • Both settle on the scheduled meeting in the named month; an unscheduled move between meetings counts for neither.
  • Trading closes Apr 28, 2027, 11:59 PM UTC on Polymarket and Apr 28, 2027, 5:59 PM UTC on Kalshi.

Summarized from each venue’s published rules; the venue’s own rules page is the final word.

How the odds have moved

The top 3 outcomes on both venues, with the consensus between them. Hover for exact values.

  • No change
  • 25 bps increase
  • 25 bps decrease

Live prices for No change

What it costs to buy Yes, what you would get selling it, and the last trade on each exchange, updating as orders change. Hover a status for timing details.

Order books

Each venue’s resting orders for the selected outcome’s Yes contract, side by side. Top of book streams live; depth refreshes every 15 seconds.

Combined depth · both venues

Loading both order books…

Polymarket

Open on Polymarket ↗

Top of book

Connecting
Best bid
—
Spread
—
Best ask
—

Waiting for the first live quote…

Depth · top 8 levels

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Recent trades

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Kalshi

Open on Kalshi ↗

Top of book

Connecting
Best bid
—
Spread
—
Best ask
—

Waiting for the first live quote…

Depth · top 8 levels

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Recent trades

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What your stake buys

Enter a stake to see where it buys the most after fees, using each venue’s live order book.

$
Buy

Loading both order books…

Buys at the asks resting now (taker orders), cheapest after fees first, from order-book snapshots up to 15 seconds old. Fees: Kalshi 0.07 × price × (1 − price) per share, rounded up to the cent; Polymarket 0.05 × price × (1 − price) per share (economics rate). Fee calculator. Estimates only, not advice.

About this market

Live prediction market odds for "Fed Decision in April?". No change leads at 59.5%. Next is 25 bps increase at 26%. $102K has traded across 5 outcomes on Kalshi and Polymarket. The market is expected to resolve by Apr 28, 2027.

The FED interest rates are defined in this market by the upper bound of the target federal funds range. The decisions on the target federal funds range are made by the Federal Open Market Committee (FOMC) meetings. This market will resolve to the amount of basis points the upper bound of the target federal funds rate is changed by versus the level it was prior to the Federal Reserve's April 2027 meeting. If the target federal funds rate is changed to a level not expressed in the displayed options, the change will be rounded up to the nearest 25 and will resolve to the relevant bracket. (e.g. if there's a cut/increase of 12.5 bps it will be considered to be 25 bps) The resolution source for this market is the FOMC’s statement after its meeting scheduled to conclude on April 28, 2027 according to the official calendar: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. The level and change of the target federal funds rate is also published at the official website of the Federal Reserve at https://www.federalreserve.gov/monetarypolicy/openmarket.htm. This market may resolve as soon as the FOMC’s statement for their April meeting with relevant data is issued. If no statement is released by the end date of the next scheduled meeting, this market will resolve to the "No change" bracket.

Questions

What does the consensus price mean?

It is the price of a Yes contract that pays $1 if the outcome happens. A 14¢ price means traders put the chance near 14%. Where two venues list the same outcome, we blend their last prices, weighting the venue with more trading volume more heavily (neither counts for less than a quarter). When only one outcome can win, each venue’s prices add up to a little over 100% (its margin); the fair chance removes that margin so the outcomes add up to exactly 100%.

How is the payout worked out?

A Yes contract pays $1 if it wins, so at the best ask a $100 stake buys 100 ÷ ask contracts. At 18¢ that is about 555 contracts, paying $556 (5.56x) if Yes happens. Venue fees and price slippage on larger orders are not included.

Why do the venues show different prices?

Each venue has its own traders, fees and order book. Contracts can also settle on slightly different terms, which is why each row lists how closely the rules match.

Is a price gap an arbitrage?

Only when you can buy Yes on one venue below what someone pays for Yes on the other, after fees, and both contracts settle the same way. We show the executable bid and ask so you can check.

How fresh are these prices?

Venue prices refresh every few minutes, and the order book and live quotes stream continuously. Each venue’s card shows when we last observed it.

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