The Prediction Markets

Will the FDA approve any psychedelic substance for medical use before 2027?

Closes
Jan 1, 2027, in 2 months
Traded
$418K
Venues
Kalshi
Prices updated
8 min ago
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What the markets expect

Any psychedelic substance for medical use 14%

Only Kalshi lists this market, so there is no second price to compare.

Odds by venue

Consensus blends each venue’s last price, weighted by how much has traded there. 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 8 min ago. Ages are as of when this page was built.

  • Kalshi
Any psychedelic substance for medical use
14%
Kalshi 14%polled, 8 min agoBest Yes 14¢ on Kalshi, $100 pays $714 (7.14x)
Kalshi
Contract
Any psychedelic substance for medical use
Last price
14%
As of
Polled 8 min ago
Buy Yes
14¢
Sell Yes
13¢
$100 on Yes pays
$714 (7.14x)
Volume
$418K
Trade this on Kalshi

Who resolves this market

Kalshi
Kalshi resolves via:
Kalshi (CFTC-regulated exchange), source: FDA, U.S. Food and Drug Administration.

How the odds have moved

The leading outcome on both venues, with the consensus between them. Hover for exact values.

  • Any psychedelic substance for medical use

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.

Kalshi

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Top of book

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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.

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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 (other / general rate). Fee calculator. Estimates only, not advice.

About this market

Live prediction market odds for "Will the FDA approve any psychedelic substance for medical use before 2027?". Any psychedelic substance for medical use leads at 14%. $418K has traded across 1 outcome on Kalshi. The market is expected to resolve by Jan 1, 2027.

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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