Every Kalshi 15-minute crypto market runs on a fixed clock. It opens, trades for fifteen minutes, closes, gets a result and pays out, and the next window has already started. If you trade these markets by hand or with a bot, knowing exactly when each step happens tells you when an order can still fill, when it will be rejected, and when your balance will show the payout. This guide walks through one window from start to finish, using the time fields and statuses Kalshi publishes in its API documentation and a real Bitcoin market from this morning.
Short answer
- Close times: 15-minute markets close on the quarter hour: :00, :15, :30 and :45, around the clock. That is 96 windows per coin per day.
- Open time: each market opens exactly 15 minutes before its close. The next window opens the moment the current one closes.
- After close: no new orders and no cancellations are accepted. Resting orders are cancelled shortly after close.
- Settlement: the result comes from the average of 60 seconds of CF Benchmarks' Real Time Index before close. In the example below, the market was paid out about five seconds after it closed.
The time fields on every market
Kalshi's Market Lifecycle documentation lists the time fields each market carries. The public market endpoint returns them, so you can check any window yourself without an account:
-
open_time: when the market opens for trading. -
close_time: when trading stops. Kalshi notes it can be moved earlier whencan_close_earlyis true. -
expected_expiration_time: when the outcome is expected to be known. -
latest_expiration_time: the latest possible expiration. -
expiration_time: a legacy field Kalshi marks as deprecated. Use the two fields above instead.
Here is what those fields looked like for a Bitcoin 15-minute market scheduled for tonight, KXBTC15M-26OCT272345-45, read from the API this morning. Times are UTC; the market's rules state the window in Eastern time (11:30 PM to 11:45 PM EDT).
| Field | Value (UTC) | What it means |
|---|---|---|
| open_time | 03:30:00 | Trading starts |
| close_time | 03:45:00 | Trading stops, 15 minutes later |
| expected_expiration_time | 03:50:00 | Result expected within 5 minutes of close |
| latest_expiration_time | 7 days after close | Outer limit if something delays the result |
| settlement_timer_seconds | 1 | Wait between result and payout |
| can_close_early | true | The exchange may move close_time earlier |
The ticker encodes the close time too. 26OCT272345 is 27 October 2026 at 23:45 Eastern, the end of the window. (Our guide to Kalshi tickers, series and events breaks down the rest of the format.)
A 15-minute window, step by step
Kalshi's documentation describes eight market statuses. A normal 15-minute market goes through five of them.
1. Initialized: listed but not open
The market exists in the API before it opens, with status initialized. At this stage the target price shows as "TBD", because the strike is not set yet. You can read the market but cannot trade it.
2. Active: the 15 minutes of trading
When open_time passes, the market becomes active. Kalshi notes that this change is time-based: no WebSocket event announces it, so a bot has to watch the clock or poll the market rather than wait for a message. The target is set from the average of the 60 seconds of BRTI before the window opened. The question is whether the average of the 60 seconds before close will be at least that target.
3. Closed: trading stops
At close_time the market moves to closed. Kalshi's documentation is direct about what that means: once close time passes, all order operations, including cancellations, are rejected with MARKET_INACTIVE. Resting orders are cancelled shortly after close. If you have a limit order sitting in the book at 11:44:59, you cannot pull it at 11:45:01. It simply goes away unfilled.
4. Determined: the result is set
Once the final index value is known, the market becomes determined and result is set to yes or no. A settlement timer then runs for settlement_timer_seconds. For the 15-minute crypto markets we checked, that timer is 1 second.
5. Finalized: positions paid
When settlement completes, the market moves to finalized, settlement_ts is filled in, and each Yes contract pays $1 if the result is Yes (No contracts pay $1 if it is No). The 9:00 AM EDT Bitcoin window this morning, KXBTC15M-26OCT270900-00, closed at 13:00:00 UTC and shows settlement_ts 13:00:05 UTC, a final index value of 80,239.21 and a Yes result. From close to payout took about five seconds.
The other three statuses are exceptions. inactive means the exchange has paused a market without closing it. Kalshi notes that resting orders are cancelled when a paused market is reactivated. disputed and amended cover a result that is challenged and re-determined, which restarts the settlement timer.
What the close time means for your orders
The fixed clock creates a few practical rules, whether you click by hand or run software:
- The last seconds are thin. The result depends on a 60-second average, so by the final minute much of the outcome is already in the index. Prices near close can sit near 1¢ or 99¢, and there is little left to trade at a fair price.
-
You cannot cancel after close. Any cancel request sent after
close_timeis rejected. Plan to cancel unwanted orders before the window ends, not after. - Resting orders do not carry over. An order in the 9:00 market has nothing to do with the 9:15 market. Each window is a separate market with its own ticker, so a bot has to place fresh orders in each one.
- The clock matters. If your computer's clock is off by even a few seconds, your view of "time left" is wrong. Keep automatic time sync on (see our Windows vs Mac setup guide).
- Payouts land fast. With a one-second settlement timer, the money from one window is usually back in your balance before the next window is a minute old.
Ties and the "at least" rule
The market rules ask whether the closing average is at least the opening average. An exact match therefore resolves Yes. With prices averaged to two decimal places, a tie is uncommon, but it is part of the rule. Our explainer on CF Benchmarks' BRTI covers why the index differs from the price on Coinbase or Google, and how Kalshi markets settle covers settlement across all market types.
Watching the clock with the API
You do not need an account to read market times. A single unauthenticated request returns the next windows for a series:
The status filter accepts unopened, open, closed and settled. Kalshi notes that closed matches any market past its close time that is not yet finalized. For live updates, the market_lifecycle_v2 WebSocket channel sends close_date_updated, determined and settled events. Remember that it sends no event when a market opens. Keep polling gentle; our guide to Kalshi API rate limits and WebSockets explains the limits, and the Python API tutorial shows a first request.
Can a 15-minute market close early?
The API marks these markets can_close_early: true, and Kalshi's documentation says the close time can be moved earlier in that case. A close_date_updated WebSocket event announces the change. In normal operation the windows close on the quarter hour.
Why does the target say "TBD"?
The target is the average of the 60 seconds of BRTI before the window opens, so it cannot be known until then. Markets for later windows are listed in advance with the target pending.
Do these markets run on weekends?
Crypto trades around the clock, and the 15-minute crypto series is listed for every quarter hour in the API, including overnight. Check the Kalshi app or the API before relying on any particular hour, because the exchange can pause a market.
Results data and comparisons
For base rates on these markets and how the tools compare:
- Kalshi Bitcoin 15-minute results data
- Kalshi Ethereum 15-minute results data
- Kalshi Solana and XRP 15-minute results data
- Kalshi trading bot comparison and is a Kalshi trading bot worth it?
Where DeskBot fits
DeskBot uses proprietary trading logic with customer-selected settings. Its dashboard shows supported market views and app activity. See the current product and support pages for the features and requirements of your release.
What time do Kalshi 15-minute markets close?
On the quarter hour: :00, :15, :30 and :45, every hour. Each market opens 15 minutes before its close, so there are 96 windows per coin per day.
Can I cancel an order after a Kalshi market closes?
No. Kalshi rejects all order operations after close time, including cancellations, with MARKET_INACTIVE. Resting orders are cancelled automatically shortly after close.
How fast do Kalshi 15-minute markets pay out?
The settlement timer on the 15-minute crypto markets is 1 second. In the Bitcoin window we checked, the payout timestamp was about five seconds after close.
What price decides a Kalshi 15-minute crypto market?
The average of the 60 seconds of CF Benchmarks' Real Time Index before close, compared with the average of the 60 seconds before the window opened. If the closing average is at least the opening one, the market resolves Yes.
What is the difference between close_time and expected_expiration_time?
close_time is when trading stops. expected_expiration_time is when the result is expected to be known, about five minutes after close for these markets. The result often arrives sooner.
Is DeskBot affiliated with Kalshi?
No. DeskBot is independent software and is not affiliated with, endorsed by or sponsored by Kalshi.
Risk disclaimer: Trading involves risk of loss. Only trade money you can afford to lose. DeskBot does not guarantee profits, returns, win rates or income. Market times and fields are as published by Kalshi on 27 October 2026 and can change; check Kalshi's documentation before relying on them. Nothing on this page is financial advice. DeskBot is not affiliated with Kalshi.
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Educational content, not financial advice. Trading can lose money. DeskBot does not guarantee profits, returns, win rates or income and is not affiliated with or endorsed by the named exchanges or brokers.