Cool to see. I'm currently #1 on the Kalshi volume leaderboard (<a href="https://kalshi.com/social/leaderboard" rel="nofollow">https://kalshi.com/social/leaderboard</a>) with a proprietary market making algorithm.<p>There is plenty of money to be made on Kalshi, but I had to rethink the math from the ground up as most of the literature describes highly liquid, somewhat stable markets.<p>One small change you could make to your algorithm is to calculate the skews/spreads in log-odds space. A change in price from 50c to 49c represents a very small delta in expected return whereas 2c to 1c is a doubling. Dealing with probability contracts in log-odds controls for this effect.