TOTAL VOLUME:
$154.3b
24H VOL:
$228,458,490
24H TRANSACTIONS:
2,984,028,936
OPEN INTEREST:
$1,879,276,037
410,833
Markets across
40,345
events
MATCHED EVENTS:
4,363
PLATFORM COVERAGE:
5
Polymarket:
37%
VS.
Kalshi:
63%
$
This set of markets tracks potential movements in the 5-year U.S. Treasury yield by setting different threshold levels for a specific date. Each market offers a unique perspective on how high interest rates might climb, reflecting varied investor expectations about economic conditions and monetary policy. The outcomes depend on whether the yield surpasses one of several incrementally higher benchmarks.
All markets resolve based on the par yield of the 5-year U.S. Treasury as of November 2, 2026. Each market has a distinct threshold: if the yield exceeds a specific percentage (e.g., 4.65%, 4.67%, up to 4.93%), that market resolves to 'Yes.' If the yield does not meet or exceed the threshold, it resolves to 'No.' Expiration occurs at the earlier of two times: either 7:00 PM ET on the first business day after the yield data is released for November 2, 2026, or one week after November 2, 2026. All markets share these expiration rules, ensuring consistent timing across the set while allowing participants to speculate on different yield levels.
Currently, analysts' forecasts for the 5Y US Treasury yield on November 2, 2026, vary widely, with estimates ranging from 3.5% to 5.0%. This market allows traders to express a collective prediction, which may differ from the average analyst forecast. It's possible that the wisdom of the crowd, as reflected in this market, will prove more accurate than individual expert opinions. The market aggregates diverse perspectives and incentives, potentially leading to a more informed prediction than traditional forecasting methods.
On Kalshi, this market is priced using a continuous double auction, meaning traders buy and sell contracts representing different yield levels. The price of each contract reflects the market's assessment of the probability of that yield occurring on Nov 2, 2026. On Kalshi, prices reflect that venue's order book, liquidity, and how traders price the outcome right now. As more traders participate and new information becomes available, the prices adjust to reflect the evolving consensus. The market depth and order book provide insights into the strength of conviction behind different price points.
This market resolves around Nov 2, 2026, with the outcome confirmed once the 5Y US Treasury yield is verifiable from credible public reporting. The yield will be sourced from a widely recognized financial data provider at the close of trading on that date. The contract corresponding to the actual 5Y US Treasury yield on November 2, 2026, will pay out $100, while all other contracts will settle to $0. Traders should monitor the market closely as the resolution date approaches.
Several economic signals and events could significantly impact this market. Changes in inflation data, Federal Reserve policy announcements regarding interest rates, and unexpected shifts in economic growth forecasts are all potential catalysts. Geopolitical events and global economic conditions could also influence investor sentiment and, consequently, the price of US Treasury bonds. Stronger-than-expected economic data could push yields higher, while a recessionary outlook might drive them lower. Monitoring these factors will be crucial for understanding movements in this market.