Gold Standard — Kalshi event-market forecaster

A pre-registered, paper-only test of whether an LLM can out-forecast the market's own price. Nothing here places real orders.

Headline scorecard

Resolved
142
of 150 gate threshold
Brier (ours)
0.243
Brier (market)
0.138
Edge
-0.105
positive = we beat the market
accruing -- 142 of 150 resolved; no decision yet

By category

CategorynBrier oursBrier mktedgehit
Climate and Weather540.3290.084-0.24548%
Commodities410.2490.181-0.06861%
Economics300.1130.182+0.06987%
Politics170.1810.126-0.05482%

By context kind

Context kindnBrier oursBrier mktedgehit
none550.1350.157+0.02284%
nws460.3660.077-0.28943%
prices410.2490.181-0.06861%

Calibration

BandnSaid %Actual %
0.5-0.62954%52%
0.6-0.72963%59%
0.7-0.81874%89%
0.8-0.92983%52%
0.9-1.03795%76%

Paper P&L

n_trades=67   total_pnl=$-260.00   total_fees=$106.05   win_rate=31%

Open forecasts

TickerCategoryOur pMkt pClose timeRationale
KXWTIW-26NOV1314-B87.50Commodities0.200.212026-11-13T19:30:00ZLatest WTI 88.53, so the 87-88 bucket is below spot.
KXWTIW-26NOV1314-B88.50Commodities0.250.272026-11-13T19:30:00ZLatest WTI 88.53 sits in the bucket, but volatility is high.
KXWTI-26NOV1314-T88.49Commodities0.520.512026-11-13T19:30:00ZLatest WTI 88.53, barely above the threshold.
KXWTI-26NOV1314-T88.99Commodities0.400.412026-11-13T19:30:00ZLatest WTI 88.53, below the threshold; volatility is high.
KXGOLDH-26NOV1305-T3895.99Commodities0.650.302026-11-13T10:00:00ZLatest gold 3903, a few dollars above the threshold.
KXGOLDH-26NOV1305-T3893.99Commodities0.670.612026-11-13T10:00:00ZLatest gold 3903, about 9 dollars above the threshold.
KXUSPPI-26NOV13-T1.3Economics0.030.012026-11-13T13:29:00ZA monthly PPI above 1.3% is very rare.
KXCEONVDA-01JAN33-13NOV26Financials0.010.502026-11-13T15:00:00ZCEO departure in a single day is very unlikely.
KXTRUMPACTD-26NOV12-YESPolitics0.930.992026-11-13T15:00:00ZWeekday; presidential actions are almost always posted.
KXTEMPMIAH-26NOV1305-T70.99Climate and Weather0.870.972026-11-13T10:00:00ZNWS overnight forecast 73F, well above 71F.
KXTEMPMIAH-26NOV1305-T71.99Climate and Weather0.740.032026-11-13T10:00:00ZNWS overnight forecast 73F, above 72F.
KXSILVERH-26NOV1305-T50.049Commodities0.520.122026-11-13T10:00:00ZLatest silver 50.09, slightly above the threshold.
KXSILVERH-26NOV1305-T50.099Commodities0.490.032026-11-13T10:00:00ZLatest silver 50.09, about at the threshold.
KXTEMPNYCHS-26NOV1305-T41.99Climate and Weather0.660.012026-11-13T10:00:00ZNWS overnight forecast 43F with rain; 42F or above somewhat likely.
KXTEMPNYCHS-26NOV1305-T42.99Climate and Weather0.450.012026-11-13T10:00:00ZNWS overnight 43F; the threshold is right at the forecast.
KXHIGHTSATX-26NOV12-B77.5Climate and Weather0.200.772026-11-13T07:00:00ZNWS high 75F; 77-78 requires a 2-3 degree overshoot.
KXHIGHPHIL-26NOV12-T61Climate and Weather0.200.242026-11-13T06:00:00ZNWS forecasts highs 62-63F; below 61 needs a cooler miss.
KXHIGHNY-26NOV12-B59.5Climate and Weather0.200.482026-11-13T06:00:00ZNWS high 61F with rain; 59-60 plausible if cooler.
KXHIGHNY-26NOV12-T59Climate and Weather0.120.442026-11-13T06:00:00ZNWS high 61F; 58 or below needs a 3-degree miss.
KXHIGHMIA-26NOV12-B85.5Climate and Weather0.150.582026-11-13T06:00:00ZNWS high 84F; 85-86 needs slight overshoot.
KXHIGHMIA-26NOV12-B83.5Climate and Weather0.400.252026-11-13T06:00:00ZNWS high 84F falls in the 83-84 bucket.
KXLOWTEWR-26NOV12-T51Climate and Weather0.250.012026-11-13T06:00:00ZNearby NYC forecast shows 55F overnight but 44F by Thursday night; low likely under 52.
KXHIGHTATL-26NOV12-B66.5Climate and Weather0.070.562026-11-13T06:00:00ZNWS forecasts high of 64F; 66-67 requires a 2-3 degree miss.
KXHIGHTATL-26NOV12-B62.5Climate and Weather0.300.102026-11-13T06:00:00ZNWS forecast high 64F; 62-63 is plausible slight underperformance.
KXHIGHPHIL-26NOV12-B61.5Climate and Weather0.250.452026-11-13T06:00:00ZNWS highs 62-63F with showers; 61-62 is plausible.
KXLOWTNYC-26NOV12-T46Climate and Weather0.400.032026-11-13T06:00:00ZOvernight 55F, Thursday night 44F; daily low depends on midnight versus late-night timing, likely low near 44-46 late.

Recent resolutions

TickerOur pMkt pOutcome
KXWTI-26NOV1214-T86.490.250.47Yes
KXWTI-26NOV1214-T86.990.150.39Yes
KXARMOMINF-26NOV12-T2.40.150.01No
KXJOBLESSCLAIMS-26NOV12-2000000.750.03Yes
KXEXUSHOME-26NOV12-T4300000.030.49No
KXEXUSHOME-26NOV12-T3950000.850.94Yes
KXTRUMPAPPROVE-26NOV12-E38.70.080.62Yes
KXTSAD-26NOV10-T20000000.650.74No
KXRAIN-26NOV11-MIA0.550.46No
KXLOWTNYC-26NOV11-B50.50.150.68Yes
KXJOBLESSCLAIMS-26NOV12-1900000.930.49Yes
KXTSAD-26NOV10-T21000000.300.33No
KXGOLDD-26NOV1117-T40430.600.61No
KXTRUTHSOCIALD-26NOV11-T50.030.05No
KXTRUMPACTD-26NOV10-YES0.930.96Yes
KXSILVERD-26NOV1117-T530.430.48No
KXSILVERD-26NOV1117-T53.250.360.35No
KXGOLDD-26NOV1117-T40530.520.51No
KXGOLDH-26NOV1105-T4049.990.600.63Yes
KXGOLDH-26NOV1105-T4051.990.580.29No

Pre-registration (locked before any forecast)

# PREREG.md — pre-registration of the gold-standard Kalshi forecaster

**Registered 2026-07-28 (America/Chicago), before any `source='ai'` forecast row exists.**
The git history is the proof: this file is committed at Phase 5, and the first production
(`source='ai'`) forecast is not created until Phase 7, after this commit. Any change to the rules
below requires a dated amendment appended to the "Amendments" section AND the owner's sign-off — the
original rules above the amendment line are never edited in place.

This is a paper-only research instrument. Nothing here places real orders. Educational / hypothetical.

---

## The pre-registered rules (copied verbatim from PLAN.md "LOCKED decisions")

1. **The model never sees the market price** in its prompt. We are testing independent skill;
   showing the price lets the model echo the crowd and fakes calibration. Log `mkt_p` separately
   at call time. (A later "sees-price" variant may be added as a separate scored segment. Not v1.)
2. **Question selection:** status open, `close_time` ≤ 30 days out, `volume_fp` ≥ 500, bid-ask
   spread ≤ $0.10, category in: Economics, Financials, Commodities, Climate and Weather, Politics,
   Science and Technology, World. Excluded: Sports, Entertainment, Mentions, Crypto, Elections,
   Companies, Social, Health. Max **2 markets per event** (for ladders pick the 2 strikes nearest
   $0.50 mid = nearest the money). Max **40 new forecasts per night**.
3. **One forecast per market**, made at first qualifying sighting, never revised. The model may
   **skip** any question (no informational basis); skips are logged and cost nothing.
4. **Paper trade rule:** fills at the **ask** (not mid). Buy YES if `our_p − yes_ask − fee(yes_ask)
   > 0.02`; buy NO if `(1 − our_p) − no_ask − fee(no_ask) > 0.02`. Kalshi fee per $1 contract:
   `fee(p) = ceil_to_cent(0.07 · p · (1 − p))`. Flat $10 notional per trade, max 1 trade per event.
5. **Scoring:** Brier of `our_p` vs Brier of `mkt_p` (mid at call time) on identical resolved sets,
   segmented by category and by context kind (fred / nws / prices / news / none), plus calibration
   buckets. Voided/unresolvable markets are excluded. Only rows with `source='ai'` count
   (`source='dev'` = build-time tests, never scored).
6. **Gates (evaluate at ≥150 resolved AI forecasts):** skill gate = our Brier < market Brier;
   money gate = paper P&L > 0 net of fees over ≥100 trades. Both pass → owner may fund a real
   bankroll ($500–2k, allowed to go to zero; separate authorization, separate build). Either fails
   → kill, write the post-mortem, keep the track record. Interim peeks fine; no action before n.
7. **Prompt discipline:** `PROMPT_VER` constant logged on every forecast; any prompt change bumps
   it. LOUD failures only: a failed/malformed LLM call writes a `runs` row and stderr; **never**
   silently fall back (market-radar's silent-fallback bug is the cautionary tale).

---

## Exact prompt text (PROMPT_VER = "v1")

The nightly batched call (`brain.py`, `--model sonnet`) emits ONE prompt built from a fixed
preamble plus one block per question. The preamble is **verbatim**:

> You are a calibrated event forecaster. For each question output a probability 0-1 that it
> resolves YES. You have NO market price and must not guess one - reason only from the evidence
> given. If you have no informational basis, set skip=true (this costs nothing and is better than
> a blind guess). Today is {UTC date} (UTC). Output STRICT JSON ONLY: an object mapping each
> ticker to {"p":<0..1>,"why":"<=20 words","skip":<bool>}. No prose outside the JSON.

Each per-question block that follows the preamble contains ONLY: the ticker, the question title,
its sub-title, its resolution rules, and the Phase-2 context pack (external evidence — FRED / NWS /
prices / news — which is itself price-free by construction; `context.py` contains zero Kalshi price
fields). **No market price, bid, ask, or implied probability is ever placed in the prompt.** This is
enforced structurally: `build_prompt()` is a separate pure function and the price fetch lives in
`_fetch_mid()`; a grep proves the string `_dollars` never appears in the prompt path.

If v1 is ever changed, `PROMPT_VER` is bumped (e.g. "v2") and forecasts made under different
versions are scored as separate segments — v1's track record is never retroactively altered.

---

## Gate arithmetic (exactly what `score.py` computes)

Scored set = resolved `forecasts` rows with `source='ai'`, `outcome ∈ {0,1}` (void `-1` and
unresolved `NULL` excluded), and both `our_p` and `mkt_p` populated.

- `brier_ours = mean((our_p − outcome)²)` over the scored set.
- `brier_mkt  = mean((mkt_p − outcome)²)` over the identical set (the crowd's mid at call time).
- `edge = brier_mkt − brier_ours` (positive ⇒ we beat the market; lower Brier is better).
- Paper P&L: over settled `paper_trades` (`pnl` not NULL), `total_pnl = Σ pnl`, `n_trades = count`.
  Per-trade P&L (LOCKED #4 `$1`-contract math, `contracts = $10 / entry_p`,
  `total_fee = contracts · fee(entry_p)`): WIN `pnl = 10·(1/entry_p − 1) − total_fee`;
  LOSS `pnl = −10 − total_fee`; VOID `pnl = 0`.

**Decision (only at `n_resolved ≥ 150`):**
- **skill_gate_pass** ⟺ `n_resolved ≥ 150` AND `brier_ours < brier_mkt`.
- **money_gate_pass** ⟺ `n_trades ≥ 100` AND `total_pnl > 0`.
- **Both pass** → the forecaster has earned a real-bankroll funding decision ($500–2k, may go to
  zero; separate authorization + separate build). **Either fails** → kill it, write the post-mortem,
  keep the documented track record as the durable asset.
- Before `n_resolved = 150`: interim peeks are allowed but **no action is taken** — `score.py`'s
  verdict reads "accruing — N of 150 resolved; no decision yet".

---

## Note on the fee example in PLAN.md

PLAN.md's Phase-4 acceptance line ("fee(0.50) on 20 contracts = $0.70") is an arithmetic slip that
contradicts the LOCKED 0.07 coefficient. The **coefficient is unchanged** (`fee(p) =
ceil_to_cent(0.07·p·(1−p))`, i.e. $0.02/contract at p=0.50). The implemented order fee is
`contracts × fee(entry_p)` = 20 × $0.02 = **$0.40** at the example point. This clarification does not
alter any pre-registered rule; it records the correct arithmetic under the LOCKED formula.

---

## Amendments

(none — the rules above are the original registration. Append dated, owner-signed amendments below
this line; never edit the original rules in place.)