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Terms is what this market resolves against, as structured fields — the conditions rules states in prose: kind, strike_type, floor_strike / cap_strike, underlying, measure (instant, granularity, basis) and settles_on.

rules is for a person and free to change its wording; terms are what code reads, so an integrator never parses a title to learn the strike. Kalshi publishes the same thing as strike_type / floor_strike / cap_strike.

Stored by atlas (markets.terms, derived from the resolution source and its params — atlas owns that derivation) and decoded here only so the published schema names every field. Omitted for a market with no automated source.

cap_strike
number
Example:

77500

floor_strike
number

Null when not applicable. A band is half-open: inclusive floor, exclusive cap.

Example:

70000

kind
string

threshold | range | direction | categorical

Example:

"threshold"

measure
object
settles_on
string

The resolution provider that settles the market, e.g. coinbase_spot.

Example:

"coinbase_spot"

strike_type
string

greater | greater_equal | less | less_equal | between | direction | none

Example:

"greater_equal"

underlying
object