Cash out

Selling a position before settlement to lock in its current value rather than holding to resolution. On Kalshi any position can be sold at the market price, which functions as cashing out.

Unlike a sportsbook's cash-out button, which hides a margin, selling on Kalshi happens at the visible market price minus the taker fee. For a parlay, cashing out mid-sequence is usually slightly worse in expected value than riding at the market's own prices, and the gap is the fees you would still pay, so cash out to cut risk, not for value.