Notional value
Notional value is the face value of the contracts involved in trading or a position: each contract is counted at its $1 cap, regardless of the price it actually traded at. This is deliberately distinct from cash spent (contracts × price), which runs smaller because most contracts trade below $1. It is the convention Kalshi and Polymarket report in, and because every contract caps at $1, the notional figure comes out numerically close to the raw contract count. TickerTracker reports market and event activity in these face-value dollar terms.
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