Stanford Law Professor Joseph Grundfest proposes Kalshi list a "Kalshi Sports Legality" contract indexed to Supreme Court litigation on the legality of its own sports-indexed contracts. The contract would provide a market estimate of the probability the Court rules Kalshi’s contracts are legal, creating hedging opportunities for investors and customers facing potential market loss. Kalshi CEO Tarek Mansour pursues an ambition to "financialise everything," framing the market as a way to hedge tens of billions of equity exposure.

An FT analysis estimates sports betting comprises 90 per cent of Kalshi’s fees, while a US circuit court put 2025 revenue from sports at 95 per cent. A Supreme Court ruling cutting off sports income would reduce Kalshi to lower-handle political and novelty markets, such as who’ll win People’s Sexiest Man Alive or when Open AI will achieve AGI. Grundfest argues the economic benefits of a Supreme Court market are "far more substantial" than Kalshi’s other hedging rationales relying on idiosyncratic scenarios.

However, Barron’s reported Kalshi will not offer self-referential markets, citing the company’s stance that as a party in the case, its legal team could influence the outcome, violating platform rules against traders affecting market results. Kalshi’s legal team will act in good faith based on attorney-client privilege. The platform has listed at least 16 contracts indexed to Supreme Court determinations previously.