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The Overround / Markets / Elections

Brazil Presidential Election First Round: 2nd Place

Priced on Kalshi and Polymarket at the same moment. These are raw ask prices, what it actually costs to take the position, margin included.

OutcomeKalshiPolymarketCheaper
Flávio Bolsonaro 75¢ 78¢ Kalshi
Luiz Inácio Lula da Silva 24¢ 22.6¢ Polymarket
Augusto Cury 0.2¢ Polymarket

The two venues disagree most on Flávio Bolsonaro: 75¢ on Kalshi against 78¢ on Polymarket, a gap of on the same outcome.

Only outcomes with a live two-sided quote are shown. Polymarket prices are matched to this market by outcome name; where a name has no counterpart the cell is left empty rather than guessed. Prices as of Thu, 17 Sep 2026 04:55:28 UTC.

The overround on this market

Add up what it costs to back every outcome here and Kalshi's board comes to 112%, Polymarket's to 103.5%. A fair book sums to 100. The excess is the house's cut, paid by whoever trades, and it is the reason the same opinion costs different amounts in different places. That number is what this site is named after.

Your call

The market says 75%. It got there by making everyone who disagreed put money behind it. You do not have to, so this is the cheap version of the same question, and the interesting number is how far the two drift apart.

75%

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The record

What this market has cost every day since 24 April 2026, taken from the exchange's own published history. The line is the mid price, halfway between what a buyer would pay and a seller would take.

0 25 50 75 100 AprMayJunJulAugSept Flávio Bolsonaro 74.5 Luiz Inácio Lula d 23.5 Augusto Cury 1.5

Over this window Flávio Bolsonaro went from 54.5 to 74.5, a move of 20 points toward happening.

The other 1 contract in this field is left off the chart rather than drawn in a colour nobody could tell apart; it is all in the table above. Kalshi removes a contract from its interface once it settles and Polymarket buries closed events, so this page is the copy that stays put. We also record our own snapshot once a day, independently, because a history published by the house is worth checking against one kept by somebody with no position in it.

See this on Kalshi See this on Polymarket

What settles this

Settlement source
Tribunal Superior Eleitoral (TSE)
Contract terms
Kalshi product certification (PDF)
Closes
Mon, 04 Oct 2027 14:00:00 UTC
Resolution, for the Flávio Bolsonaro contract
If Flávio Bolsonaro finishes in 2nd place in the first round of the 2026 Brazilian presidential election according to the certified results, then the market resolves to Yes.
Ticker
KXBRPRESIDENT2-BRPRES26-2

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