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Who will be Trump's next Secretary of Defense?

Live prices from Kalshi, ordered by what the market thinks. These are raw ask prices, what it actually costs to take the position, margin included.

OutcomeKalshi
No other person 46¢
Joni Ernst 10¢
Ron DeSantis 10¢
Dan Driscoll 10¢
Steve Feinberg 9.5¢
Mike Waltz 6¢
Elbridge Colby 5.9¢
Wesley Hunt 5.6¢
Mike Rogers 5.8¢
Mike Pompeo 5.4¢
Tom Cotton 3¢
Trae Stephens 2¢
Christopher Miller 2¢
Bill Hagerty 2¢
Mike Gallagher 2¢

Only outcomes with a live two-sided quote are shown, and 2 contracts trading under a cent are left off. No Polymarket equivalent was matched with enough confidence to publish, so this page is Kalshi only. Prices as of Tue, 13 Oct 2026 21:32:53 UTC.

The overround on this market

Add up what it costs to back every outcome here and Kalshi's board comes to 127%. 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 46%. 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.

46%

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The record

What this market has cost every day since 17 January 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 JanFebMarAprMayJunJulAugSeptOct No other person 45.5 Ron DeSantis 7 Joni Ernst 6.6

Over this window Ron DeSantis went from 16 to 7, a move of 9 points away from 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

What settles this

Settlement source
The New York Times, the Associated Press, Reuters, Axios, Politico, Semafor, The Information, The Washington Post, The Wall Street Journal, ABC, CBS, CNN, Fox News, MSNBC
Contract terms
Kalshi product certification (PDF)
Closes
Sat, 20 Jan 2029 15:00:00 UTC
Resolution, for the No other person contract
If the next new Secretary of Defense before Jan 20, 2029 is no other person, then the market resolves to Yes.
Ticker
KXNEXTDEF-29

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