What is Kohana?
Most prediction markets just let you bet. Kohana lets you build one. Anyone can spin up a market, throw it open to the world or keep it locked to the group chat, and let people bet it out against each other. No picking from someone else's list of questions. Write your own. And you're always betting against real people, never the house.
Never used a prediction market? It clicks fast. You buy shares in the outcome you think happens. Here's what one looks like:
Will Bitcoin close above $100,000 this Friday?
Call it right and each share pays $1.00. Call it wrong and it's worth nothing. So the price is really just the odds in disguise: a Yes at $0.62 means the crowd's giving it a 62% chance. Kohana takes a small fee on each trade, and that's the whole business, nobody on the other side rooting for you to lose.
The one-liner
Back the outcome you believe in. If it lands, every share pays $1.00. The price you paid? That was the odds all along.
What makes Kohana different
On most platforms you're a spectator, betting on questions someone else chose. On Kohana the markets are made by people like you. Creating one takes a minute, and you decide its shape.
Will the iPhone sell out on day one?
On the public board · anyone can bet
Does Sam run a sub-4-hour marathon?
Unlisted · opened by a private link
Who takes the first map tonight?
18 / 50 spots · closes on a timer
- You're the market maker. Anyone can create a market: write the question, set the outcomes, choose how it resolves, add a little starting liquidity, and it's live. No waiting for a platform to list the thing you actually want to bet on.
- The whole world, or just your friends. Make it public and anyone can find it and bet, or keep it unlisted and drop the private link in your group chat or Discord. Same wallet, same order book, only the audience changes.
- As fast as you want. Ephemeral markets are built to be disposable: set a duration (minutes to days), cap the players or the pot, share the link. Made for tonight's game or a snap vote, not for next year's election.
How it works
- The crowd sets the price, not a bookie. Odds move as people bet, like a ticker. Every bet is you against another person, never the house.
- Cash out whenever. No need to wait for the result. Changed your mind, or want to lock in a win early? Sell your shares back into the market.
- Paid in seconds. When a market settles, escrow pays the winners on its own. Nothing to claim, no payout desk to chase.
Is it gambling?
Straight answer: yes. Real money, an unknown outcome, and you can lose what you put in. We won't pretend otherwise.
What it isn't is a casino. No house edge, no rigged game, no math quietly bent against you. Every dollar you win comes from another person who called it wrong, not from a machine built to grind you down. Kohana never takes the other side of your bet, we run the market and take a small fee, win or lose.
So judgment actually counts here: the sharper your read, the better you do. And because we'd rather have you around next month than gone next week, responsible-trading tools, deposit limits, cool-offs, self-exclusion, are on from day one. You've got to be 18 or over to play.
Where to next
- How prediction markets work, the mechanics in detail.
- Create your account.
- Verify your identity to unlock funding and betting.