Short Answer

Both the model and the market expect Democrats to win the House popular vote by a margin of 8 to 10%, with no compelling evidence of mispricing.

1. Market Behavior & Drivers

Based on the chart data, this market has exhibited a stable, sideways trading pattern since its inception. The price has been confined to a narrow range, fluctuating between a low of 11.0% and a high of 15.0%. The market opened at 12.0% and is currently trading at the same level, indicating no significant long-term shift in expectations. The primary price boundaries appear to be support at 11.0% and resistance at 15.0%. The price has consistently reverted to the 12.0% level, which acts as a central point of equilibrium or a "control price" for this market.
The market has not reacted to any significant external events, as no specific news or developments were provided for context. The brief spike to 15.0% early in the trading period cannot be attributed to a specific catalyst and quickly reversed, suggesting it may have been the result of low-volume trading rather than a fundamental shift in market sentiment. The overall trading volume of 7,162 contracts is moderate, but the sample data indicates periods of zero trading activity. This pattern of inconsistent volume suggests that conviction is relatively low and that price movements within the established range are not necessarily driven by a strong consensus.
Overall, the price action suggests a market with a stable and unchanging sentiment regarding the 2026 House popular vote margin. Traders have collectively priced the probability at around 12.0% and have shown little inclination to push the price outside of its tight 11.0%-15.0% channel. The lack of a clear trend and the consistent return to the 12.0% midpoint imply that the market is in a state of equilibrium, likely awaiting new information or a catalyst that could justify a re-evaluation of the predicted outcome.
  • President's party typically loses House popular vote in midterms.
  • Low presidential approval strongly correlates with significant House vote losses.
  • Incumbent president's party rarely wins House popular vote by large margins.
  • Republicans have net two more competitive incumbent retirements.
  • Gas prices show weak, inconsistent link to House vote performance.

Who Wins and Why

Outcome Market Model Why
Republicans win 15.0% 11.7% A strong Republican presidential approval rating could defy typical midterm trends.
Democrats, 0 to 2% 5.9% 3.9% A narrow Democratic win suggests the president's party retained significant support.
Democrats, 2 to 4% 6.5% 5.3% A moderate Democratic victory reflects typical opposition gains without a strong anti-incumbent wave.
Democrats, 8 to 10% 22.0% 19.4% Historical patterns of midterm elections often favor the opposition party with significant gains.
Democrats, 12 to 14% 5.9% 7.3% Widespread voter dissatisfaction with the incumbent president could drive a large Democratic margin.

2. Price Chart

Historical Price (Probability)

Outcome probability
Date

3. Market Data

Contract Snapshot

This market resolves to 'Yes' if the Democratic margin of victory in the 2026 U.S. House national popular vote is exactly 8% up to, but not including, 10%; otherwise, it resolves to 'No'. The margin is calculated as the Democratic vote percentage minus the Republican vote percentage, without rounding, and verified by the Clerk of the House. Trading closes on November 3, 2027, with a projected payout the same day, and individuals employed by source agencies are prohibited from trading.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Democrats, 8 to 10% $0.22 $0.79 22%
Democrats, 10 to 12% $0.14 $0.87 15%
Republicans win $0.16 $0.85 15%
Democrats, 6 to 8% $0.14 $0.87 13%
Democrats, 4 to 6% $0.13 $0.88 12%
Democrats, 2 to 4% $0.05 $0.96 7%
Democrats, 14 to 16% $0.06 $0.94 6%
Democrats, 0 to 2% $0.03 $0.98 6%
Democrats, 12 to 14% $0.06 $0.95 6%
Democrats, 16% and above $0.02 $0.98 2%

Market Discussion

Limited public discussion available for this market.

4. Trust Index

Octagon Trust Index Kalshi 84 Good

Largest single print on KXHOUSEPOPVOTEMARGIN-27NOV03-B11 carried 47% of its $4,662 tape (window is 100% of 24h flow; print is 3d old)

Integrity risk· Large trades

How it adds up
Integrity80% of score91Strong
Trade quality20% of score56Caution

Includes the cost to trade: a $10,000 order can't be filled here because the order book is too thin.

Trust score84Good

Weighted blend with hard caps — a critically weak safety pillar, or a severe trading anomaly, caps the total regardless of the rest. Full methodology · About the Trust Index

Trust profile
Integrity4 screens run · 6 don't apply
Market integrity
85Strong

Outcome is hard to influence

Large tradesTrade signals · medium confidence

Largest single print on KXHOUSEPOPVOTEMARGIN-27NOV03-B11 carried 47% of its $4,662 tape (window is 100% of 24h flow; print is 3d old)

Screened clean
Thin-volume movesMoves carried volume Clear
Size patternsNo distribution read Clear
2 screens not run
Outcome control · doesn't apply to this market type
Thin-leg conviction · doesn't apply to this market type
Info fairness
95Strong

Structural prior — no screens apply

No suspicious activity on any screen

Screened clean
Information exposureNo concentrated group can know the outcome materially early. Clear
4 screens not run
Move vs. catalyst · doesn't apply to this market type
Longshot repricing · doesn't apply to this market type
Pre-broadcast certainty · doesn't apply to this market type
Cross-venue timing · doesn't apply to this market type
Resolution quality
92Strong

Resolution mechanism is dependable

No suspicious activity on any screen

Resolution rules read: Clear

Liquidity
71Tradeable

Fills fine at modest size

10 contracts · worst first

Democrats, 16% and above20
Very thin · low confidence

Light recent trading — size may not fill near the screen price.

Democrats, 6 to 8%54
Thin · low confidence

Light recent trading — size may not fill near the screen price.

Democrats, 0 to 2%54
Thin · low confidence

Light recent trading — size may not fill near the screen price.

Book spread 22% vs realized 5%
Democrats, 10 to 12%72
Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Democrats, 8 to 10%75
Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Democrats, 2 to 4%75
Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Democrats, 12 to 14%78
Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Book spread 9% vs realized 1%
Democrats, 14 to 16%78
Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Democrats, 4 to 6%82
Deep · low confidence

Light recent trading — size may not fill near the screen price.

Republicans win83
Deep · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
80Confirmed

Moves came with real volume

10 contracts · worst first

Democrats, 6 to 8%72
Confirmed · medium confidence

Volume opposes the move over 3d

Democrats, 12 to 14%84
Confirmed · medium confidence

Volume confirms the move over 24h

Democrats, 0 to 2%91
Confirmed · medium confidence

Volume confirms the move over 3d

Democrats, 8 to 10%—
No significant move (24h)

Price was stable over the last 24 hours.

Democrats, 10 to 12%—
No significant move (24h)

Price was stable over the last 24 hours.

Democrats, 4 to 6%—
No significant move (6h)

Price was stable over the last 6 hours.

Republicans win—
No significant move (6h)

Price was stable over the last 6 hours.

Democrats, 14 to 16%—
No significant move (6h)

Price was stable over the last 6 hours.

Democrats, 2 to 4%—
No significant move (24h)

Price was stable over the last 24 hours.

Democrats, 16% and above—
No significant move (24h)

Price was stable over the last 24 hours.

Rule clarity
100Clear

Counts toward Resolution quality, not here

10 contracts · worst first

Democrats, 8 to 10%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 10 to 12%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 6 to 8%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 12 to 14%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 4 to 6%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Republicans win100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 0 to 2%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 14 to 16%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 2 to 4%100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 16% and above100
Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Trade quality
56Caution

Order book is thin

Tradable, but expect execution cost beyond small sizes.

Outcome quality 72 (notional-weighted across 10 scored legs)

$100 order: 0.6c slippage (~11% of a 5.4c contract)

$1,000 order: 1.4c slippage (~26% of a 5.4c contract)

$10,000 order: book too thin to fill

Democrats, 8 to 10%75Market scoreLiquidity75Move quality–Rule clarity100
Why 75
Liquidity
75 · Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (24h)

Price was stable over the last 24 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 10 to 12%72Market scoreLiquidity72Move quality–Rule clarity100
Why 72
Liquidity
72 · Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (24h)

Price was stable over the last 24 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 6 to 8%54Market scoreLiquidity54Move quality72Rule clarity100
Why 54
Liquidity
54 · Thin · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
72 · Confirmed · medium confidence

Volume opposes the move over 3d

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 12 to 14%78Market scoreLiquidity78Move quality84Rule clarity100
Why 78
Liquidity
78 · Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Book spread 9% vs realized 1%
Move quality
84 · Confirmed · medium confidence

Volume confirms the move over 24h

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 4 to 6%82Market scoreLiquidity82Move quality–Rule clarity100
Why 82
Liquidity
82 · Deep · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (6h)

Price was stable over the last 6 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Republicans win83Market scoreLiquidity83Move quality–Rule clarity100
Why 83
Liquidity
83 · Deep · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (6h)

Price was stable over the last 6 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 0 to 2%54Market scoreLiquidity54Move quality91Rule clarity100
Why 54
Liquidity
54 · Thin · low confidence

Light recent trading — size may not fill near the screen price.

Book spread 22% vs realized 5%
Move quality
91 · Confirmed · medium confidence

Volume confirms the move over 3d

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 14 to 16%78Market scoreLiquidity78Move quality–Rule clarity100
Why 78
Liquidity
78 · Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (6h)

Price was stable over the last 6 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 2 to 4%75Market scoreLiquidity75Move quality–Rule clarity100
Why 75
Liquidity
75 · Tradeable · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (24h)

Price was stable over the last 24 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear
Democrats, 16% and above20Market scoreLiquidity20Move quality–Rule clarity100
Why 20
Liquidity
20 · Very thin · low confidence

Light recent trading — size may not fill near the screen price.

Move quality
No significant move (24h)

Price was stable over the last 24 hours.

Rule clarity
100 · Clear · high confidence

All checks pass

objective outcome · Clearofficial source · Cleartime boundary · Clear

underwriting_v1.4 · computed Sep 22, 2026

5. How Do Presidential Approval Ratings Impact Midterm House Seats?

Approval below 50%Loss of 29-37 House seats [1]
Approval under 40%Loss of 49 House seats [2]
Approval above 50%Gain of 3-14 House seats [1]
Low presidential approval historically correlates with significant House popular vote losses. Historically, presidential approval ratings, particularly in the FiveThirtyEight average between Labor Day and Election Day for a midterm election, are strong indicators of the president's party's performance in House popular vote outcomes [1]. A presidential approval rating in the low 40s (e.g., 40-42%) has typically corresponded with substantial losses for the president's party in the House. When approval ratings were below 50%, the president's party lost an average of 29 House seats according to FiveThirtyEight analysis, and 37 seats according to Gallup [1]. For presidents with approval ratings under 40%, the average loss was even higher, at 49 House seats [2]. These substantial seat losses usually correlate with a significant national popular vote loss for the president's party, often a 4% to 6% deficit or greater, especially for approval in the low 40s or high 30s [3]. For example, midterms with presidential approval in the low-to-mid 40s, such as Obama in 2010 (45%) and 2014 (42%), and Trump in 2018 (42%), saw considerable House seat losses for the president's party [4].
High presidential approval leads to better midterm House performance. Conversely, when presidential approval ratings were above 50% closer to the midterm election, the president's party tended to perform much better, frequently gaining seats or experiencing minimal losses. FiveThirtyEight found an average gain of 14 House seats when approval was above 50%, while Gallup noted an average gain of 3 seats [1]. This scenario typically correlates with the president's party either winning the national House popular vote or losing by a very narrow margin, such as a deficit of less than 2% or even a gain [3]. While direct historical popular vote percentages for specific approval brackets are not universally standardized, the strong correlation between presidential approval, House seat changes, and national popular vote margins allows for these general inferences [3].
Sources (4)
  1. 1Some Early Clues About How The Midterms Will Go | FiveThirtyEightfivethirtyeight.com
  2. 2Midterm Seat Loss Averages 37 for Unpopular Presidentsnews.gallup.com
  3. 3Our Best Tool For Predicting Midterm Elections Doesn’t Show A Republican Wave — But History Is On The GOP’s Side | FiveThirtyEightfivethirtyeight.com
  4. 4Presidential Approval at Midterms — Full History Since Truman & 2026 Projection | USPollingData.comuspollingdata.com

6. How Accurate Is RealClearPolitics Generic Ballot Average (2010-2018)?

Average Directional Error-0.13 percentage points [1]
Average Magnitude of Error1.93 percentage points [1]
2014 Directional Error+2.7 percentage points [1]
RealClearPolitics final averages showed minor directional errors across three midterms. An analysis comparing the final RealClearPolitics (RCP) generic ballot average to certified national House popular vote results for the 2010, 2014, and 2018 midterm elections revealed an average directional error of -0.13 percentage points. This indicates that, on average, RCP's final generic ballot slightly underestimated the Democratic lead or overestimated the Republican lead. The average magnitude of error across these three cycles was 1.93 percentage points, representing the typical absolute difference between RCP's final average and the certified national House popular vote results. The 2022 national House popular vote was not available in the provided sources, preventing its inclusion in these averages.
RCP's generic ballot showed varying accuracy in early midterm cycles. For the 2010 midterm election, RCP's final generic ballot average predicted Republicans to lead by 9.3 percentage points (R +9.3) [1]. However, the certified national House popular vote showed Republicans leading by 7.0 percentage points (R 51.7%, D 44.7%) [2], [3], meaning RCP overestimated the Republican lead by 2.3 percentage points. In 2014, RCP's final average indicated Republicans leading by 2.4 percentage points (R +2.4) [4]. The actual popular vote, in contrast, showed Republicans leading by 5.1 percentage points (R 51.1%, D 46.0%) [5], resulting in RCP underestimating the Republican lead by 2.7 percentage points.
The 2018 generic ballot average closely mirrored the final results. For the 2018 midterm, RCP predicted Democrats to lead by 7.2 percentage points (D +7.2) [6]. This prediction closely aligned with the certified popular vote, which reflected Democrats leading by 8.0 percentage points (D 53.4%, R 45.4%) [7], [8], [9]. In this instance, RCP underestimated the Democratic lead by 0.8 percentage points.
Sources (9)
  1. 1RealClearPolitics - 2010 Generic Congressional Voterealclearpolitics.com
  2. 2The Green Papers 2010 U.S. House Popular Vote and FEC Total Receipts by Partythegreenpapers.com
  3. 32010 United States House of Representatives electionsen.wikipedia.org
  4. 4RealClearPolitics - 2014 Generic Congressional Votewww1.realclearpolitics.com
  5. 52014 United States House of Representatives electionsen.wikipedia.org
  6. 6RealClearPolitics - 2018 Generic Congressional Voterealclearpolitics.com
  7. 72018 House Popular Vote Tracker | Cook Political Reportcookpolitical.com
  8. 8The Green Papers: 2018 General Election 116th U.S. House Popular Vote and FEC Total Receipts by Partythegreenpapers.com
  9. 92018 United States House of Representatives electionsen.wikipedia.org

7. How Do Gas Prices Affect House Popular Vote Performance?

Relationship StrengthWeak and inconsistent correlation between gas price changes and House popular vote [1]
Midterm TrendPresident's party often loses ground in midterms, irrespective of economic trends [2]
Primary CorrelationEconomic conditions correlate more with presidential approval than congressional election outcomes [3]
Gas prices show weak, inconsistent link to House vote. Historically, the relationship between year-over-year changes in national average gas prices from June to September and the incumbent president's party performance in the House popular vote has been weak and inconsistent [1]. Although gas prices are a visible economic indicator, declines do not reliably translate into significant electoral boosts for the president's party, and their impact is often mixed [1]. For example, President Trump's approval ratings did not see a substantial, lasting benefit even during periods of low gas prices, confirming this pattern is not an historical exception [3].
Broader economic and political factors influence House elections. While gas prices can influence voter sentiment, historical analysis indicates that their direct correlation with the incumbent president's party's performance in the House popular vote is not strong or consistently predictable [1]. Midterm elections frequently see the president's party lose ground, often independent of specific economic trends [2]. Research suggests that economic conditions, including gas prices, tend to correlate more closely with presidential approval ratings than with specific outcomes in congressional elections [3]. The overall economic picture and other political factors typically play a larger role in determining House popular vote margins [1].
Sources (3)
  1. 1How Gas Prices Affect Midtermspredictit.org
  2. 2Midterm Election Patterns: Why the President's Party Usually Loses | USPollingData.comuspollingdata.com
  3. 3Low Gas Prices Don’t Seem to be Moving the Needle for Trump—and He’s No Exception Historically - Sabato's Crystal Ballcenterforpolitics.org

8. How Many Incumbents Are Retiring From Competitive House Races in 2026?

Net Republican incumbents not seeking re-election in competitive districts2 more Republicans than Democrats (6 R - 4 D) [1]
Total Republican incumbents not seeking re-election in competitive districts6 [1]
Total Democratic incumbents not seeking re-election in competitive districts4 [1]
Republicans show a net two-incumbent retirement difference in competitive House districts. As of spring 2026, a net total of two more Republican incumbents than Democratic incumbents are not seeking re-election from U.S. House districts rated as 'Toss-up' or 'Lean' by the Cook Political Report. Specifically, six Republican incumbents and four Democratic incumbents from these competitive districts have announced their decision not to seek re-election to the House [1].
Overall, 2026 U.S. House retirements include a mix of competitive departures. From the broader group of U.S. House members not seeking re-election (33 Republican and 11 Democratic), six Republican incumbents are departing from 'Toss-up' or 'Lean' districts. Notable examples include David Valadao (CA-22) and Don Bacon (NE-02), both from 'Toss-up' districts. Four Democratic incumbents are also not seeking re-election in competitive districts, such as Elissa Slotkin (MI-07) and Abigail Spanberger (VA-07), also from 'Toss-up' districts [1].
Direct historical comparison data for competitive district retirements remains unavailable. Comprehensive data on retirement asymmetry at a comparable point in the 2018 'blue wave' and 2010 'red wave' cycles specifically for 'Toss-up' or 'Lean' districts is not available in the provided sources. While general data on past retirements exists, such as 27 House members not seeking re-election in 2022 (16 Democrats, 11 Republicans) [2], this information lacks the necessary competitive district breakdown for a direct historical comparison at this early-cycle timeframe.
Sources (2)
  1. 12026 CPR House Race ratings | Cook Political Reportcookpolitical.com
  2. 2A Flood of Open House Seats—But Not Competitive Open Seats - Sabato's Crystal Ballcenterforpolitics.org

9. Are 2025-2026 US House Special Election Over/Underperformance Data Available?

Cumulative Over/Underperformance (Jan 2025 - Oct 2026)Not yet available as elections have not occurred (N/A) [1]
Democratic Overperformance (pre-2022 Midterms)Consistently overperformed 2020 presidential margins [2]
Average Democratic Overperformance (post-May 2022)5.1 percentage points ahead of Biden 2020 margin [3]
Future U.S. House special election performance cannot be determined presently. Cumulative over/underperformance data for U.S. House special elections scheduled between January 2025 and October 2026 is currently unavailable, as these elections have not yet taken place. Although the 2025 Cook Partisan Voting Index (Cook PVI) provides a baseline for district partisan leanings, it does not predict future election outcomes [4]. Consequently, specific results, such as for the 2025 Tennessee's 7th congressional district special election, remain unknown and cannot contribute to a running tally of candidate over/underperformance [5].
Special elections preceding the 2022 midterms significantly predicted Democratic performance. In contrast, special elections held in the months leading up to the 2022 midterm results served as a strong leading indicator for the Democratic Party. Democratic candidates consistently overperformed their districts' 2020 presidential margins, demonstrating stronger-than-expected results relative to the districts' partisan leanings [2]. For instance, in special elections conducted from May 2022 onward, Democrats performed, on average, 5.1 percentage points better than the Biden 2020 margin in those specific districts [3]. This sustained trend of Democratic candidates outperforming their district's partisan composition suggested that the anticipated "red wave" for the 2022 midterms might be less pronounced than initially forecast [6]. This running tally offered an early signal of Democratic strength, challenging earlier expectations of a substantial Republican advantage and foreshadowing Democrats' eventual ability to defy historical trends with a relatively strong showing [7].
Sources (7)
  1. 1House 2026 Polling Tracker — Competitive Districts, Special Elections & Majority Forecast | USPollingData.comuspollingdata.com
  2. 2What Can Special Elections So Far Tell Us About The 2022 Midterms? | FiveThirtyEightfivethirtyeight.com
  3. 3Yes, Special Elections Really Are Signaling A Better-Than-Expected Midterm For Democrats | FiveThirtyEightfivethirtyeight.com
  4. 4The 2025 Cook Partisan Voting Index (Cook PVI℠) | Cook Political Reportcookpolitical.com
  5. 52025 Tennessee's 7th congressional district special electionen.wikipedia.org
  6. 6Democrats have excelled in special elections - what does that mean for the midterms? | Reutersreuters.com
  7. 7How Predictive Are Special Elections? | Cook Political Reportcookpolitical.com