LBank's Kalshi Pre-IPO page lists two subscription pools: locked cKLSH at 28 USDT and unlocked xKLSH at 39 USDT, with a 10 USDT minimum entry (Pre-IPO).

LBank's Kalshi Pre-IPO page lists two subscription pools: locked cKLSH at 28 USDT and unlocked xKLSH at 39 USDT, with a 10 USDT minimum entry (Pre-IPO).

The unlock pool shows 200,000 USDT total with 19,122.3 USDT committed by 69 participants, and the lock pool shows 300,000 USDT total with 41,641.3 USDT committed by 51 participants on that same Pre-IPO page.

The forwarded posts frame the 28 USDT locked entry as implying near $28B versus about $40B for Kalshi's latest round, while the 39 USDT unlocked token is priced almost in line with that round (post).

So most of the gap is the discount for accepting the lock, not a free arbitrage, as the posters themselves note (post, post).

Dates given are subscriptions close Nov 2 at 09:00 UTC per LBank and spot trading scheduled Nov 3.

These are tokenized pre-IPO exposure issued by Paimon, not direct Kalshi equity, shareholder rights, dividends or voting, with no confirmed IPO date yet (post).