Product and regulatory facts are stated as of August 10, 2026. The attack-cost model in Section 3 is stylized: its parameters are order-of-magnitude placeholders rather than calibrated estimates, it ignores detection risk, venue fees and post-print reversion — all of which raise the true cost — and its point is ordinal rather than cardinal. The metals settlement mechanic described here (the close of a one-minute Pyth candle) is sourced from third-party validation against 193 settled windows, not from a Kalshi rulebook document, and is flagged as well-evidenced but unofficial; the silver ticker is as reported by third-party trackers. Kalshi does not publish per-series launch dates or 15-minute volume figures, and the $16k–$71k daily range refers to pre-existing daily and weekly commodity markets. Whether Regulation 40.2(d) class certification is even available for exempt commodities such as gold and silver is a question for counsel, not for this piece, and is flagged as such. No manipulation is asserted to have occurred at any venue; the analysis is of design economics, not of conduct. Research and education, not investment advice, and not legal advice.