NBA Champion 2027

Kalshi's 2027 title board has two co-favorites. Oklahoma City and San Antonio are both 21.5%, with Philadelphia at 12.5%. The board turned $301,972, up from $50,805, and among the leaders its busiest leg is Miami at 6.5% on $47,971; San Antonio took $1,311.

Polymarket's board turned $161,724 and has San Antonio ahead at 22.5%, Oklahoma City 18.5%. Its busiest leader is the Philadelphia 76ers at 11.05%, which took $77,843—48% of the day on the fourth-ranked team.

Kalshi's open interest is still the number that does not fit. Philadelphia carries 5,585,687 contracts, up from 5,273,229, against a $21,618 day—a season-long position book with a thin daily tape on top of it.

The 2027 title book on both venues that actually trade it. Kalshi is the deeper position market and today the busier tape too, $301,972 against Polymarket's $161,724.

The day's most-held leg next to one of the book's co-favorites. Philadelphia at 12.5% took $21,618. San Antonio at 21.5% took $1,311. A 16-to-1 volume ratio in favor of the team the market likes less.

The two conference books. They trade little—$10,483 in the East and $9,577 in the West, against $301,972 in the title book above. Philadelphia leads the East at 23.5%, New York 20.5%.

The West book is the more interesting of the two. Oklahoma City and San Antonio are separated by two points at 34.5% and 32.5%, and between them they took $331 of the day's flow. Minnesota at 8.5% took $3,596—38% of the Western book.

The West's co-favorites, side by side. 34.5% and 32.5% to win the conference—and 21.5% each to win the title. The gap between those pairs is the market's Finals forecast: about 62% for Oklahoma City and 66% for San Antonio.

The open interest is the story on Kalshi. Five and a half million contracts on a single Philadelphia leg, against a $21,618 day, is a book that was built months ago and is now barely quoted.

Philadelphia is the story on Polymarket's tape. $77,843 of a $161,724 day went to a team priced at 11.05%, fourth on the board.

Watch the title favorites. Oklahoma City and San Antonio are level at 21.5% on Kalshi; Polymarket has San Antonio four points ahead. Which way that tie breaks is the first real read on the season.

Watch the conference boards as the season opens. Both turned about $10,000 today, and sustained flow into them is the signal that the season book has woken up.