TexasCoding · TexasCoding · Aug 9, 2026 · Aug 9, 2026
diff --git a/CHANGELOG.md b/CHANGELOG.md
@@ -2,6 +2,67 @@
 
 All notable changes to kalshi-sdk will be documented in this file.
 
+## 11.0.0 — 2026-08-09
+
+Reconciles upstream OpenAPI **3.27.0** content drift, AsyncAPI trade payload
+fields, perps OpenAPI, and a Klear (SCM) obligation reshape after nightly
+contract failures (Closes #499). **Breaking** for Klear singular-obligation /
+flat settlement-estimate callers and for constructors of a few response models
+that gained required fields.
+
+### Removed (breaking)
+
+- **`klear.margin.active_obligation()`** (sync + async) and model
+  `GetActiveMarginObligationResponse`. Upstream deleted
+  `GET /margin/active_obligation`. Use
+  **`klear.margin.active_obligations()`** (`GET /margin/active_obligations`).
+- **`klear.margin.settlement_estimate()`** (sync + async) and model
+  `GetSettlementEstimateResponse`. Upstream deleted
+  `GET /margin/settlement_estimate`. Use
+  **`klear.margin.settlement_estimate_by_asset_class()`**.
+
+### Added
+
+- **Klear** paged obligation detail endpoints (limit max 1000; also `*_all`
+  paginators):
+  - `settlement_details(obligation_id)` /
+    `settlement_details_all(obligation_id)`
+  - `maintenance_margin_details(obligation_id)` /
+    `maintenance_margin_details_all(obligation_id)`
+  - `funding_payments(obligation_id)` /
+    `funding_payments_all(obligation_id)`
+  Models: `FundingPaymentDetail`,
+  `GetObligationSettlementDetailsResponse`,
+  `GetObligationMaintenanceMarginDetailsResponse`,
+  `GetObligationFundingPaymentsResponse`.
+- **`ExchangeIndexStatus.description`** (`str`, required) — human-readable
+  shard label on `exchange.status()`.
+- **Perps** `MarginMarket.exchange_index` (`int`, required) — order-group
+  shard membership.
+- **WS** `TradePayload.is_block_trade` (`bool`, required) — off-book block
+  trade flag on the public trade channel.
+
+### Changed
+
+- **`SettlementDetail.position_quantity_fp`** (`FixedPointCount`, required) —
+  signed fixed-point position at settlement.
+- **`ObligationEntry`**: required `funding_payments`; optional
+  `settlement_details_truncated` / `maintenance_margin_details_truncated` /
+  `funding_payments_truncated` when inline arrays hit the 1000-row cap (page
+  via the new detail endpoints).
+
+### Spec notes
+
+- Core OpenAPI `info.version` still **3.27.0** (paths 93; 104 operations;
+  103 mapped). Still unimplemented on the core client:
+  `POST /portfolio/intra_exchange_instance_transfer` (use
+  `PerpsClient.transfers.transfer_instance()`).
+- AsyncAPI: channels still 14; `tradePayload.msg.is_block_trade` required.
+- Perps OpenAPI: `MarginMarket.exchange_index` required.
+- Perps SCM OpenAPI: paths 14→15 (removed singular active obligation + flat
+  settlement estimate; added three paged obligation-detail routes). Still
+  unimplemented: `GET /margin/large_trader_positions` (surveillance).
+
 ## 10.0.0 — 2026-08-06
 
 Reconciles upstream OpenAPI **3.27.0** content drift plus AsyncAPI / perps

diff --git a/CLAUDE.md b/CLAUDE.md
@@ -123,7 +123,7 @@ tests/
 ## API Reference
 
 - OpenAPI spec: https://docs.kalshi.com/openapi.yaml (v3.27.0, 104 operations; 103 mapped in the core SDK — `POST /portfolio/intra_exchange_instance_transfer` is implemented on `PerpsClient.transfers.transfer_instance` and left unimplemented on the core client)
-- AsyncAPI spec: https://docs.kalshi.com/asyncapi.yaml (13 WebSocket channels)
+- AsyncAPI spec: https://docs.kalshi.com/asyncapi.yaml (14 WebSocket channels; 11 typed `subscribe_*` + escape-hatch)
 - Base URL: https://api.elections.kalshi.com/trade-api/v2
 - Demo URL: https://demo-api.kalshi.co/trade-api/v2
 - Auth: RSA-PSS / SHA256 / MGF1(SHA256) / salt_length=DIGEST_LENGTH / base64

diff --git a/README.md b/README.md
@@ -11,8 +11,8 @@ A professional, spec-first Python SDK for the [Kalshi](https://kalshi.com) predi
 [![License: MIT](https://img.shields.io/badge/license-MIT-blue.svg)](LICENSE)
 [![Type checked: mypy strict](https://img.shields.io/badge/mypy-strict-blue.svg)](https://mypy.readthedocs.io/)
 
-- **Full coverage** of the Kalshi REST API (102 operations across 19 resources, OpenAPI v3.27.0) and WebSocket API (12 typed `subscribe_*` channels + 2 escape-hatch).
-- **Perps (margin) API**: standalone `PerpsClient` / `AsyncPerpsClient` + `PerpsWebSocket` for the perpetual-futures exchange (34 REST operations, 6 WS channels), plus a `KlearClient` for the Self-Clearing-Member "Klear" settlement API (11 operations). See [Perps (margin) trading](#perps-margin-trading).
+- **Full coverage** of the Kalshi REST API (103 mapped of 104 operations across 19 resources, OpenAPI v3.27.0) and WebSocket API (11 typed `subscribe_*` channels + 2 escape-hatch).
+- **Perps (margin) API**: standalone `PerpsClient` / `AsyncPerpsClient` + `PerpsWebSocket` for the perpetual-futures exchange (35 REST operations, 6 WS channels), plus a `KlearClient` for the Self-Clearing-Member "Klear" settlement API (16 operations). See [Perps (margin) trading](#perps-margin-trading).
 - **FIX protocol**: an async-first FIX engine (FIXT.1.1 / FIX50SP2) for both products — order-entry, drop-copy, market-data, post-trade (prediction), and RFQ (prediction) sessions (plus order-group management over the order-entry session) with typed message models, sequence recovery, and order-book / settlement reassembly. `from kalshi import FixClient` / `MarginFixClient`. See [FIX protocol](#fix-protocol-low-latency-trading).
 - **V2 event-market orders**: `create_v2` / `amend_v2` / `decrease_v2` / `cancel_v2` plus batched variants on `/portfolio/events/orders/*` — the only order-write surface.
 - **Funding & cost introspection**: `portfolio.deposits()`, `portfolio.withdrawals()`, `account.endpoint_costs()`.
@@ -179,7 +179,7 @@ Available channels (11 typed + 2 escape-hatch). Eleven have dedicated
 `subscribe_communications`, `subscribe_cfbenchmarks_value`. The
 AsyncAPI-declared `control_frames` and `root` channels are reachable
 through the generic `subscribe(channel, ...)` escape hatch. See
-[docs/websockets.md](docs/websockets.md#the-12-channels) for the full
+[docs/websockets.md](docs/websockets.md#the-11-channels) for the full
 channel table.
 
 ## Perps (margin) trading

diff --git a/ROADMAP.md b/ROADMAP.md
@@ -2,6 +2,13 @@
 
 ## Shipped
 
+- **v11.0.0 (2026-08-09)** — Spec-drift reconcile (#499). **Breaking:** removed
+  Klear `active_obligation()` / `settlement_estimate()` after upstream deleted
+  the singular endpoints. Additive: Klear paged obligation detail endpoints
+  (`settlement_details` / `maintenance_margin_details` / `funding_payments`),
+  `ExchangeIndexStatus.description`, perps `MarginMarket.exchange_index`, WS
+  `TradePayload.is_block_trade`. Required fields on `SettlementDetail` /
+  `ObligationEntry` for position quantity + funding payments.
 - **v10.0.0 (2026-08-06)** — Spec-drift reconcile (#496 / #497). **Breaking:**
   removed `multivariate_collections.lookup_tickers()` and WS
   `subscribe_multivariate()` after upstream deleted the REST lookup endpoint

diff --git a/docs/index.md b/docs/index.md
@@ -3,22 +3,22 @@
 A professional, spec-first Python SDK for the [Kalshi](https://kalshi.com) prediction
 markets API.
 
-- **Full REST coverage** — 103 operations across 19 resources (OpenAPI v3.27.0),
-  every kwarg drift-tested against the spec.
+- **Full REST coverage** — 103 mapped of 104 operations across 19 resources
+  (OpenAPI v3.27.0), every kwarg drift-tested against the spec.
 - **V2 event-market orders** — new `create_v2` / `amend_v2` / `decrease_v2` /
   `cancel_v2` family on `/portfolio/events/orders/*`. Legacy `/portfolio/orders`
   keeps working; deprecation no earlier than May 6, 2026.
 - **Funding + cost introspection** — `portfolio.deposits()`,
   `portfolio.withdrawals()`, `portfolio.intra_exchange_transfers()`,
   `account.endpoint_costs()`.
-- **Full WebSocket coverage** — 11 channels with sequence-gap detection, automatic
-  reconnection (with resubscribe-window frame stashing for high-volume channels),
-  backpressure strategies, and an in-memory orderbook builder. Async-only —
-  access via `AsyncKalshiClient.ws`.
+- **Full WebSocket coverage** — 11 typed channels with sequence-gap detection,
+  automatic reconnection (with resubscribe-window frame stashing for high-volume
+  channels), backpressure strategies, and an in-memory orderbook builder.
+  Async-only — access via `AsyncKalshiClient.ws`.
 - **Perps (margin) API** — standalone `PerpsClient` / `AsyncPerpsClient` +
-  `PerpsWebSocket` for the perpetual-futures exchange (34 REST operations, 6 WS
+  `PerpsWebSocket` for the perpetual-futures exchange (35 REST operations, 6 WS
   channels), and a `KlearClient` for the Self-Clearing-Member settlement API
-  (11 operations, Bearer token auth). See [Perps](perps.md).
+  (16 operations, Bearer token auth). See [Perps](perps.md).
 - **FIX protocol** — a hand-rolled, async-first FIX engine (FIXT.1.1 / FIX50SP2)
   for both products: order-entry, drop-copy, market-data, post-trade (prediction),
   and RFQ (prediction) sessions — plus order-group management over the order-entry

diff --git a/docs/migration.md b/docs/migration.md
@@ -1,5 +1,54 @@
 # Migration
 
+## v10.0 → v11.0.0
+
+Reconciles upstream OpenAPI **3.27.0** content, AsyncAPI trade payload fields,
+perps `MarginMarket.exchange_index`, and a Klear (SCM) obligation reshape
+(Closes #499). **Breaking** for callers of the removed Klear singular endpoints
+and for code that constructs a few response models without their new required
+fields.
+
+### Removed
+
+- **`klear.margin.active_obligation()`** (sync + async) and
+  `GetActiveMarginObligationResponse`. Upstream deleted
+  `GET /margin/active_obligation`.
+- **`klear.margin.settlement_estimate()`** (sync + async) and
+  `GetSettlementEstimateResponse`. Upstream deleted
+  `GET /margin/settlement_estimate`.
+
+```python
+# Before (gone):
+# resp = klear.margin.active_obligation()
+# if resp.obligation is not None: ...
+# est = klear.margin.settlement_estimate()
+
+# After:
+resp = klear.margin.active_obligations()
+for ob in resp.obligations:
+    ...
+est = klear.margin.settlement_estimate_by_asset_class()
+```
+
+### Added (non-breaking for most callers)
+
+- **Klear** paged obligation detail rows when inline arrays on
+  `ObligationEntry` are truncated (`*_truncated` flags):
+  `settlement_details` / `maintenance_margin_details` /
+  `funding_payments` (+ `*_all` paginators). Limit max 1000.
+- **`ExchangeIndexStatus.description`** (required string).
+- **Perps** `MarginMarket.exchange_index` (required int).
+- **WS** `TradePayload.is_block_trade` (required bool).
+
+### Response model field changes
+
+- **`SettlementDetail.position_quantity_fp`** — required fixed-point count.
+- **`ObligationEntry.funding_payments`** — required list (may be empty);
+  optional `*_truncated` flags.
+
+See the [changelog](https://github.com/TexasCoding/kalshi-python-sdk/blob/main/CHANGELOG.md)
+for the full list.
+
 ## v9.0 → v10.0.0
 
 Reconciles upstream OpenAPI **3.27.0** content (paths still 92; +2 GET

diff --git a/docs/perps.md b/docs/perps.md
@@ -104,6 +104,9 @@ Orders create/cancel/decrease/amend are POSTs/DELETEs and are **never retried**.
   (`DollarDecimal`, a `FixedPointDollars` USD string) and `ts_ms` (the source
   timestamp in epoch **milliseconds**, `int`). All three are absent from the spec
   `required` list, so they are `None` when the upstream price is unavailable.
+- **Exchange shard** (SDK v11.0.0) — `MarginMarket.exchange_index` (`int`) is
+  required; order groups may only reference markets that share their
+  `exchange_index`.
 - **Trading schedule** (since the v3.25.0 spec sync / SDK v7.1.0) — `MarginMarket`
   carries a **required** `schedule` key typed `MarginMarketSchedule | None`.
   `None` means the market trades 24/7. When present, `MarginMarketSchedule` has
@@ -193,20 +196,29 @@ with KlearClient(admin_user_id="...", access_token="...", demo=True) as klear:
 Credentials can also come from the environment via `KlearClient.from_env()` (reads
 `KALSHI_KLEAR_ADMIN_USER_ID` / `KALSHI_KLEAR_ACCESS_TOKEN`).
 
-New in spec v3.24.0: `klear.margin.active_obligations()` returns all
-currently-active settlement obligations (the plural sibling of the single-obligation
-`active_obligation()`), and `klear.margin.settlement_estimate_by_asset_class()`
-returns next-settlement estimates keyed by asset class.
+`klear.margin.active_obligations()` returns all currently-active settlement
+obligations. `klear.margin.settlement_estimate_by_asset_class()` returns
+next-settlement estimates keyed by asset class. (The singular
+`active_obligation()` / `settlement_estimate()` endpoints were removed upstream
+in the v11.0.0 reconcile.)
 
-Settlement-estimate responses also expose optional
-`omitted_subtrader_count` (`int | None`, SDK v7.3.0) on
-`GetSettlementEstimateResponse` and each `AssetClassSettlementEstimate` — the
-number of subtraders left out of `subtrader_breakdowns` (their amounts remain
-in `user_breakdown`). SDK v9.0.0 adds optional `group_breakdowns` /
-`omitted_group_count` for netted subtrader groups, and optional
-`margin_group_id` on `MaintenanceMarginDetail`.
+When an `ObligationEntry` inline detail array is capped at 1000 rows, the
+matching `*_truncated` flag is set; page the full set via:
 
-Subtrader groups (SDK v9.0.0) — margined as one netted portfolio:
+```python
+for row in klear.margin.settlement_details_all(ob.id):
+    ...
+for row in klear.margin.maintenance_margin_details_all(ob.id):
+    ...
+for row in klear.margin.funding_payments_all(ob.id):
+    ...
+```
+
+Each `AssetClassSettlementEstimate` exposes optional
+`omitted_subtrader_count` / `group_breakdowns` / `omitted_group_count`.
+`MaintenanceMarginDetail` may include `margin_group_id`.
+
+Subtrader groups — margined as one netted portfolio:
 
 ```python
 groups = klear.margin.list_subtrader_groups()

diff --git a/docs/resources/exchange.md b/docs/resources/exchange.md
@@ -17,9 +17,13 @@ Top-level exchange status, schedule, announcements, and your account's
 ```python
 status = client.exchange.status()
 print(status.exchange_active, status.trading_active)
+for shard in status.exchange_index_statuses:
+    print(shard.exchange_index, shard.description, shard.trading_active)
 ```
 
 Use this as a liveness check before placing orders.
+`ExchangeIndexStatus.description` is a required human-readable shard label
+(SDK v11.0.0).
 
 ## Exchange schedule
 

diff --git a/docs/websockets.md b/docs/websockets.md
@@ -1,7 +1,8 @@
 # WebSocket
 
 The SDK ships an async-only WebSocket client, `KalshiWebSocket`, that covers
-all 12 Kalshi channels. It handles RSA-PSS auth on the upgrade handshake,
+the Kalshi market-data WebSocket surface (11 typed channels plus the generic
+escape hatch). It handles RSA-PSS auth on the upgrade handshake,
 per-subscription sequence-gap detection, automatic reconnection with
 re-subscription, and a configurable backpressure strategy on each per-channel
 queue.
@@ -267,7 +268,7 @@ when the queue fills depends on `OverflowStrategy`:
 
 | Strategy | Behavior | Default for |
 |---|---|---|
-| `DROP_OLDEST` | Ring-buffer: evict oldest, keep newest. | `ticker`, `trade`, `fill`, `user_orders`, `market_positions`, `market_lifecycle`, `multivariate`, `multivariate_lifecycle`, `communications` |
+| `DROP_OLDEST` | Ring-buffer: evict oldest, keep newest. | `ticker`, `trade`, `fill`, `user_orders`, `market_positions`, `market_lifecycle`, `multivariate_lifecycle`, `communications` |
 | `ERROR` | Raise `KalshiBackpressureError` from the producer side. | `orderbook_delta`, `order_group_updates` |
 
 The choice tracks state semantics: latest-wins channels (`ticker`) survive a
@@ -415,8 +416,8 @@ REST. There's no token in the URL, no signed message after open. The signature
 is re-computed on every reconnect attempt.
 
 Public channels (ticker, trade, orderbook_delta, market_lifecycle,
-multivariate, multivariate_lifecycle) work without auth — pass
-`auth=None` if you don't need private channels.
+multivariate_lifecycle) work without auth — pass `auth=None` if you don't
+need private channels.
 
 ## Performance
 
@@ -460,7 +461,7 @@ silently corrupting book state.
 
 | Strategy | Use for | Why |
 |---|---|---|
-| `DROP_OLDEST` | Read-only / coalesced feeds: `ticker`, `trade`, `market_lifecycle`, `multivariate*`, `user_orders` | Newest sample is the one that matters; an evicted old frame is recoverable from the next one. |
+| `DROP_OLDEST` | Read-only / coalesced feeds: `ticker`, `trade`, `market_lifecycle`, `multivariate_lifecycle`, `user_orders` | Newest sample is the one that matters; an evicted old frame is recoverable from the next one. |
 | `ERROR` | Stateful, sequenced feeds: `orderbook_delta`, `order_group_updates` | A dropped delta corrupts derived state (the reconstructed book / order-group tracking). Surface the backpressure to the consumer rather than continuing on corrupted state. |
 
 `ERROR` is fatal — the recv loop broadcasts sentinels and exits when it fires

diff --git a/kalshi/__init__.py b/kalshi/__init__.py
@@ -381,4 +381,4 @@
     "Withdrawal",
 ]
 
-__version__ = "10.0.0"
+__version__ = "11.0.0"
diff --git a/kalshi/_contract_map.py b/kalshi/_contract_map.py
@@ -816,19 +816,31 @@ class ContractEntry:
         sdk_model="kalshi.perps.klear.models.margin.MaintenanceMarginDetail",
         spec_schema="MaintenanceMarginDetail",
     ),
+    ContractEntry(
+        sdk_model="kalshi.perps.klear.models.margin.FundingPaymentDetail",
+        spec_schema="FundingPaymentDetail",
+    ),
     ContractEntry(
         sdk_model="kalshi.perps.klear.models.margin.ObligationEntry",
         spec_schema="ObligationEntry",
         notes="Folds spec allOf[ObligationInfo, inline] into one model",
     ),
-    ContractEntry(
-        sdk_model="kalshi.perps.klear.models.margin.GetActiveMarginObligationResponse",
-        spec_schema="GetActiveMarginObligationResponse",
-    ),
     ContractEntry(
         sdk_model="kalshi.perps.klear.models.margin.GetActiveMarginObligationsResponse",
         spec_schema="GetActiveMarginObligationsResponse",
     ),
+    ContractEntry(
+        sdk_model="kalshi.perps.klear.models.margin.GetObligationSettlementDetailsResponse",
+        spec_schema="GetObligationSettlementDetailsResponse",
+    ),
+    ContractEntry(
+        sdk_model="kalshi.perps.klear.models.margin.GetObligationMaintenanceMarginDetailsResponse",
+        spec_schema="GetObligationMaintenanceMarginDetailsResponse",
+    ),
+    ContractEntry(
+        sdk_model="kalshi.perps.klear.models.margin.GetObligationFundingPaymentsResponse",
+        spec_schema="GetObligationFundingPaymentsResponse",
+    ),
     ContractEntry(
         sdk_model="kalshi.perps.klear.models.margin.MarketSettlementEstimate",
         spec_schema="MarketSettlementEstimate",
@@ -837,10 +849,6 @@ class ContractEntry:
         sdk_model="kalshi.perps.klear.models.margin.SettlementEstimate",
         spec_schema="SettlementEstimate",
     ),
-    ContractEntry(
-        sdk_model="kalshi.perps.klear.models.margin.GetSettlementEstimateResponse",
-        spec_schema="GetSettlementEstimateResponse",
-    ),
     ContractEntry(
         sdk_model="kalshi.perps.klear.models.margin.AssetClassSettlementEstimate",
         spec_schema="AssetClassSettlementEstimate",

diff --git a/kalshi/models/exchange.py b/kalshi/models/exchange.py
@@ -11,6 +11,7 @@ class ExchangeIndexStatus(BaseModel):
     """Operational status of a single exchange index (shard)."""
 
     exchange_index: int
+    description: str
     exchange_active: bool
     trading_active: bool
     intra_exchange_transfers_active: bool