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docs: document environment differences #38

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14 changes: 14 additions & 0 deletions docs/ENVIRONMENTS.md
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# Environment differences: demo vs production

| Field/Behavior | Demo (KALSHI_ENV=demo) | Production (KALSHI_ENV=prod) |
|-----------------------|---------------------------------------------|----------------------------------------|
| API host | api.demo.kalshi.com | api.kalshi.com |
| Positions and balances| Fake balances for testing | Real balances and positions |
| Trade settlement | Simulated | Real financial settlement |
| Rate limits | Lower in demo | Higher but enforced based on account |
| Use case | Experimentation, testing strategies | Live trading with real funds |

When switching to production, ensure that:
- Your API key and private key correspond to a live account.
- You understand the regulatory requirements for live trading.
- You test strategies extensively in demo first.