Kalshi Perps: Live Board, Funding History and the Liquidation Math
Every perpetual future Kalshi lists, on one page, straight from Kalshi's public data. What each one costs to hold, how much leverage you really get, and where a leveraged position actually gets liquidated.
- 22 perps live, $1.13B traded in the last 24 hours against $31.1M of open interest.
- Bitcoin longs have paid about 7.9% a year in funding since launch. Most windows pay nothing: 54% of Bitcoin's 343 prints rounded to zero.
- On 10 of 18 perps with a real history, shorts have paid longs on net; on 8, longs paid shorts. The typical perp paid nothing in 86% of windows.
- A 5x Bitcoin long is about 10% from liquidation, not 20% — our estimate from Kalshi’s published risk parameters; the app shows your exact figure. Kalshi closes you out at maintenance margin, not at zero. Run your own position →
- Fees start at 0.120% of the position per fill, and your prediction-market volume counts toward a cheaper tier.
Every Kalshi perp, live
Sorted by 24h volume. Funding is from the long's side: red = longs pay, green = longs get paid. Refreshed every few minutes from Kalshi's public perps API · read Sep 25, 2026, 10:33 PM ET.
| Perp | Price | 24h volume | Open interest | Turnover | Max lev L/S | Last funding | 30d funding | Zero windows |
|---|---|---|---|---|---|---|---|---|
| Bitcoin BTC | $84,009 | $527.8M | $9.9M | 53× | 6.8x / 6.4x | 0.0000% | +12.6%/yr | 54% |
| Ethereum ETH | $2,693 | $442.3M | $3.7M | 120× | 4.9x / 4.9x | 0.0000% | −0.4%/yr | 87% |
| Gold XAU | $4,288 | $47.7M | $4.7M | 10× | 15.3x / 15.9x | 0.0000% | +4.3%/yr | 60% |
| XRP XRP | $1.570 | $23.1M | $2.0M | 12× | 4.0x / 2.9x | +0.0199% | +9.5%/yr | 66% |
| Silver XAG | $64.20 | $22.9M | $863K | 27× | 8.3x / 9.1x | +0.0149% | +2.6%/yr | 67% |
| NEAR | $4.894 | $18.8M | $968K | 19× | 3.5x / 2.2x | 0.0000% | −0.1%/yr | 92% |
| Solana SOL | $121.73 | $11.3M | $1.4M | 8× | 3.6x / 3.1x | +0.0270% | +3.6%/yr | 91% |
| ZEC | $1,540 | $4.2M | $1.3M | 3× | 2.6x / 2.2x | 0.0000% | −1.2%/yr | 74% |
| VVV | $30.42 | $4.0M | $123K | 32× | 2.3x / 1.7x | 0.0000% | +35.0%/yr | 48% |
| WLD | $0.4880 | $3.6M | $57K | 64× | 2.9x / 1.7x | −0.0138% | −5.2%/yr | 68% |
| LTC | $73.29 | $3.4M | $567K | 6× | 4.0x / 3.9x | 0.0000% | −0.1%/yr | 85% |
| ADA | $0.2603 | $2.8M | $173K | 16× | 4.0x / 3.2x | 0.0000% | −4.5%/yr | 75% |
| BCH | $341.09 | $2.6M | $1.3M | 2× | 3.5x / 2.0x | 0.0000% | +0.3%/yr | 85% |
| Hyperliquid HYPE | $92.28 | $2.2M | $1.7M | 1× | 2.4x / 2.3x | 0.0000% | +2.7%/yr | 79% |
| SUI | $1.180 | $2.0M | $629K | 3× | 3.1x / 2.5x | 0.0000% | 0.0%/yr | 86% |
| Dogecoin DOGE | $0.0987 | $1.7M | $366K | 5× | 3.8x / 2.8x | 0.0000% | −0.1%/yr | 97% |
| Chainlink LINK | $14.00 | $1.7M | $561K | 3× | 3.7x / 4.0x | 0.0000% | 0.0%/yr | 97% |
| Platinum XPT | $1,783 | $846K | $222K | 4× | 6.6x / 7.3x | +0.0471% | +15.8%/yr | 33% |
| BNB | $776.20 | $730K | $100K | 7× | 4.8x / 5.6x | 0.0000% | +1.4%/yr | 91% |
| AAVE | $155.19 | $704K | $69K | 10× | 3.6x / 3.4x | 0.0000% | +0.3%/yr | 92% |
| Palladium XPD | $1,273 | $670K | $133K | 5× | 4.7x / 4.6x | 0.0000% | +2.4%/yr | 67% |
| KSHIB | $0.0060 | $590K | $349K | 2× | 3.6x / 2.0x | 0.0000% | 0.0%/yr | 87% |
Perps by asset
How Kalshi perps work, in plain English
A perp lets you take a leveraged long or short on an asset with no expiration date. You post margin, pick your leverage, and your profit or loss tracks the price. Because nothing ever expires, a funding payment keeps the perp honest: when the perp trades above the index, longs pay shorts, and when it trades below, shorts pay longs. Kalshi settles crypto funding three times a day and metals once a day, caps any window at 2%, and rounds anything under 0.01% to zero.
The number that matters most is your liquidation price. Kalshi closes your position when your equity falls to the maintenance margin, which it sets at the opening margin divided by 1.3. Because Kalshi's leverage caps are low, that maintenance level is a big chunk of your cushion. The perps calculator works it out for any size, side and asset.
What makes Kalshi different from an offshore perps exchange is that the same account can trade event contracts on the same assets. A monthly “Bitcoin below $X” contract near your liquidation price is a live read on the odds you get wiped out, and a way to insure against it. Coming from event contracts? Start with our markets 101.
Perps carry leverage and can lose your entire margin quickly. PredictionMarketsPicks is an independent analysis site, not affiliated with Kalshi's trading desk; the numbers here are read from Kalshi's public data and our own math. Trade responsibly.
Frequently Asked Questions
What are Kalshi perps?
Kalshi perps are perpetual futures: leveraged long or short positions on an asset’s price with no expiration date. In the Kalshi app a long is labelled “Up” and a short “Down”. Kalshi launched them June 3, 2026 as the first CFTC-regulated perps offered to US traders, starting with Bitcoin and Ethereum, and has since added more crypto plus gold, silver, platinum and palladium. A funding payment between longs and shorts keeps the perp price tied to the underlying index.
Which perps does Kalshi offer?
The board on this page reads Kalshi’s live market list. As of Sept. 25, 2026 it listed 22 active perps: Bitcoin, Ethereum, Solana, XRP, Hyperliquid, Chainlink, Dogecoin, Litecoin, Bitcoin Cash, Sui, NEAR, Zcash, Aave, Cardano, BNB, Worldcoin, VVV, SHIB (as a 1,000-unit contract), gold, silver, platinum and palladium.
What does the funding rate on Kalshi perps cost?
Most windows cost nothing, because Kalshi rounds any rate under 0.01% to zero. When funding prints, it usually charges one side for a while. From launch through Sept. 25, 2026, Bitcoin longs paid an average of about 7.9% a year on their position size, while shorts paid longs, on net, on most of the smaller coins. The board shows each perp’s 30-day average and the share of windows that paid nothing.
How much leverage can you use on Kalshi perps?
It varies by asset, side and position size. On Sept. 25, 2026 gold allowed about 15x, silver about 8–9x, Bitcoin about 6.4–6.8x and Ethereum about 4.9x, with most smaller coins between 2x and 4x. Larger positions get less. Keep in mind that the maintenance margin puts liquidation closer than the quick rule suggests: by our estimate from Kalshi’s published risk parameters, a 5x Bitcoin long is roughly 10% from liquidation, not 20%. The app shows your exact liquidation price.
What are the fees on Kalshi perps?
Kalshi charges perps fees on the full notional value of the position (margin × leverage), once to open and once to close. At the entry tier that is 0.120% for a taker fill and 0.020% for a resting maker fill; rates step down as your 30-day volume grows, and Kalshi counts your prediction-market volume toward that tier, not just perps.
What does “turnover” on the board mean?
Turnover is 24-hour trading volume divided by open interest: how many times over the open positions changed hands in a day. It is a plain activity measure. Kalshi’s perps volume has been debated publicly in September 2026, and turnover lets you see how much of a market’s volume is sticking around as open positions versus being traded in and out.
Can I hedge a Kalshi perp with a Kalshi event contract?
Yes, and that is the one thing a crypto exchange can’t offer. Kalshi lists monthly “will Bitcoin trade below $X” one-touch contracts and gold and silver closing-price ladders. The contract nearest your liquidation price pays $1 if you get wiped out, and its price is the market’s estimate of that happening. The free perps calculator finds it for you.
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