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.
- 28 perps live, $1.19B traded in the last 24 hours against $63.0M of open interest.
- Bitcoin longs have paid about 8.4% a year in funding since launch. Most windows pay nothing: 51% of Bitcoin's 401 prints rounded to zero.
- On 8 of 21 perps with a real history, shorts have paid longs on net; on 13, longs paid shorts. The typical perp paid nothing in 83% of windows.
- A 5x Bitcoin long is about 8% from liquidation, not 20% — what Kalshi’s app showed on Sept. 26, 2026; our tables are calibrated to it, and 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 Oct 15, 2026, 3:21 AM ET.
| Perp | Price | 24h volume | Open interest | Turnover | Max lev L/S | Last funding | 30d funding | Zero windows |
|---|---|---|---|---|---|---|---|---|
| Bitcoin BTC | $80,829 | $514.4M | $22.2M | 23× | 6.8x / 6.4x | +0.0243% | +10.6%/yr | 51% |
| Ethereum ETH | $2,356 | $472.7M | $12.1M | 39× | 4.9x / 4.9x | +0.0110% | −0.2%/yr | 86% |
| Gold XAU | $4,137 | $58.9M | $5.4M | 11× | 15.3x / 15.9x | +0.0357% | +3.8%/yr | 38% |
| Silver XAG | $56.12 | $39.8M | $5.3M | 8× | 8.3x / 9.1x | +0.0261% | +3.9%/yr | 56% |
| Solana SOL | $102.04 | $28.6M | $3.6M | 8× | 3.6x / 3.1x | +0.0136% | +19.6%/yr | 83% |
| US500 | $13,530 | $11.1M | $1.7M | 7× | 15.3x / 13.7x | +0.0196% | +27.9%/yr | 22% |
| WTIFUTURE | $93.33 | $8.3M | $627K | 13× | 6.0x / 6.0x | −0.0387% | −42.4%/yr | 0% |
| ZEC | $1,092 | $7.5M | $2.6M | 3× | 2.6x / 2.2x | +0.0453% | +18.7%/yr | 69% |
| NEAR | $4.633 | $7.4M | $717K | 10× | 3.5x / 1.9x | +0.0153% | −1.5%/yr | 89% |
| XRP XRP | $1.304 | $6.6M | $1.9M | 3× | 4.0x / 2.9x | 0.0000% | +20.8%/yr | 58% |
| Hyperliquid HYPE | $79.68 | $6.3M | $2.4M | 3× | 2.4x / 2.3x | +0.0153% | +12.8%/yr | 73% |
| USTECH100 | $36,941 | $4.7M | $594K | 8× | 11.7x / 11.3x | +0.0190% | +20.8%/yr | 0% |
| Palladium XPD | $1,111 | $2.9M | $59K | 49× | 4.7x / 4.6x | +0.0253% | +4.8%/yr | 45% |
| WLD | $0.4687 | $2.7M | $156K | 17× | 3.0x / 1.7x | 0.0000% | −2.9%/yr | 75% |
| Dogecoin DOGE | $0.0797 | $2.6M | $784K | 3× | 3.8x / 2.8x | +0.0201% | +5.8%/yr | 92% |
| VVV | $22.24 | $2.6M | $90K | 28× | 2.3x / 1.8x | 0.0000% | +5.5%/yr | 55% |
| Platinum XPT | $1,608 | $2.0M | $405K | 5× | 6.6x / 7.3x | +0.0738% | +18.0%/yr | 18% |
| AAVE | $149.25 | $1.2M | $201K | 6× | 3.6x / 3.4x | 0.0000% | −0.4%/yr | 94% |
| UNI | $6.847 | $1.1M | $95K | 12× | 3.8x / 2.8x | +0.0143% | +62.3%/yr | 50% |
| BCH | $261.14 | $974K | $201K | 5× | 4.0x / 2.3x | 0.0000% | +2.4%/yr | 83% |
| KSHIB | $0.0049 | $950K | $118K | 8× | 3.7x / 2.2x | 0.0000% | −2.3%/yr | 86% |
| SUI | $0.9853 | $841K | $384K | 2× | 3.1x / 2.5x | 0.0000% | +4.3%/yr | 83% |
| BNB | $716.10 | $764K | $241K | 3× | 4.8x / 5.6x | +0.0144% | +2.2%/yr | 88% |
| ADA | $0.2202 | $715K | $200K | 4× | 4.0x / 3.2x | −0.0146% | −2.2%/yr | 83% |
| COPPER | $6.660 | $669K | $167K | 4× | 9.1x / 7.9x | −0.0059% | −14.1%/yr | 25% |
| LTC | $57.79 | $563K | $210K | 3× | 4.0x / 4.1x | 0.0000% | −2.8%/yr | 83% |
| ALUMINUM | $2,960 | $440K | $16K | 27× | 8.5x / 8.1x | 0.0000% | +2.3%/yr | 63% |
| Chainlink LINK | $12.09 | $283K | $584K | 0× | 3.7x / 4.0x | +0.0319% | +15.8%/yr | 90% |
Kalshi vs. Coinbase vs. Polymarket vs. Robinhood perps
Who can trade from the US, how much leverage, how often funding changes hands, and the entry fee. Every other venue’s facts are read from the linked pages as of Sep 28, 2026; where a venue does not publish a number, we say so rather than guess. Rules change fast here, so check the source before you trade.
| Venue | US traders? | Max leverage | Funding | Fees | Source |
|---|---|---|---|---|---|
| Kalshi | Yes. Kalshi is a CFTC-regulated US exchange; its perps launched June 3, 2026. | Varies by asset, side and size; the most on today’s board is about 15.3x (Gold). Read live from Kalshi’s API. | Crypto three times a day (12 a.m., 8 a.m., 4 p.m. ET); metals once a day at 10 a.m. ET. Capped at 2% a window; under 0.01% rounds to zero. | A percentage of notional, to open and to close; the entry tier is 0.120% taker, 0.020% maker (as of Sep 25, 2026). | Kalshi fee schedule (perps)Kalshi public perps API (funding history) |
| Coinbase (US perpetual-style futures) | Yes. Offered to US residents through Coinbase Financial Markets, a CFTC-registered futures commission merchant. | Up to 10x, intraday (opt-in window, 22 hours a day, Sunday to Friday). | Every hour, on the hour; the accumulated balance settles to cash around 12 a.m. ET on weekdays. | Not compared here; see Coinbase’s fee schedule. | Coinbase Help: US perpetual-style futuresCoinbase: US Perpetual Futures 101 |
| Polymarket Perps (international) | No. Polymarket’s docs bar order placement from the United States and Canada, among others. Polymarket US, the CFTC-regulated venue, does not offer leveraged trading. | Up to 20x on crypto, the S&P 500, oil, gold and silver; up to 10x on other real-world assets. | Hourly, capped at 4% an hour either way. | Tiered by 30-day volume; the entry tier is 0.0400% taker, 0.0125% maker. | Polymarket Perps FAQDecrypt, Sept. 4, 2026 |
| Robinhood (Robinhood Europe) | Not through Robinhood itself: its perps are offered by Robinhood Europe. Robinhood Wallet separately links to Lighter, a decentralized perps exchange, with eligibility restrictions. | Up to 10x on most crypto contracts; 5x on gold, silver, WTI, Brent and some ETFs. | Every 8 hours (Robinhood Europe). Lighter via Robinhood Wallet: every hour. | Not compared here; see Robinhood’s fee schedule. | Robinhood Europe: About perpetual futuresRobinhood Wallet perpetual futures |
Leverage figures are each venue’s stated maximum; larger positions usually get less. Coinbase’s help center lists its perpetual-style contracts as expiring after five years (the current ones on Dec. 20, 2030). Perps carry leverage and can lose your entire margin quickly.
Perps by asset
Read next
- Hedge Your Stack: the gold and silver perps book for stackers (Kindle) and its live companion
- Kalshi gold and silver perps: a stacker’s guide to leverage, funding and hedging
- Kalshi perps liquidation price, explained: why 5x is about 8%, not 20%
- What Kalshi perps funding has actually cost since launch
- Kalshi Pro terminal guide
- Kalshi 15-minute markets: the same assets, one quarter hour at a time
- Kalshi 15-minute vs. hourly vs. daily vs. perps: how each clock settles, and what it costs
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 sits a little above the opening margin divided by 1.3 (our estimates are calibrated against Kalshi’s app). 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.
Kalshi perps — frequently asked
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: Kalshi’s app showed a 5x Bitcoin long liquidating about 8% below entry on Sept. 26, 2026, 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.
How do Kalshi perps compare with Coinbase, Polymarket and Robinhood perps?
As of Sept. 28, 2026: Kalshi and Coinbase both offer CFTC-regulated perps to US traders. Kalshi funds crypto three times a day and caps leverage by asset; Coinbase funds every hour and offers up to 10x intraday. Polymarket Perps offers up to 20x with hourly funding, but its docs bar order placement from the United States, and Polymarket US does not offer leveraged trading. Robinhood’s own perps are offered by Robinhood Europe, up to 10x on most crypto. The table on this page links each source.
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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