Gold Perps on Kalshi: Funding, Leverage and Liquidation Price
Live from Kalshi's public data: what a XAU perp costs to hold, how much leverage you get, and where a position gets liquidated. Trades 24/7.
Gold funding since launch
| Funding time (ET) | Rate | Who paid | On $10,000 long |
|---|---|---|---|
| Sep 25, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 24, 10 AM | +0.0437% | Longs → shorts | −$4.37 |
| Sep 23, 10 AM | +0.0354% | Longs → shorts | −$3.54 |
| Sep 22, 10 AM | +0.0464% | Longs → shorts | −$4.64 |
| Sep 21, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 20, 10 AM | −0.0139% | Shorts → longs | +$1.39 |
| Sep 19, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 18, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 17, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 16, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 15, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 14, 10 AM | +0.0164% | Longs → shorts | −$1.64 |
| Sep 13, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 12, 10 AM | 0.0000% | Nobody | $0.00 |
| Sep 11, 10 AM | +0.0468% | Longs → shorts | −$4.68 |
Where a XAU position gets liquidated
Entry at $4,284, $1,000 of margin. The quick rule is 100 ÷ leverage; the estimate includes Kalshi's maintenance margin (opening margin ÷ 1.3). Kalshi's app shows your exact figure once a position is open.
| Leverage | Quick rule | Long liquidates at | Short liquidates at |
|---|---|---|---|
| 2x | 50% | $2,256 (47.3%) | $6,128 (43.1%) |
| 3x | 33% | $3,007 (29.8%) | $5,447 (27.2%) |
| 5x | 20% | $3,609 (15.8%) | $4,903 (14.4%) |
| 10x | 10% | $4,060 (5.2%) | $4,494 (4.9%) |
| 15x | 7% | $4,210 (1.7%) | $4,358 (1.7%) |
Run your own XAU position
The quick rule (100 ÷ leverage) says 33%. Kalshi's maintenance margin eats part of that cushion, so the real distance is closer to 29.8%. Estimate from Kalshi's published risk parameters; the app shows your exact number once the position is open.
Buy NO on Gold above $3,571 (Gold monthly close, closes Sep 30, 5:00 PM ET) at 10¢.
This ladder settles on a closing price, not a touch: it pays only if the price is still past the strike at the close. A wick that liquidates you and bounces back would not pay. The hedge closes on Sep 30, 5:00 PM ET; the perp does not. Re-hedge on the next month's ladder if you hold longer.
See this contract on Kalshi →Live from Kalshi's public perps API, Sep 25, 2026, 9:30 PM ET. Funding uses the XAU 30-day average per daily window (+0.0117%); a single print can run to Kalshi's ±2% cap. Liquidation ignores fees and funding already paid, which pull it closer. See every print on the Gold perps page.
What to know about Gold perps
Gold perps launched Sept. 10, 2026 after CFTC approval, trade around the clock, and fund once a day at 10 a.m. ET instead of three times. They carry the most leverage on Kalshi (about 15x), which also means the thinnest cushion: at max leverage a normal day’s move can liquidate you. If you stack physical metal, a perp is a very different animal: no storage, no premium over spot, but a funding bill and a liquidation price.
Reference price: Pyth gold index (always-on pricing; Kalshi / Pyth announcement, Sept 2026).
Frequently Asked Questions
What is the funding rate on Kalshi Gold perps?
Gold funds once a day at 10 a.m. ET. Since launch the average has worked out to 4.3% a year paid by longs, and 60% of the 15 prints paid nothing because Kalshi rounds rates under 0.01% to zero. The most recent print was 0.0000%.
How much leverage can I use on Kalshi Gold perps?
At a $1,000 position Kalshi allowed about 15.3x long and 15.9x short when this page last refreshed. Bigger positions get less. A 10x long sat about 5.2% above its liquidation price, because Kalshi liquidates at maintenance margin, not at zero.
What are the fees on Kalshi Gold 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.
Can I hedge a Gold perp with a Kalshi event contract?
Yes. Kalshi lists a Gold monthly close ladder. It settles on a closing price rather than a touch, so it only pays if the price is still past the strike at the close. It is a partial hedge, not a perfect one. The perps calculator on this page finds the right strike and prices it.
Perps carry leverage and can lose your entire margin quickly. Numbers are read from Kalshi's public API and our own math; PredictionMarketsPicks is independent of Kalshi. Trade responsibly.
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