Kalshi perpetuals: fees, leverage and how they work
Kalshi lists perpetual futures (perps) on its CFTC-designated contract market, and its own clearing house, Kalshi Klear, clears them. Only US users who pass identity checks can apply, and Kalshi approves each account. The help center states up to 6x leverage on BTC and funding every 8 hours. Kalshi charges fees as a percentage of notional value.
PerpFinder opened each source on 2026-09-25. No PerpFinder account traded on Kalshi.
What the product is
Kalshi perps are linear, USD-margined perpetual futures. One BTC contract is 0.0001 BTC.
Source: Kalshi help: BTC perpetual futures contract specifications (read 2026-09-25).
Crypto perps use CF Benchmarks indices as the price reference. Metals perps use Pyth Network.
Source: Kalshi help: what perpetuals are available (read 2026-09-25).
Launch date and status
Kalshi launched 24/7 gold and silver perps on September 10, 2026.
Source: Kalshi news: 24/7 gold and silver perpetuals (September 10, 2026) (read 2026-09-25).
On 2026-09-25, the Kalshi margin API reported that the perps exchange and trading were active.
Source: Kalshi API: margin exchange status (read 2026-09-25).
Where the orders fill and clear
Kalshi runs the exchange. Kalshi Klear LLC, the Kalshi clearing house, clears all perpetual futures.
Source: Kalshi help: what are perpetual futures (read 2026-09-25).
Kalshi help states that most retail users trade perps through Kalshi Prime, a registered futures commission merchant (FCM).
Source: Kalshi help: applying for perpetuals access (read 2026-09-25).
Regulator status
The CFTC list of designated contract markets shows Kalshi as designated on 11/03/2020. On January 17, 2025, the CFTC permitted intermediated futures trading.
Source: CFTC: designated contract markets (read 2026-09-25).
The CFTC list of clearing organizations shows Kalshi Klear LLC as registered on 08/28/2024, with permission to clear futures, options on futures and swaps.
Source: CFTC: derivatives clearing organizations (read 2026-09-25).
Who can use it
US-based Kalshi users who complete identity verification can apply for perps access. Kalshi states that international access can expand in the future.
Source: Kalshi help: applying for perpetuals access (read 2026-09-25).
Trading fees
Kalshi charges perps fees as a percentage of notional value, which includes leverage. A round trip pays two fees: one to open and one to close.
Source: Kalshi help: perps fees explained (July 24, 2026) (read 2026-09-25).
Fee rates are tiered by trading volume, and maker fees are lower than taker fees.
Source: Kalshi help: perps fees explained (July 24, 2026) (read 2026-09-25).
Funding mechanics
Every 8 hours, Kalshi calculates a time-weighted average of 1-minute premiums over 480 candles. The funding rate is clamped to +2% or -2% per 8-hour interval.
Source: Kalshi help: how funding works (read 2026-09-25).
Leverage and margin
Kalshi help states leverage up to 6x on BTC. Isolated margin is the only margin mode in the Kalshi app.
Source: Kalshi help: what are perpetual futures, Kalshi help: how margin works (read 2026-09-25).
On 2026-09-25, the API gave a leverage estimate of about 6.4x for BTC and about 15.3x for gold. The estimate falls as position size increases.
Source: Kalshi API: margin markets (read 2026-09-25).
Initial margin is the maintenance margin multiplied by a per-market value. The API returned 1.3 for every market on 2026-09-25.
Source: Kalshi API: margin risk parameters (read 2026-09-25).
Available markets
On 2026-09-25, the margin API listed 25 perps markets. 22 were active: 18 crypto assets and 4 metals (gold, silver, platinum and palladium).
Source: Kalshi API: margin markets (read 2026-09-25).
The help page, updated September 12, 2026, lists 18 crypto assets and 2 metals.
Source: Kalshi help: what perpetuals are available (read 2026-09-25).
API and documentation
Perps use the margin section of the Kalshi API, with paths under /margin/ on the external trade API. Market data needs no key.
Source: Kalshi API docs: margin (perps), Kalshi API: margin markets (read 2026-09-25).
Measured cost
The Kalshi margin API publishes bid and ask prices. The PerpFinder cost engine does not read the Kalshi book, so no measured spread or price impact exists.
Kalshi against Hyperliquid and Binance
| Term | Kalshi | Hyperliquid | Binance |
|---|---|---|---|
| Entry-tier fee | Not in the sources read | 0.045% taker, 0.015% maker (tier 0) source | 0.050% taker, 0.020% maker (regular user) source |
| Maximum leverage | Up to 6x on BTC (help center) source | 40x on BTC source | 150x on BTCUSDT (smallest bracket) source |
| Funding | Every 8 hours, capped at ±2% per interval source | Every hour source | Every 8 hours on BTCUSDT source |
| Custody | CFTC-regulated exchange and clearing house source | Not in the sources read | Not in the sources read |
| Access | US users who pass identity checks, by application source | Not for the US, Ontario or sanctioned regions source | Not in the sources read |
Each cell links its own source. A cell without a source shows that the pages PerpFinder read do not state the value.
Risks and open questions
Kalshi Klear liquidates a position when its margin falls below the maintenance level. Kalshi states that at 6x, a move of about 17% against the position can remove all of the margin.
Source: Kalshi help: risks of trading perpetual futures (read 2026-09-25).
Leverage increases losses as well as gains. A small price move against a leveraged position can cause liquidation and the loss of the margin.
- The Kalshi fee schedule page did not open for PerpFinder on 2026-09-25, so this page shows no maker or taker rate.
- PerpFinder found no official launch post for the first Kalshi crypto perps.
- PerpFinder did not check the Kalshi Prime FCM record in the NFA register.
Terms used on this page
- Funding rate
- A funding rate is the periodic payment between long and short positions that keeps a perpetual futures price near its index price. When the rate is positive, longs pay shorts.
- Total trading cost (all-in cost)
- Total trading cost (all-in cost) is the selected-side cost of one order at a given size: the fee plus half of the spread plus the price impact, in bps and USD.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.