Kalshi crypto trading 2026: markets, coins, and perpetuals

Two products, one regulated platform

It's worth separating these up front, because the mechanics, risk profile, and reasons to use each are different.

• Crypto event contracts are the same structure as the rest of Kalshi: binary Yes/No questions on a crypto outcome, with contracts priced between $0.01 and $0.99, settling at $0 or $1 based on whether the outcome happens. You buy a contract, you hold or sell it, the market resolves, you get $1 per winning contract. No leverage, defined downside, and the same trading interface as the rest of the platform. Our explainer on what event trading is covers the mechanics.
• Crypto perpetual futures are a different product entirely. They are leveraged derivatives that track an asset's spot price continuously, with no expiration date and an eight-hour funding rate mechanism that keeps the contract aligned with the spot market. Traders can take long or short positions, hold them indefinitely, and use leverage to amplify exposure. The risk profile is meaningfully different from event contracts, since losses can compound quickly with leverage.

Crypto event contracts: what you can trade

Most of Kalshi's crypto coverage lives in event contracts. The questions follow a few recurring formats, and new markets are added daily as prices move and dates approach.

• Price threshold markets: "Will Bitcoin close above $100,000 by year-end?" or "Will Ethereum hit $5,000 this month?" These are the bread and butter of Kalshi's crypto offering.
• Range markets: "Will Bitcoin trade between $60,000 and $70,000 this week?" Yes if the price stays in range, No if it breaks out either direction.
• Highest-price markets: "Will Solana hit a new all-time high in 2026?" Settled based on whether the asset prints above a specific threshold during the contract's window.
• 15-minute Up/Down markets: Short-cycle binary contracts asking whether an asset will be above or below a target price 15 minutes from now. These exist for Bitcoin, Ethereum, XRP, Solana, BNB, Hype, and Dogecoin, and they reset continuously throughout the trading day.
• Regulatory and news events: Contracts on outcomes like ETF approvals, exchange listings, regulatory actions, or major industry events.

All crypto event contracts are denominated in US dollars and settled using the CF Benchmarks Real-Time Indexes (covered further below).

Cryptocurrencies covered on Kalshi

Coverage has expanded steadily and now includes all the major large-cap tokens plus a handful of meme and infrastructure plays. Here's the lineup as of 2026.

Crypto perpetual futures on Kalshi

Perpetual futures are a separate product class from event contracts, and they need their own explanation. The CFTC approved Kalshi's BTCPERP contract on May 29, 2026, the first time a regulated US exchange has been cleared to list this kind of product. Trading volume topped $100 million in the first 24 hours and crossed $1 billion within the opening week.

The key features of Kalshi's perpetuals:

• No expiration date. Traditional futures have a settlement date. Perpetuals don't. You can hold a position indefinitely as long as you cover margin requirements.
• Funding rate every eight hours. Long and short holders pay or receive a funding rate three times a day, which keeps the perpetual price aligned with the underlying spot market. The rate is visible in your transaction history.
• Leverage available. Kalshi's perpetuals support leverage up to 50x on Bitcoin (the exact maximum varies by asset). Higher leverage amplifies both gains and losses, and liquidations can happen quickly during volatile moves.
• Zero trading fees at launch. Kalshi waived trading fees on perpetual futures during the initial launch period. Fees may be introduced later, so check current rates before trading at scale.
• Live tokens: BTCPERP, ETHPERP, SOLPERP, and XRPPERP. More are proposed, with the lineup expected to expand into a dozen or more tokens.

Perpetuals are more complex than event contracts and carry materially higher risk. They are aimed at active traders who understand leverage, funding rates, and liquidation mechanics. If you are new to crypto markets, the binary event contracts are a more forgiving starting point.

How Kalshi settles crypto markets

This is where Kalshi's regulatory infrastructure shows up. All crypto event contracts settle using the CF Benchmarks Real-Time Indexes (CFB RTIs), an aggregated price benchmark drawn from major exchanges and published once per second. CF Benchmarks is regulated by the UK Financial Conduct Authority and is the same provider used by the CME for its institutional crypto futures.

At the moment of expiration, Kalshi takes the average of 60 seconds of the relevant CFB RTI values. That average is the official settlement price, and contracts pay out based on whether the threshold or condition was met. The 60-second averaging window protects against settlement manipulation that could occur if a single exchange's price were used directly.

Perpetual futures track the same indexes continuously and use the funding rate mechanism to stay tethered to spot. Settlement is mark-to-market on a rolling basis rather than to a final expiration price.

How to trade crypto markets on Kalshi

The basic flow is the same as any other Kalshi market once your account is funded.

1. Open the Crypto category: From the Explore tab in the Kalshi app or web interface, select Crypto. You'll see active price threshold markets, 15-minute markets, and the perpetual futures tab.
2. Choose a market type: Pick an event contract if you want a defined-risk Yes/No position, or a perpetual contract if you want leveraged directional exposure. The two products work very differently.
3. Read the contract rules: Each market displays its expiration time, settlement methodology (which CFB RTI is used), and resolution conditions. Crypto markets move fast, so the details matter.
4. Pick a side and a size: For event contracts, choose Yes or No and enter the number of contracts or a dollar amount. For perpetuals, pick long or short, set your leverage, and confirm the margin required.
5. Choose order type: Market orders fill at the best available price. Limit orders rest on the book at your chosen price until matched or canceled.
6. Confirm and monitor: Kalshi shows your potential payout, the trading fee (where applicable), and the position size before you confirm. After submitting, the position appears in your portfolio, where you can manage or close it.

The web interface and the mobile apps both support the full set of crypto markets. For more on the mobile experience, see our Kalshi app review.

The bottom line on Kalshi crypto trading

Kalshi gives US traders a regulated, USD-denominated route into two distinct crypto products: binary event contracts for defined-risk positions on price levels and outcomes, and perpetual futures for leveraged directional trades. The event contracts cover Bitcoin, Ethereum, Solana, XRP, Dogecoin, BNB, and several others, with settlement via the same CF Benchmarks indexes used by major institutional venues. The perpetuals are newer and more complex, but they fill a gap that previously sent US traders to offshore exchanges.

For a broader look at how crypto fits into the prediction-market category overall, see our hub on crypto prediction markets, or read our full Kalshi review for a deeper platform overview.

Kalshi crypto FAQ