Kalshi vs Binance
Binance traded 66× Kalshi's 24-hour volume ($88.48B vs $1.34B) and holds 328× its open interest.
Head to head
the arrow points to the better figure| Kalshi | Binance | |
|---|---|---|
| Trading | ||
| $12.26 | BTC trade, $10k▶ | $10.01 |
| $1,717 | BTC trade, $1M▶ | $1,159 |
| $5.9M | BTC book depth▶ | $14.5M |
| 0.040%/0.020% | ◀Taker / maker | 0.050%/0.020% |
| 15x | Max leverage▶ | 150x |
| Size | ||
| $1.34B | Volume 24h▶ | $88.48B |
| $1.06B | Volume, 7-day average▶ | $60.90B |
| $87.9M | Open interest▶ | $28.82B |
| — | TVL | — |
| Markets | ||
| 71 | Markets▶ | 800 |
| 67 | Stocks & RWA▶ | 235 |
| 8h or 24h | Funding paid every | 1h or 4h or 8h |
| +0.0297% | BTC funding /8h | +0.0100% |
| +1.464% | BTC longs paid, 30d | +0.488% |
| Access | ||
| Required | KYC | Required |
| none yet | Token | $BNB |
| Not active | Airdrop | — |
Cost to trade BTC
| Size | Kalshi | Binance |
|---|---|---|
| $1k | $0.878.7 bp | $1.0010.0 bp |
| $10k | $12.2612.3 bp | $10.0110.0 bp |
| $100k | $14314.3 bp | $10010.0 bp |
| $1M | $1,71717.2 bp | $1,15911.6 bp |
| $5M | $17,48835.0 bp | $7,82715.7 bp |
BTC funding per day
pair pageSize
daily, since Sep 18Volume by asset class
last 90 daysOn both: 69
funding /8h · Net 7d at $10k| Asset | Kalshi | Binance | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0297% | +0.0100% | +0.0197% | −$22 |
| ETH | +0.0171% | +0.0100% | +0.0071% | −$26 |
| SOL | 0.0000% | +0.0078% | +0.0078% | $0 |
| HYPE | 0.0000% | +0.0100% | +0.0100% | −$40 |
| XRP | +0.0336% | +0.0100% | +0.0236% | −$1 |
| ZEC | −0.0236% | +0.0100% | +0.0336% | −$13 |
| NEAR | +0.0175% | +0.0100% | +0.0075% | −$74 |
| BCH | 0.0000% | +0.0100% | +0.0100% | −$15 |
| BNB | +0.0398% | +0.0145% | +0.0253% | −$23 |
| SUI | 0.0000% | +0.0030% | +0.0030% | −$25 |
| DOGE | 0.0000% | +0.0100% | +0.0100% | −$19 |
| LINK | +0.0225% | +0.0100% | +0.0125% | +$124 |
| LTC | −0.0220% | +0.0100% | +0.0320% | −$16 |
| WLD | −0.0110% | −0.0446% | +0.0336% | −$37 |
| ADA | 0.0000% | +0.0077% | +0.0077% | +$4 |
| UNI | 0.0000% | +0.0100% | +0.0100% | −$151 |
| AAVE | 0.0000% | +0.0100% | +0.0100% | −$24 |
| SHIB | −0.0143% | +0.0012% | +0.0155% | −$7 |
| VVV | 0.0000% | −0.0267% | +0.0267% | −$85 |
Only on Kalshi: 16
USTECH100 · WTIFUTURE · ALUMINUM · BKNG · CVX · SBUX · BA · LMT · NEM · PEP · COP · MA · JNJ · PG · VZ · PLD
Only on Binance: 687
SOXL · SKHYNIX · CL · BZ · WLFI · SKHY · PAXG · CRCL · PEPE · KORU · ASTER · MSTR · ENA · ANTHROPIC · TRX · AVAX · PUMP · XMR · XAUT · AIN · SOXS · TAO · LIT · ONDO · FIL · TRUMP · DRAM · BIANRENSHENG · TQQQ · NBIS · CAP · ARB · FF · XPL · XLM · ZRO · INJ · EWY · DOT · PENGU · SNXX · SAMSUNG · AERO · HBAR · NATGAS · QNT · FET · ICP · ETHFI · KITE · MRVL · ARIA · IDOL · CRV · COIN · BEAM · CRWV · MON · PONS · BTW · and 627 more
Questions
Is Kalshi or Binance cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $12.26 on Kalshi and $10.01 on Binance right now, taker fee and order-book slippage together, so Binance is cheaper. Taker fees: 0.04% and 0.05%.
Which has more markets, Kalshi or Binance?
Kalshi lists 71 active markets and Binance 800; 69 assets trade on both, 50 of them stocks, commodities or other real-world assets.
Does Kalshi or Binance require KYC?
Kalshi: A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade. Binance: Verified KYC to deposit or trade; futures accounts under 30 days old are capped at 20x.
Can you arbitrage funding between Kalshi and Binance?
Yes: 4 of the assets on both paid more in funding over the last 7 days than a $10k round trip on both costs. The best was LINK, long on Binance and short on Kalshi, with $124 left after costs.
Which is bigger, Kalshi or Binance?
24-hour volume: Kalshi $1.34B, Binance $88.48B. Open interest as each reports it: $87.9M and $28.82B.