Head to head
the arrow points to the better figure| Kalshi | Bybit | |
|---|---|---|
| Trading | ||
| $12.26 | BTC trade, $10k≈ | $11.31 |
| $1,717 | BTC trade, $1M▶ | $1,304 |
| $5.9M | BTC book depth▶ | $22.4M |
| 0.040%/0.020% | ◀Taker / maker | 0.055%/0.020% |
| 15x | Max leverage▶ | 150x |
| Size | ||
| $1.34B | Volume 24h▶ | $18.09B |
| $1.06B | Volume, 7-day average▶ | $13.34B |
| $88.0Mone side | Open interest | $11.86Blongs + shorts |
| — | TVL | — |
| Markets | ||
| 71 | Markets▶ | 894 |
| 67 | Stocks & RWA▶ | 294 |
| 8h or 24h | Funding paid every | 1h or 4h or 8h |
| +0.0297% | BTC funding /8h | +0.0100% |
| +1.464% | BTC longs paid, 30d | +0.469% |
| Access | ||
| Required | KYC | Required |
| none yet | Token | none yet |
| Not active | Airdrop | — |
Cost to trade BTC
| Size | Kalshi | Bybit |
|---|---|---|
| $1k | $0.878.7 bp | $1.1011.0 bp |
| $10k | $12.2612.3 bp | $11.3111.3 bp |
| $100k | $14314.3 bp | $12012.0 bp |
| $1M | $1,71717.2 bp | $1,30413.0 bp |
| $5M | $17,48835.0 bp | $7,56415.1 bp |
BTC funding per day
pair pageSize
daily, since Sep 18Volume by asset class
last 90 daysOn both: 70
funding /8h · Net 7d at $10k| Asset | Kalshi | Bybit | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0297% | +0.0100% | +0.0197% | −$22 |
| ETH | +0.0171% | −0.0066% | +0.0237% | −$25 |
| SOL | 0.0000% | −0.0197% | +0.0197% | −$46 |
| HYPE | 0.0000% | +0.0100% | +0.0100% | −$50 |
| XRP | +0.0336% | −0.0199% | +0.0534% | +$19 |
| ZEC | −0.0236% | +0.0100% | +0.0336% | −$8 |
| NEAR | +0.0175% | +0.0100% | +0.0075% | −$59 |
| BCH | 0.0000% | +0.0100% | +0.0100% | −$22 |
| BNB | +0.0398% | +0.0100% | +0.0298% | −$2 |
| SUI | 0.0000% | −0.0554% | +0.0554% | −$22 |
| DOGE | 0.0000% | −0.0464% | +0.0464% | −$33 |
| LINK | +0.0225% | −0.0071% | +0.0296% | +$137 |
| LTC | −0.0220% | +0.0099% | +0.0319% | −$33 |
| WLD | −0.0110% | −0.0796% | +0.0686% | −$40 |
| ADA | 0.0000% | −0.0170% | +0.0170% | −$64 |
| UNI | 0.0000% | +0.0100% | +0.0100% | −$171 |
| AAVE | 0.0000% | +0.0100% | +0.0100% | −$37 |
| SHIB | −0.0143% | −0.0470% | +0.0327% | −$45 |
| VVV | 0.0000% | +0.0100% | +0.0100% | −$50 |
Only on Kalshi: 15
USTECH100 · WTIFUTURE · XPT · COPPER · XPD · ALUMINUM · PFE · DIS · ABBV · SBUX · NEM · COP · PG · VZ · PLD
Only on Bybit: 755
XAUT · SOXL · LIT · TRX · ENA · AVAX · PEPE · CL · ASTER · XMR · ONDO · PUMP · XLM · MNT · TAO · SKHYNIX · PAXG · ZRO · HBAR · MSTR · GRAM · WLFI · KORU · XPL · ARB · TRUMP · GRASS · INJ · DOT · CRV · APT · QNT · PENGU · FARTCOIN · CRCL · STRK · POL · FIL · CAP · ATOM · ICP · ETHFI · AERO · MON · CC · SOXS · NBIS · SKHY · OP · LDO · SPX · USELESS · BZ · PENDLE · PONS · TIA · WIF · VIRTUAL · FF · USDC · and 695 more
Questions
Is Kalshi or Bybit cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $12.26 on Kalshi and $11.31 on Bybit right now, taker fee and order-book slippage together: about the same. Taker fees: 0.04% and 0.055%.
Which has more markets, Kalshi or Bybit?
Kalshi lists 71 active markets and Bybit 894; 70 assets trade on both, 51 of them stocks, commodities or other real-world assets.
Does Kalshi or Bybit require KYC?
Kalshi: A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade. Bybit: Standard verification is mandatory for every product.
Can you arbitrage funding between Kalshi and Bybit?
Yes: 3 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 Bybit and short on Kalshi, with $137 left after costs.
Which is bigger, Kalshi or Bybit?
24-hour volume: Kalshi $1.34B, Bybit $18.09B. Open interest as each reports it: $88.0M and $11.86B. Bybit reports open interest as longs plus shorts, both sides of every position; Kalshi reports one side. For the same positions Bybit's figure reads about twice as large.