Kalshi vs Deribit
Deribit traded 9.4× Kalshi's 24-hour volume ($12.65B vs $1.35B) and holds 15× its open interest.
Head to head
the arrow points to the better figure| Kalshi | Deribit | |
|---|---|---|
| Trading | ||
| $10.30 | BTC trade, $10k▶ | $7.06 |
| $1,648 | BTC trade, $1M▶ | $1,461 |
| $7.1M | BTC book depth▶ | $46.5M |
| 0.040%/0.020% | Taker / maker▶ | 0.035%/0.015% |
| 15x | Max leverage▶ | 50x |
| Size | ||
| $1.35B | Volume 24h▶ | $12.65B |
| $1.06B | Volume, 7-day average▶ | $9.13B |
| $88.1M | Open interest▶ | $1.33B |
| — | TVL | — |
| Markets | ||
| 71 | Markets▶ | 144 |
| 67 | ◀Stocks & RWA | 42 |
| 8h or 24h | Funding paid every | 1h |
| +0.0302% | BTC funding /8h | +0.0077% |
| +1.464% | BTC longs paid, 30d | +0.745% |
| Access | ||
| Required | KYC | Required |
| none yet | Token | none yet |
| Not active | Airdrop | — |
Cost to trade BTC
| Size | Kalshi | Deribit |
|---|---|---|
| $1k | $0.858.5 bp | $0.717.1 bp |
| $10k | $10.3010.3 bp | $7.067.1 bp |
| $100k | $13313.3 bp | $78.347.8 bp |
| $1M | $1,64816.5 bp | $1,46114.6 bp |
| $5M | $15,85331.7 bp | $15,57631.2 bp |
BTC funding per day
pair pageSize
daily, since Sep 18Volume by asset class
last 90 daysOn both: 38
funding /8h · Net 7d at $10k| Asset | Kalshi | Deribit | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0302% | +0.0017% | +0.0284% | −$10 |
| ETH | +0.0171% | 0.0000% | +0.0171% | −$26 |
| SOL | 0.0000% | 0.0000% | 0.0000% | +$11 |
| HYPE | 0.0000% | +0.0013% | +0.0013% | −$27 |
| XRP | +0.0344% | +0.0006% | +0.0338% | +$15 |
| ZEC | −0.0214% | 0.0000% | +0.0214% | −$24 |
| NEAR | +0.0176% | +0.0287% | +0.0111% | +$13 |
| BCH | 0.0000% | 0.0000% | 0.0000% | −$21 |
| DOGE | 0.0000% | 0.0000% | 0.0000% | −$42 |
| BNB | +0.0420% | +0.0200% | +0.0220% | −$27 |
| SUI | 0.0000% | 0.0000% | 0.0000% | −$37 |
| LINK | +0.0230% | 0.0000% | +0.0230% | +$132 |
| LTC | −0.0218% | 0.0000% | +0.0218% | −$34 |
| WLD | −0.0111% | −0.0332% | +0.0221% | −$30 |
| ADA | 0.0000% | 0.0000% | 0.0000% | −$20 |
| UNI | 0.0000% | +0.0015% | +0.0015% | −$187 |
| AAVE | 0.0000% | 0.0000% | 0.0000% | −$33 |
| VVV | 0.0000% | +0.0389% | +0.0389% | −$63 |
| SHIB | −0.0138% | 0.0000% | +0.0138% | −$59 |
Only on Kalshi: 47
USTECH100 · WTIFUTURE · COST · XOM · XPT · MCD · COPPER · QCOM · XPD · AMGN · ALUMINUM · PFE · NFLX · BAC · AMAT · DIS · BKNG · LLY · ADBE · HD · WMT · KO · TXN · UNH · JPM · CSCO · PANW · BABA · CRM · ABBV · MRK · IBM · CVX · SBUX · BA · LMT · NEM · PEP · COP · BRKB · V · CAT · MA · JNJ · PG · VZ · PLD
Only on Deribit: 104
EURC · PAXG · SOXL · AVAX · CRCL · TRX · ANTHROPIC · XLM · MSTR · BE · ENA · DOT · CL · AERO · LITE · HBAR · BZ · OPENAI · CRV · WIF · CBRS · ONDO · INJ · KORU · EWY · ARB · DRAM · NBIS · TRUMP · TAO · PUMP · RENDER · SOXS · COIN50 · FARTCOIN · SKHY · SNXX · FIL · ETHFI · MRVL · ATOM · PEPE · TSM · FET · ASTER · PENGU · MON · WLFI · ALGO · PENDLE · HOOD · LIT · DELL · VIRTUAL · POL · APT · TIA · ARM · APE · LDO · and 44 more
Questions
Is Kalshi or Deribit cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $10.30 on Kalshi and $7.06 on Deribit right now, taker fee and order-book slippage together, so Deribit is cheaper. Taker fees: 0.04% and 0.035%.
Which has more markets, Kalshi or Deribit?
Kalshi lists 71 active markets and Deribit 144; 38 assets trade on both, 19 of them stocks, commodities or other real-world assets.
Does Kalshi or Deribit require KYC?
Kalshi: A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade. Deribit: ID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.
Can you arbitrage funding between Kalshi and Deribit?
Yes: 6 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 Deribit and short on Kalshi, with $132 left after costs.
Which is bigger, Kalshi or Deribit?
24-hour volume: Kalshi $1.35B, Deribit $12.65B. Open interest as each reports it: $88.1M and $1.33B.