Head to head
the arrow points to the better figure| Hyperliquid | Kalshi | |
|---|---|---|
| Trading | ||
| $9.13 | ◀BTC trade, $10k | $12.26 |
| $1,121 | ◀BTC trade, $1M | $1,717 |
| $39.8M | ◀BTC book depth | $5.9M |
| 0.045%/0.015% | Taker / maker▶ | 0.040%/0.020% |
| 40x | ◀Max leverage | 15x |
| Size | ||
| $8.18B | ◀Volume 24h | $1.34B |
| $6.96B | ◀Volume, 7-day average | $1.06B |
| $10.09Blongs + shorts | Open interest | $87.9Mone side |
| $6.34B | TVL | — |
| Markets | ||
| 179 | ◀Markets | 71 |
| 164 | ◀Stocks & RWA | 67 |
| 1h | Funding paid every | 8h or 24h |
| +0.0100% | BTC funding /8h | +0.0297% |
| +0.722% | BTC longs paid, 30d | +1.464% |
| Access | ||
| No ID | ◀KYC | Required |
| $HYPE | Token | none yet |
| Season 2 | Airdrop | Not active |
Cost to trade BTC
| Size | Hyperliquid | Kalshi |
|---|---|---|
| $1k | $0.919.1 bp | $0.878.7 bp |
| $10k | $9.139.1 bp | $12.2612.3 bp |
| $100k | $91.329.1 bp | $14314.3 bp |
| $1M | $1,12111.2 bp | $1,71717.2 bp |
| $5M | $6,85813.7 bp | $17,48835.0 bp |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 19
funding /8h · Net 7d at $10k| Asset | Hyperliquid | Kalshi | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0100% | +0.0297% | +0.0196% | −$22 |
| ETH | −0.0030% | +0.0171% | +0.0203% | −$34 |
| SOL | −0.0095% | 0.0000% | +0.0095% | −$50 |
| HYPE | +0.0132% | 0.0000% | +0.0132% | −$16 |
| XRP | +0.0100% | +0.0336% | +0.0234% | +$2 |
| ZEC | +0.0100% | −0.0236% | +0.0339% | −$3 |
| NEAR | +0.0100% | +0.0175% | +0.0077% | −$76 |
| BCH | +0.0100% | 0.0000% | +0.0100% | −$13 |
| BNB | +0.0100% | +0.0398% | +0.0292% | −$14 |
| SUI | −0.0058% | 0.0000% | +0.0058% | −$41 |
| DOGE | −0.0060% | 0.0000% | +0.0060% | −$48 |
| LINK | +0.0100% | +0.0225% | +0.0125% | +$118 |
| LTC | +0.0100% | −0.0220% | +0.0319% | −$25 |
| WLD | −0.0846% | −0.0110% | +0.0738% | −$57 |
| ADA | +0.0100% | 0.0000% | +0.0100% | −$11 |
| UNI | +0.0100% | 0.0000% | +0.0100% | −$134 |
| AAVE | +0.0100% | 0.0000% | +0.0100% | −$31 |
| SHIB | +0.0100% | −0.0143% | +0.0242% | −$5 |
| VVV | +0.0100% | 0.0000% | +0.0100% | −$28 |
Only on Hyperliquid: 160 (+28 via HIP-3)
XMR · LIT · PUMP · ENA · PEPE · ZRO · XPL · MON · TAO · PAXG · STRK · AERO · ASTER · GRASS · CASHCAT · GRAM · FARTCOIN · ONDO · WLFI · AVAX · TRX · TRUMP · ARB · CRV · PURR · PONS · USELESS · XLM · HBAR · ETHFI · PENDLE · LDO · MEGA · CHIP · BONK · JUP · TIA · FET · FIL · CC · INJ · MORPHO · DOT · POL · VIRTUAL · MNT · ATOM · WIF · SYRUP · SPX · OP · PENGU · APT · IMX · SKY · CFX · ALGO · W · RENDER · SEI · and 100 more
Questions
Is Hyperliquid or Kalshi cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $9.13 on Hyperliquid and $12.26 on Kalshi right now, taker fee and order-book slippage together, so Hyperliquid is cheaper. Taker fees: 0.045% and 0.04%.
Which has more markets, Hyperliquid or Kalshi?
Hyperliquid lists 179 active markets and Kalshi 71; 19 assets trade on both.
Does Hyperliquid or Kalshi require KYC?
Hyperliquid: No ID: any EVM wallet or an email login; the app is closed to the US, Ontario and sanctioned countries. Kalshi: A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade.
Can you arbitrage funding between Hyperliquid and Kalshi?
Yes: 2 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 Hyperliquid and short on Kalshi, with $118 left after costs.
Which is bigger, Hyperliquid or Kalshi?
24-hour volume: Hyperliquid $8.18B, Kalshi $1.34B. Open interest as each reports it: $10.09B and $87.9M. Hyperliquid reports open interest as longs plus shorts, both sides of every position; Kalshi reports one side. For the same positions Hyperliquid's figure reads about twice as large. TVL: $6.34B and none published.