Head to head
the arrow points to the better figure| Kalshi | Pacifica | |
|---|---|---|
| Trading | ||
| $12.26 | BTC trade, $10k▶ | $8.13 |
| $1,717 | BTC trade, $1M≈ | $1,565 |
| $5.9M | ◀BTC book depth | $2.8M |
| 0.040%/0.020% | Taker / maker≈ | 0.040%/0.015% |
| 15x | Max leverage▶ | 50x |
| Size | ||
| $1.34B | ◀Volume 24h | $959.1M |
| $1.06B | ◀Volume, 7-day average | $745.6M |
| $87.9Mone side | Open interest | $110.4Mlongs + shorts |
| — | TVL | $27.2M |
| Markets | ||
| 71 | Markets≈ | 78 |
| 67 | ◀Stocks & RWA | 24 |
| 8h or 24h | Funding paid every | 1h |
| +0.0297% | BTC funding /8h | +0.0100% |
| +1.464% | BTC longs paid, 30d | +0.841% |
| Access | ||
| Required | KYC▶ | No ID |
| none yet | Token | none yet |
| Not active | Airdrop | Active |
Cost to trade BTC
| Size | Kalshi | Pacifica |
|---|---|---|
| $1k | $0.878.7 bp | $0.818.1 bp |
| $10k | $12.2612.3 bp | $8.138.1 bp |
| $100k | $14314.3 bp | $87.078.7 bp |
| $1M | $1,71717.2 bp | $1,56515.7 bp |
| $5M | $17,48835.0 bp | — |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 31
funding /8h · Net 7d at $10k| Asset | Kalshi | Pacifica | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0297% | +0.0100% | +0.0197% | −$23 |
| ETH | +0.0171% | +0.0100% | +0.0071% | −$41 |
| SOL | 0.0000% | +0.0100% | +0.0100% | +$3 |
| HYPE | 0.0000% | +0.0100% | +0.0100% | −$44 |
| ZEC | −0.0236% | +0.0100% | +0.0336% | −$14 |
| BNB | +0.0398% | +0.0100% | +0.0298% | −$31 |
| NEAR | +0.0175% | +0.0100% | +0.0075% | −$92 |
| XRP | +0.0336% | +0.0100% | +0.0236% | −$5 |
| LTC | −0.0220% | +0.0100% | +0.0320% | −$31 |
| UNI | 0.0000% | +0.0100% | +0.0100% | −$166 |
| AAVE | 0.0000% | +0.0100% | +0.0100% | −$26 |
| ADA | 0.0000% | +0.0100% | +0.0100% | +$7 |
| SUI | 0.0000% | +0.0100% | +0.0100% | −$40 |
| DOGE | 0.0000% | +0.0100% | +0.0100% | — |
| WLD | −0.0110% | +0.0100% | +0.0210% | −$44 |
| LINK | +0.0225% | +0.0100% | +0.0125% | — |
| BCH | 0.0000% | +0.0100% | +0.0100% | −$16 |
| VVV | 0.0000% | +0.0100% | +0.0100% | −$40 |
| SHIB | −0.0143% | +0.0100% | — | — |
Only on Kalshi: 54
USTECH100 · WTIFUTURE · COST · XOM · AAPL · INTC · MCD · QCOM · XPD · AMGN · AMD · QQQ · ALUMINUM · AMZN · SPY · PFE · ORCL · BAC · NFLX · DIS · AMAT · AVGO · BKNG · LLY · HD · ADBE · WMT · JPM · KO · PANW · UNH · CSCO · MSFT · TXN · BABA · CRM · ABBV · MRK · IBM · CVX · SBUX · BA · LMT · NEM · PEP · COP · BRKB · V · CAT · MA · JNJ · PG · VZ · PLD
Only on Pacifica: 47
PAXG · SKHYNIX · LIT · PUMP · SP500 · AVAX · CL · XMR · CRV · ZRO · MSTR · CRCL · EUR · DRAM · ENA · BP · WLFI · ICP · HOOD · TRUMP · FARTCOIN · TAO · JUP · USDJPY · MON · ASTER · NATGAS · SAMSUNG · XPL · PEPE · PENGU · ARB · 2Z · WIF · KAITO · CHIP · STRK · ZK · PIPPIN · VIRTUAL · BONK · PONS · USELESS · MEGA · LDO · URNM · XTEN
Questions
Is Kalshi or Pacifica cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $12.26 on Kalshi and $8.13 on Pacifica right now, taker fee and order-book slippage together, so Pacifica is cheaper. Taker fees: 0.04% and 0.04%.
Which has more markets, Kalshi or Pacifica?
Kalshi lists 71 active markets and Pacifica 78; 31 assets trade on both, 12 of them stocks, commodities or other real-world assets.
Does Kalshi or Pacifica require KYC?
Kalshi: A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade. Pacifica: No ID; blocked in the US, Canada, the UK, China, Russia, Ukraine, the Philippines and sanctioned countries.
Can you arbitrage funding between Kalshi and Pacifica?
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 ADA, long on Kalshi and short on Pacifica, with $7 left after costs.
Which is bigger, Kalshi or Pacifica?
24-hour volume: Kalshi $1.34B, Pacifica $959.1M. Open interest as each reports it: $87.9M and $110.4M. Pacifica reports open interest as longs plus shorts, both sides of every position; Kalshi reports one side. For the same positions Pacifica's figure reads about twice as large. TVL: none published and $27.2M.