Variational Omni vs Kalshi
Variational Omni traded 2.1× Kalshi's 24-hour volume ($2.75B vs $1.34B).
Head to head
the arrow points to the better figure| Variational Omni | Kalshi | |
|---|---|---|
| Trading | ||
| $1.00 | ◀BTC trade, $10k | $12.26 |
| $646 | ◀BTC trade, $1M | $1,717 |
| — | BTC book depth | $5.9M |
| 0.000%/0.000% | ◀Taker / maker | 0.040%/0.020% |
| 50x | ◀Max leverage | 15x |
| Size | ||
| $2.75B | ◀Volume 24h | $1.34B |
| $2.02B | ◀Volume, 7-day average | $1.06B |
| $841.0Mlongs + shorts | Open interest | $87.9Mone side |
| — | TVL | — |
| Markets | ||
| 587 | ◀Markets | 71 |
| 157 | ◀Stocks & RWA | 67 |
| 1h or 4h or 8h | Funding paid every | 8h or 24h |
| +0.0100% | BTC funding /8h | +0.0297% |
| +0.711% | BTC longs paid, 30d | +1.464% |
| Access | ||
| No ID | ◀KYC | Required |
| none yet | Token | none yet |
| Active | Airdrop | Not active |
Cost to trade BTC
| Size | Variational Omni | Kalshi |
|---|---|---|
| $1k | $0.101.0 bp | $0.878.7 bp |
| $10k | $1.001.0 bp | $12.2612.3 bp |
| $100k | $10.021.0 bp | $14314.3 bp |
| $1M | $6466.5 bp | $1,71717.2 bp |
| $5M | — | $17,48835.0 bp |
BTC funding per day
pair pageVolume by asset class
last 90 daysOn both: 61
funding /8h · Net 7d at $10k| Asset | Variational Omni | Kalshi | Spread | Net 7d |
|---|---|---|---|---|
| BTC | +0.0100% | +0.0297% | +0.0197% | −$14 |
| ETH | +0.0100% | +0.0171% | +0.0071% | −$24 |
| SOL | +0.0100% | 0.0000% | +0.0100% | +$9 |
| HYPE | +0.0100% | 0.0000% | +0.0100% | −$37 |
| ZEC | +0.0100% | −0.0236% | +0.0336% | −$4 |
| XRP | +0.0100% | +0.0336% | +0.0236% | +$2 |
| NEAR | +0.0100% | +0.0175% | +0.0075% | −$54 |
| BNB | +0.0100% | +0.0398% | +0.0298% | +$4 |
| SUI | +0.0100% | 0.0000% | +0.0100% | −$45 |
| DOGE | +0.0100% | 0.0000% | +0.0100% | −$14 |
| BCH | +0.0100% | 0.0000% | +0.0100% | −$32 |
| LINK | +0.0100% | +0.0225% | +0.0125% | +$142 |
| LTC | −0.0032% | −0.0220% | +0.0188% | −$37 |
| WLD | −0.0335% | −0.0110% | +0.0225% | −$45 |
| ADA | +0.0100% | 0.0000% | +0.0100% | −$1 |
| UNI | +0.0100% | 0.0000% | +0.0100% | −$172 |
| AAVE | +0.0034% | 0.0000% | +0.0034% | −$44 |
| VVV | +0.0100% | 0.0000% | +0.0100% | −$56 |
Only on Variational Omni: 509
XAUT · SP500 · CL · PAXG · BZ · XMR · LIT · PUMP · ANTHROPIC · SOXL · ZRO · ENA · ASTER · STRC · MSTR · SOXS · AVAX · NBIS · EWY · DRAM · CRCL · GRASS · SKHY · XPL · NATGAS · WLFI · AERO · TAO · COIN · ICP · TRUMP · CRWV · HOOD · ARB · CRV · MON · OPENAI · PONS · ATOM · APT · HBAR · PEPE · DOT · QNT · STRK · ONDO · VIRTUAL · TRX · IRYS · ETHFI · NOW · SKY · TSM · MORPHO · PENDLE · JUP · FARTCOIN · MRVL · CASHCAT · CHIP · and 449 more
Questions
Is Variational Omni or Kalshi cheaper to trade?
Opening and closing $10,000 of BTC with market orders costs $1.00 on Variational Omni and $12.26 on Kalshi right now, taker fee and order-book slippage together, so Variational Omni is cheaper. Taker fees: 0% and 0.04%.
Which has more markets, Variational Omni or Kalshi?
Variational Omni lists 587 active markets and Kalshi 71; 61 assets trade on both, 43 of them stocks, commodities or other real-world assets.
Does Variational Omni or Kalshi require KYC?
Variational Omni: No ID; not for US or Canadian persons, Taiwan or sanctioned regions. Kalshi: A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade.
Can you arbitrage funding between Variational Omni and Kalshi?
Yes: 5 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 Variational Omni and short on Kalshi, with $142 left after costs.
Which is bigger, Variational Omni or Kalshi?
24-hour volume: Variational Omni $2.75B, Kalshi $1.34B. Open interest as each reports it: $841.0M and $87.9M. Variational Omni reports open interest as the sum of its traders' longs and shorts; Kalshi reports one side. For the same positions Variational Omni's figure reads about twice as large.