Kalshi says its stock perps traded over $300 million on Thursday morning
Fifty contracts track one share. A trader posting $50 against $200 of exposure can gain or lose $20 on a 10% move, and the market closes at set times.
Kalshi says traders turned over more than $300 million in single-stock perpetual futures on the morning of its November 5 launch announcement. The stock perps give eligible U.S. traders a way to go long or short more than 50 listed companies, including PalantirPLTR+0.84%, Meta and McDonald’s, without buying or borrowing shares.
Kalshi co-founder Luana Lopes Lara gave the volume figure after trading had begun. It measures trading activity, which can include the same contracts changing hands repeatedly. It tells readers little about how much money traders put up or how many positions remained open.
| Input or move | Result |
|---|---|
| One contract | 0.02 shares of exposure, worth $4 |
| 50 contracts | One share of exposure, worth $200 |
| Margin in the 4x example | $50 |
| 10% price increase | $20 gain before fees and funding |
| 10% price decline | $20 loss before fees and funding |
How $50 can move with a $200 share
A Kalshi stock perp tracks 0.02 shares. At a hypothetical stock price of $200, each contract carries $4 of exposure. Fifty contracts track the price movement of one share. The trader gets no vote or ownership interest in the company.
In Kalshi’s example, a trader posts $50 of margin to open those 50 contracts long. A $20 rise in the stock produces a $20 gain on the position before fees and funding. A $20 fall produces a $20 loss, or 40% of the original margin. Actual margin requirements depend on the stock and position size.
What it costs to hold the position
The exchange calculates trading fees on the full position when the trader opens and closes it. Funding is a separate transfer between traders, calculated daily at 4 p.m. Eastern. When the funding rate is positive, long holders pay short holders. A negative rate sends the payment the other way.
The contracts have no scheduled expiry. If the company pays a cash dividend, the exchange credits longs and debits shorts. A merger, bankruptcy or delisting can instead trigger final settlement and close the position.
The risk while the market is closed
Kalshi lists the contracts on its U.S. exchange under joint CFTC and SEC oversight. Retail traders apply for perpetuals access, complete a tutorial and fund a separate perpetuals account. Kalshi Klear clears the trades.
A stock can move during a scheduled closure, when traders cannot enter or exit the perp. If the price gaps against a position, the account may fall below its maintenance margin and face liquidation. Kalshi warns that in exceptional conditions the loss can exceed the margin the trader posted.