Kalshi

Founded in 2018, Kalshi is a US-regulated derivatives exchange operated by KalshiEX LLC, a CFTC-registered Designated Contract Market. It clears through its own affiliate, Kalshi Klear LLC (a CFTC Derivatives Clearing Organization), and customer accounts are held with Kinetics Markets LLC, a CFTC-registered Futures Commission Merchant. Kalshi opened to the public in 2021, starting with regulated event contracts.

In June 2026, Kalshi added crypto perpetual futures. It now lists 11 perpetual markets, including Bitcoin, Ethereum, XRP, and Solana. Contracts are settled in US dollars and priced against CF Benchmarks real-time indices, with funding exchanged every eight hours on a central limit order book.

Trading fees are currently waived under an introductory promotion, with a standard maker and taker schedule due to take effect later in 2026, subject to CFTC approval. Kalshi is available to US persons, and market data is public through its REST and WebSocket APIs.