Kalshi Stock Perpetuals: How They Work and How They Differ From a Brokerage Account

Kalshi now offers stock perpetuals, formally called single stock perpetual futures. A Kalshi stock perpetual lets you take a leveraged long or short position on the price of an individual company, with each stock's market page showing its own leverage and whether it is open. Here is how it works, how it differs from a regular brokerage account, and what to weigh before trying it.

How Kalshi Stock Perpetuals Work

A stock perp is a contract whose value follows a single stock's price. Unlike a traditional futures contract, it has no expiration date: you hold it as long as you like and close it when you choose. Because the contract is a bet on price direction, you can go long (you gain if the stock rises) or short (you gain if it falls).

Contract size

Each contract covers 0.02 shares of the stock, so 50 contracts equal the price exposure of one share. The minimum position is one contract. On a $200 stock, that is about $4 of exposure.

Margin and leverage

You post initial margin, a fraction of the position's value, to open a trade, and you must stay above a maintenance margin level to keep it open. If your balance falls below that level, the position can be liquidated, meaning closed automatically. Maximum leverage differs by stock and is shown on each market's page.

Funding

Perps use funding to keep their price close to the stock's real price. For stock perps, funding is calculated once a day at 4:00 p.m. ET (Kalshi's Bitcoin perp charges it every 8 hours instead). When the rate is positive, longs pay shorts. When it is negative, shorts pay longs. Funding is separate from trading fees, and on leveraged positions held for days or weeks it can add up.

Fees and trading hours

Trading fees apply when you open and close a position, and they are calculated on the full exposure, leverage included. Orders that fill immediately pay taker fees, and resting orders that fill later pay maker fees. Kalshi's fee schedule has the current rates.

Stock perps are not open around the clock. Each market follows a set schedule with regular closures. While a market is closed you cannot open or close a position, and the price can look different when it reopens.

Kalshi Stock Perps vs. a Regular Brokerage Account

The two look similar on a price chart, but they are different products. This table covers the main differences. The brokerage column describes what most US brokers offer, and details vary by broker.

Feature	Brokerage account	Kalshi stock perp
What you hold	Actual shares of the company	A futures contract that tracks the stock's price
Voting and shareholder materials	Yes	No
Going short	Needs a margin account and borrowed shares	Built in: pick short instead of long
Leverage	Optional, through a margin loan	Built in, up to a cap set per stock
Smallest position	One share, or a fractional share at some brokers	One contract (0.02 shares)
Holding cost	None for shares you own outright	Daily funding, paid or received
Dividends	Paid to shareholders	Added to long positions and deducted from short positions
Trading hours	Exchange hours, plus extended hours at many brokers	A set schedule with regular closures
Regulator	SEC and FINRA for securities	CFTC, through a designated contract market
Worst case	An unleveraged long loses what you paid	Losses can exceed posted margin in exceptional conditions

Kalshi stock perps also work like other derivatives in how they handle corporate events. Splits adjust your position by the ratio in the notice. A merger, delisting or bankruptcy can lead to final settlement, which closes open positions, and trading may pause around those events.

Advantages of Kalshi Stock Perpetuals

• Small sizing. A one-contract minimum, about $4 of exposure on a $200 stock, lets you track a company's price without paying for a whole share
• Long or short with the same tools. A short position is built in, so you do not need to borrow shares, which most brokerage accounts handle separately
• No expiry to manage. Options need a strike and an expiration date. A perp has neither, so you decide when to exit
• Interest on balances. Stock perps use a perpetuals account that is separate from your predictions balance, and eligible perps balances can earn interest
• US regulation, still contested. Kalshi is a CFTC-regulated designated contract market and stock perps clear through Kalshi Klear LLC. Most retail users trade through Kalshi Prime, a futures commission merchant that holds funds in a customer-segregated account. The CFTC's authority over these products is being challenged in court, as the section below explains
• Single-company exposure. A contract that tracks one company's price gives you exposure around earnings or an announcement without holding the stock itself

How to Get Started

1. Create a Kalshi account and complete identity verification (KYC)
2. Apply for perpetuals access and complete the short tutorial
3. Fund your perpetuals account
4. Open the market page for the stock you want, check its leverage and whether it is open, and place an order

If you are new to Kalshi, the Kalshi buttons at the end of this article create your account with our referral link. If you already use Kalshi for event contracts, you apply for perpetuals access in your existing account. To see how Kalshi's other perps work first, read our guides to Kalshi perpetuals and the US 500 index perp, or compare venues on our platform comparison page.

The Legal Question Still Hanging Over Stock Perps

Stock perps are new, and they are being contested. The Capital Markets Alliance Association, a trade group whose members include Cboe Global Markets and Citadel Securities, sued the CFTC and its chairman over its approval of single stock perpetuals at Kalshi, Bitnomial and Coinbase Derivatives. On November 3, 2026, a federal judge in Manhattan denied the group's request for a temporary restraining order, because the group had not shown likely irreparable harm. In the same ruling, she said the group was likely to succeed on its argument that the CFTC lacks authority over these products and that they appear to be swaps, which the SEC regulates.

Because only the restraining order was denied, trading is not blocked today, and the case continues. Contract availability and rules could change, so check Kalshi's market pages and help center for the current status before you fund an account for this purpose.

Frequently asked questions

Do I own the stock with a Kalshi stock perpetual?

No. You hold a futures contract that tracks the stock's price. You have no voting rights and receive no shareholder materials. Cash dividends are credited to long positions and deducted from short positions.

Is a Kalshi stock perp the same as a brokerage account?

No. A brokerage account holds securities regulated by the SEC and FINRA. A Kalshi stock perp is a CFTC-regulated derivative that uses margin, daily funding and scheduled trading hours.

Can I lose more than I put in?

Yes, in exceptional conditions. Leverage magnifies losses, and a fast price gap can push a loss past the margin you posted.

Are Kalshi stock perps open 24/7?

No. Each market follows a schedule with regular closures, and you cannot open or close positions during them.

The Bottom Line

Kalshi stock perpetuals give you leveraged long and short exposure to individual companies in small sizes, with no expiry. They are a derivative, not shares, and that brings margin, liquidation, daily funding and market closures, plus an open legal fight over who regulates them. For a capped downside, Kalshi's yes/no event contracts limit your loss to the price you pay.