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โ† Perpetuals Learn

How to trade Perpetuals

A step-by-step walkthrough: pick a market, choose a direction, set your leverage, and manage the exit.

1. Choose a market

Start from the perpetuals list and pick the asset you want to trade. BTC, ETH, SOL and the others each have their own market with its own price and leverage limit.

2. Pick a direction

Decide whether you expect the price to rise or fall, then open an Up (long) position or a Down (short) position. Because you never take delivery of the asset, both directions are equally simple.

3. Set your leverage

Leverage decides how much exposure each dollar of collateral controls. Higher leverage magnifies the swing in both directions, so it pays to start conservative while you learn how a market moves.

4. Manage the exit

Set a take-profit to lock in gains and a stop-loss to cap losses. Since a perpetual never expires, you can also close manually at any time โ€” the position only ends when you end it or run out of margin.

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Demo clone โ€” this guide is original placeholder content, not Kalshi's, and is not financial advice. Trading perpetual futures involves risk, including the loss of collateral.