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Perpetuals vs futures

Both let you trade with leverage in either direction — the key difference is expiry.

Expiry

A dated future settles on a specific day, so you eventually have to close it or roll into the next contract. A perpetual never expires — there is nothing to roll.

Price anchoring

Dated futures converge to the spot price at expiry. Perpetuals have no expiry to force that, so they stay anchored through a periodic funding payment between longs and shorts instead.

Which to use

Perpetuals suit open-ended directional views you may hold indefinitely. Dated futures suit a thesis tied to a specific time horizon.

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