Perpetuals · Learn
Perpetuals, explained
A short set of guides on how perpetual futures work — going long or short, leverage and margin, the funding rate, and managing your exit.
STEP-BY-STEP GUIDE
How to trade Perpetuals
From picking a market to setting your exit — the whole flow in four steps.
BASICS
What are perpetual futures?
The contract that lets you go long or short with no expiry date.
BASICS
Perpetuals vs futures
Same leverage, either direction — the difference comes down to expiry.
MECHANICS
What is the funding rate?
The periodic payment that keeps the price tied to spot.
EXITS
Take profit & stop loss
Two orders that close your position automatically at your price.
MECHANICS
How margin works
The collateral behind a position and what triggers liquidation.
COMPARE
Event contracts vs futures
Fixed yes/no payouts versus continuous price exposure.
Demo clone — these guides are original placeholder content, not Kalshi's. Nothing here is financial advice. Trading perpetual futures involves risk, including the loss of collateral.