Who can apply?
US-based Kalshi users who have completed KYC verification are eligible to apply. International availability may expand in the future.
How to apply
Complete KYC on your Kalshi account if you haven't already.
Navigate to the Perpetuals section in the app.
Complete the margin account application, which includes a short questionnaire about your trading experience and risk tolerance.
Wait for your application to be reviewed. Most applications are processed quickly, but some may require manual review.
Once approved, complete the mandatory educational tutorial before placing your first trade.
What the application asks
The questionnaire covers your trading experience, familiarity with leveraged products, and financial situation. It is designed to ensure you understand the risks of perpetual futures trading before getting access.
What if my application is not approved?
Applications may be declined based on your questionnaire responses, regulatory requirements, or other eligibility criteria. If your application is declined, contact Kalshi Support for more information.
Trading through Kinetics (FCM)
Most retail users on Kalshi trade perpetuals currently through Kinetics, a registered Futures Commission Merchant (FCM). As an FCM, Kinetics handles your KYC, manages your margin account, monitors your risk exposure, and holds your funds in a customer-segregated account on your behalf.
When you see the Kinetics name in your account materials or margin statements, this refers to the FCM entity — separate from Kalshi's prediction markets product. They are distinct regulated entities.
Institutional and market maker access
Institutional participants may alternatively become Self-Clearing Members (SCMs) and clear their trades directly with Kalshi Klear, bypassing the FCM layer. This requires meeting significant financial and operational thresholds. Contact Kalshi's institutional team at [email protected] for more information.