Perp DEX volume share, live 24h notional ranked
TradingKalshi
Trails$1.47B
- p99
- $1.57B
- rank
- #5
- samples
- 2,875
trade.xyz
Leads$2.48B
- p99
- $2.74B
- rank
- #2
- samples
- 2,875
24h perp volume
Kalshin/atrade.xyzn/a
Kalshi vs trade.xyz
trade.xyz leads on all 4 live benchmarks. trade.xyz wins on Perp DEX volume share, live 24h notional ranked ($2.48B vs $1.47B), Most tradable markets on a perp DEX, live count per venue (108 vs 21), Perp DEX asset breadth (109 vs 4), Perp DEX volume to open interest (0.634x vs 40.5x). Data as of 2026-09-23 UTC.
Kalshi
CFTC-regulated US prediction market exchange. REST trade API (trade-api/v2) with documented per-tier rate limits; the market data WebSocket requires authentication.
trade.xyz
trade.xyz operates the largest HIP-3 builder-deployed dex on Hyperliquid: 70+ tokenized US equity, index, and commodity perp markets under the xyz namespace, collecting a deployer fee on every fill.
Side by side measurements
Most tradable markets on a perp DEX, live count per venue
TradingKalshi
Trails21
- p99
- 22
- rank
- #20
- samples
- 2,875
trade.xyz
Leads108
- p99
- 109
- rank
- #10
- samples
- 2,875
Active markets
Kalshin/atrade.xyzn/a
Perp DEX asset breadth: non-crypto markets live, stocks + indices + forex + commodities
TradingKalshi
Trails4
- p99
- 4
- rank
- #14
- samples
- 2,875
trade.xyz
Leads109
- p99
- 109
- rank
- #5
- samples
- 2,875
Non-crypto markets
Kalshin/atrade.xyzn/a
Counts reflect each venue's live market catalog at query time, mainnet only. The asset class comes from the venue's own metadata where it publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against the crypto markets the other venues list and a fixed table of forex, commodity and index names. Tokenized gold (PAXG, XAUT) is a crypto token and is not counted. A market counts once whether it trades 24/7 or only during exchange hours.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingKalshi
Trails40.5x
- p99
- 43.5x
- rank
- #22
- samples
- 2,875
trade.xyz
Leads0.634x
- p99
- 0.702x
- rank
- #5
- samples
- 2,875
Volume / OI (24h)
Kalshin/atrade.xyzn/a
The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.
Frequently asked questions
Kalshi vs trade.xyz: which one is better?
Kalshi and trade.xyz are compared on 4 shared OpenChainBench benchmarks. trade.xyz leads on Perp DEX volume share, live 24h notional ranked. See the live table on this page for every metric.
Which has the higher 24h perp volume, Kalshi or trade.xyz?
On the Perp DEX volume share, live 24h notional ranked benchmark, trade.xyz leads at $2.48B versus Kalshi at $1.47B. Live measurement is updated continuously by the OpenChainBench harness.
How is the Kalshi vs trade.xyz comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
Related comparisons
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.