> ## Documentation Index
> Fetch the complete documentation index at: https://docs.allium.so/llms.txt
> Use this file to discover all available pages before exploring further.

# Overview

> Kalshi perpetual futures (perps) market data including trades, candlesticks, markets, orderbook, and funding.

Kalshi perpetual futures ("perps") are CFTC-regulated, cash-settled contracts that track an underlying asset with no expiry. Positions are held with margin and pay a funding rate every 8 hours to keep the contract price aligned with the underlying.

Allium provides comprehensive Kalshi perps data, enabling analysis of trading activity, price and orderbook dynamics, open interest, and funding across all listed perpetual markets.

## Kalshi Perps Data Coverage

| Protocol | Type        | Data Coverage                                                      |
| -------- | ----------- | ------------------------------------------------------------------ |
| Kalshi   | Centralized | Trades, minute candlesticks, markets, orderbook, funding estimates |

*All Kalshi perps data is available in the `common.perpetuals` schema.*

## Data Schemas

| Schema               | Description                                                                 | Use Cases                                                |
| -------------------- | --------------------------------------------------------------------------- | -------------------------------------------------------- |
| **Trades**           | Individual perp trades with price, size, and taker side                     | Volume analysis, price discovery, flow analysis          |
| **Candlesticks**     | Per-minute OHLC for price, bid, and ask plus volume and open interest       | Technical analysis, charting, volatility studies         |
| **Markets**          | Per-market snapshots with pricing, open interest, mark prices, and leverage | Market discovery, mark-price tracking, leverage analysis |
| **Orderbook**        | High-freshness orderbook snapshots with bid and ask levels                  | Liquidity analysis, spread monitoring, depth assessment  |
| **Funding Estimate** | Live forward funding-rate estimates per market                              | Funding-cost monitoring, carry analysis                  |
| **Funding Rates**    | Settled funding rates (every 8 hours) per market                            | Realized funding cost, carry reconciliation              |

## Available Tables

| Table                                                                    | Schema              | Description                                        |
| ------------------------------------------------------------------------ | ------------------- | -------------------------------------------------- |
| [trades](/historical-data/perpetuals/kalshi/trades)                      | `common.perpetuals` | Individual perp trades                             |
| [candlesticks](/historical-data/perpetuals/kalshi/candlesticks)          | `common.perpetuals` | Per-minute OHLC, volume, and open interest         |
| [markets](/historical-data/perpetuals/kalshi/markets)                    | `common.perpetuals` | Per-market snapshots with mark prices and leverage |
| [orderbook](/historical-data/perpetuals/kalshi/orderbook)                | `common.perpetuals` | High-freshness orderbook snapshots                 |
| [funding\_estimate](/historical-data/perpetuals/kalshi/funding-estimate) | `common.perpetuals` | Live forward funding-rate estimates                |
| [funding\_rates](/historical-data/perpetuals/kalshi/funding-rates)       | `common.perpetuals` | Settled funding rates (every 8 hours)              |

## Key Concepts

### Funding

Perps pay a funding rate every 8 hours. A positive funding rate means longs pay shorts; a negative rate means shorts pay longs. `funding_estimate` carries the live forward estimate for the upcoming funding time.

### Mark Prices

Each market carries a `reference_price` (index), a `settlement_mark_price`, and a `liquidation_mark_price`, each with its own timestamp.

### Pricing

Perp prices are quoted in US dollars per contract (not on a 0-1 probability scale). `contract_size` gives the underlying units per contract, and `underlying_price` (= `price / contract_size`) gives the per-underlying-asset price. For example, a BTC perp trading at `6.45` with `contract_size` `0.0001` has an `underlying_price` of \$64,500.

***

## Sample Queries

<Tabs>
  <Tab title="Recent Trades">
    Query recent Kalshi perp trades:

    ```sql theme={null}
    select
      trade_id,
      ticker,
      created_time,
      num_contracts,
      price,
      taker_side,
      partition_date
    from common.perpetuals.kalshi_trades
    where partition_date >= current_date - interval '7 days'
    order by created_time desc
    limit 100
    ```
  </Tab>

  <Tab title="Latest Funding">
    Query the most recent funding estimate per market:

    ```sql theme={null}
    select
      market_ticker,
      funding_rate,
      mark_price,
      next_funding_time
    from common.perpetuals.kalshi_funding_estimate
    where partition_date >= current_date - interval '1 day'
    qualify row_number() over (partition by market_ticker order by snapshot_ts desc) = 1
    order by market_ticker
    ```
  </Tab>
</Tabs>