Prediction markets · Fees
Kalshi fees explained
Every Kalshi fee in one place, with the real formula, a full table, the rounding rule that makes small orders more expensive, and a calculator.
The Kalshi fee formula
Kalshi charges a fee on the expected earnings of each contract. When your order fills immediately against an order already waiting on the book, you are the taker, and you pay:
C is the number of contracts and P is the price in dollars. The fee is calculated on the whole trade and rounded up to the next cent. Because it depends on P × (1 − P), it is highest at 50¢, where the outcome is most uncertain, and shrinks toward the extremes.
Kalshi also gives each series of markets a fee multiplier. Its public data shows that almost all sports series run at the standard rate. The exception is pro baseball (MLB): 19 series run at a multiplier of 0.5, a rate of 0.035.
Kalshi fee table
| Price | 1 contract | 100 contracts | MLB, 100 | % of cost | Odds after fee |
|---|---|---|---|---|---|
| 5¢ | $0.01 | $0.34 | $0.17 | 6.8% | 18.753 |
| 10¢ | $0.01 | $0.63 | $0.32 | 6.3% | 9.407 |
| 20¢ | $0.02 | $1.12 | $0.56 | 5.6% | 4.735 |
| 30¢ | $0.02 | $1.47 | $0.74 | 4.9% | 3.178 |
| 40¢ | $0.02 | $1.68 | $0.84 | 4.2% | 2.399 |
| 50¢ | $0.02 | $1.75 | $0.88 | 3.5% | 1.932 |
| 60¢ | $0.02 | $1.68 | $0.84 | 2.8% | 1.621 |
| 70¢ | $0.02 | $1.47 | $0.74 | 2.1% | 1.399 |
| 80¢ | $0.02 | $1.12 | $0.56 | 1.4% | 1.233 |
| 90¢ | $0.01 | $0.63 | $0.32 | 0.7% | 1.103 |
| 95¢ | $0.01 | $0.34 | $0.17 | 0.4% | 1.049 |
The fee as a share of what you pay
Divide the fee by the price and the formula simplifies to a neat rule: the fee costs 7% × (1 − price) of what you pay. A 10¢ contract carries a 6.3% fee on its cost, a 90¢ contract only 0.7%. Cheap contracts on long shots are the most expensive to trade, relative to the money you put in.
Why small orders pay more
Because the fee is rounded up to the next cent per trade, small orders lose more to rounding. (That is the rule for most accounts. Kalshi's technical docs describe a finer system: the exact fee is tracked to $0.000001, a rounding fee brings it to the cent, and overpayment across the fills of one order can come back as a rebate. Direct members are rounded to $0.0001. The numbers on this page are close estimates for an order that fills in one go.) One contract at 10¢ pays a 1¢ fee, which is 10% of the price, against 6.3% when you buy 100. One contract at 50¢ pays 2¢ (4%) instead of 3.5%. For arbitrage, where margins are a few percent, trade in larger lots so rounding doesn't eat the edge.
Maker fees
If your order doesn't fill immediately and rests on the order book, you are the maker. In most series, makers pay nothing. In series with maker fees, which include the major league game markets such as the NFL, NBA, NHL, MLB, Premier League and Champions League, makers pay a quarter of the taker rate:
Maker fees are charged only when the order fills, never for cancelling it. Kalshi reimburses makers who overpay through rounding by more than $10 in a month. In arbitrage, remember that a resting order may never fill, which leaves you holding one leg.
Deposits, withdrawals and other costs
| Item | Cost |
|---|---|
| Bank transfer (ACH) deposit or withdrawal | Free |
| Wire deposit | No Kalshi fee; your bank may charge one |
| Card deposit | Up to 2% |
| Crypto deposit or withdrawal | May carry a payment processor fee, shown before you confirm |
| Settlement | None |
| Membership | None |
For arbitrage, fund by bank transfer. A 2% card fee would wipe out a typical margin before your first trade.
Kalshi fee calculator
What fees mean for arbitrage
A price gap only counts after fees. At 52¢, a Kalshi contract looks like odds of 1.92, but after the standard fee it is really 1.86. A trade that looks like a 3.7% margin on raw prices can be a 1.8% margin after the fee. That is why every number in our Kalshi arbitrage calculator includes the fee, rounding and all.
Comparing platforms? Polymarket uses the same formula with a sports rate of 0.05. See Kalshi vs Polymarket, or start with the complete Kalshi arbitrage guide.
Price both legs of a trade with the real fees.
Open the Kalshi calculatorFAQ
How much does Kalshi charge per trade?
The standard taker fee is 0.07 × contracts × price × (1 − price), rounded up to the next cent per trade: $1.75 per 100 contracts at 50¢. MLB series use half that rate.
Does Kalshi charge maker fees?
Only on some series, including major league game markets, at 0.0175. Elsewhere resting orders are free. Maker fees are charged only when the order fills.
Does Kalshi charge to deposit or withdraw?
Bank transfers in and out are free. Card deposits cost up to 2%. Crypto may carry a processor fee, shown before you confirm. There is no settlement or membership fee.
Why are Kalshi fees highest at 50 cents?
The fee is based on price × (1 − price), which peaks at 50¢, where the outcome is most uncertain, and shrinks toward 1¢ and 99¢.
Is Kalshi cheaper than Polymarket?
On most sports markets, no: Polymarket's sports rate is 0.05 against Kalshi's 0.07. Kalshi's MLB series, at 0.035, are cheaper than both.