Fees in 15-minute markets

Direct answer: in the reference series, a fee of multiplier × 0.07 × price × (1 − price) is paid per executed contract —the multiplier is 1 in these 15-minute crypto series—. It is highest at 50¢ (≈1.75¢ per contract) and falls toward the extremes (≈0.63¢ at 90¢). Holding to settlement costs that once only —there is no settlement fee—; exiting early adds a second fee, computed at the exit price, plus the spread. It is the expense that decides whether a strategy lives or dies.

The table by price

The “round trip” column assumes exiting at the same price you entered: it is the reference case, not a fixed tariff. The exit fee is always computed with the sale price: if you sell at a different price, its fee is that price's fee in the table.

Holding to settlement or exiting early: two different calculations

To settlement: you pay the entry fee once only; Kalshi charges no settlement fee. Your break-even threshold is the price plus that single fee: at 50¢ you need to be right more than 51.75% of the time; at 90¢, more than 90.63% (fees only, before any other cost).

With an early exit: the sale is a second trade: you pay another fee, computed at the exit price, and you cross the spread twice. Only if you enter and exit at the same 50¢ price is the total ≈3.50¢ per contract and the threshold rises to ≈53.5%.

Rounding: what you actually pay per trade

The table shows the formula per contract, but Kalshi rounds each trade's fee up to the nearest whole cent. With a single contract at 50¢ the formula gives 1.75¢ and you pay 2¢; that contract's round trip is two separate trades: 4¢ in total, not the 3.50¢ in the table. With 100 contracts at 50¢ the total really is exactly $1.75, because the rounding is applied once to the whole trade. The smaller the trade, the more the rounding weighs: any simulation with a few contracts must count the rounded fee, not the formula's.

On top of that, add the spread: you buy at the ask price and sell at the bid, which is always a few cents below. Near 50/50, a round-trip trade pays on the order of 3.5¢ in fees before the spread.

Why 15-minute markets live in the expensive zone

The formula is a parabola with its maximum right at 50¢, and the price of a 15-minute window spends a good part of its life hovering around 50¢: it is a coin toss with a clock. The result: these markets, which are a small fraction of the platforms' total volume, generate a disproportionate share of their fee income. The house does not need you to lose: it needs you to trade.

Maker and taker: not everyone pays the same

Whoever executes against what is already in the book (taker) pays the full rate; whoever places their order and waits for someone else to take it (maker) pays according to the series' maker multiplier: in these 15-minute crypto series that multiplier is 0 —the maker pays no fee—; only in the series Kalshi's official schedule expressly lists does the maker pay, with the formula 0.0175 × price × (1 − price) (one quarter of the taker). The other side of that: the maker's order may never execute, and in a 15-minute window “waiting for the good price” sometimes means staying out or entering late. Saving on fees and losing the window is also a cost.

The calculation you always have to do

If you enter and exit near 50¢ you pay ~3.5¢ round trip on a contract that pays $1: you need a hit rate of more than 53.5% just to break even, before counting the spread. If instead you hold to settlement, you pay a single fee (~1.75¢ at 50¢) and the threshold falls to more than 51.75%. And if you buy favorites at 90¢, the fee is lower (0.63¢), but your margin per hit is 10¢: a single miss eats the profit from nine perfect hits, fees aside. There is no “cheap” zone in the table: there are zones with different costs.

How those who last defend themselves

• They keep track of the fees paid per week: it is the number that turns “almost profitable strategies” into losers.
• They do not enter and exit on reflex: each extra round trip is another toll (we measured it in the guide Closing early “to lock it in”).
• They trade little and only when their criteria are met: volume is the tax on the impatient (trading every window).

Note: the rates are those published by the reference platforms for these series as of October 2026 and may change; always check the current rate on the platform where you trade. This page is educational and is not financial advice.