Kalshi fees, in plain numbers

Data: official Kalshi settlements

Kalshi does not charge a flat commission. For most series the fee is a formula tied to the price you trade at — which means the same trade costs four times more at 50¢ than at 90¢. If you only learn one thing before trading event contracts, learn this curve.

The formula

taker fee per contract ≈ 0.07 × P × (1 − P)

where P is the price in dollars. It is a curve with its peak exactly where most beginners trade — the coin-flip zone:

Some series carry their own fee schedule and Kalshi runs incentive programs; always check the fee schedule of the specific series before trading. Makers — traders whose orders rest in the book and get taken by others — pay according to the series' maker multiplier: in these 15-minute crypto series it is 0, so makers pay no fee; only in the series Kalshi's official schedule expressly lists do makers pay, at 0.0175 × P × (1 − P) (a quarter of the taker rate). That is why market making is a different business from taking prices. The round-trip column above assumes exiting at the entry price: a real exit fee is computed at the exit price.

What this does to a real 15-minute trade

Buy 100 contracts at 52¢ and hold to a winning settlement: you pay about $52 plus ~$1.75 of entry fees, and receive $100. Sell early instead and the exit fee applies too. Now the uncomfortable version: trade at 50¢ in both directions all day and fees alone take ~3.5¢ of every $1 contract — you would need to be right far more often than the price implies just to stand still. This is the first wall every 15-minute strategy runs into, and it is why our catalog of losing strategies starts with overtrading. Our signals hold to settlement partly to pay the toll once, and our public paper record is computed without deducting fees: it is a gross record, and on a real account you would pay each trade's fee on top.

Three fee mistakes to avoid

• Judging a strategy gross of fees. A backtest that wins 2¢ per contract at 50¢ is a losing strategy after the round trip.
• Churning near 50¢. The fee curve peaks exactly where uncertainty peaks; flipping opinions there is the most expensive habit on the platform.
• Ignoring the exit. An early exit is a second trade with a second fee and a spread to cross — sometimes worth it, never free.

Both venues compared: the full fees guide · Kalshi vs Polymarket · what the prices mean: Kalshi odds explained.

Short answers

What is Kalshi's fee formula?

For most series, the taker fee per contract is 0.07 × P × (1−P), where P is the contract price in dollars. It peaks at about 1.75¢ per contract at a 50¢ price and falls to about 0.63¢ at 90¢. Makers pay roughly a quarter of the taker rate. Some series carry their own schedule — check the fee page of the series you're trading.

Are Kalshi fees charged on wins only?

No. The trading fee is charged when you trade (on entry, and again if you exit early), not on the settlement payout. A winning contract pays the full $1; your cost was the price plus the entry fee.

How much do fees eat on a 15-minute trade?

Round trip near a 50¢ price costs about 3.5¢ per contract in taker fees alone (entry + exit). Held to settlement, you pay only the entry side: about 1.75¢ at 50¢, less than a cent at the prices where strong favorites trade.

Educational content only — not financial advice. Prediction markets can lose you money: every contract that settles against you is worth $0. Adults 18+ only.