Fees explainer
Kalshi Fees Explained: What You Actually Pay in 2026
Kalshi’s fee structure is unusual: it charges only on profitable trades and only as a percentage of the profit, not the trade size. Here is exactly what you pay, when you pay it, and how Kalshi compares to other prediction markets.
How the fee works
Kalshi only collects a fee when a trade is closed at a profit. There is no trading fee on losing positions. The fee is a percentage of the profit, not the trade size, which is the inverse of how most exchanges and sportsbooks charge.
The exact percentage scales with the price of the contract at fill. Contracts that trade close to $0.50 (the highest-uncertainty contracts) have the highest fee percentage. Contracts that trade near $0.05 or $0.95 (high-confidence outcomes) have lower fee percentages.
Fee schedule (April 2026)
| Contract price at entry | Fee on profit |
|---|---|
| Under $0.10 or over $0.90 | About 1 percent |
| $0.10 to $0.20 or $0.80 to $0.90 | About 2 to 3 percent |
| $0.20 to $0.40 or $0.60 to $0.80 | About 4 to 6 percent |
| $0.40 to $0.60 | About 7 percent |
The exact formula is published on Kalshi’s fee page and varies slightly by product. Use the platform’s fee calculator inside the order ticket for an exact quote before submitting any trade.
Worked examples
Example 1. You buy 100 yes contracts on a market at $0.30 each. Total cost: $30. The market resolves yes and pays $1.00 per contract. Gross payout: $100. Profit: $70. Fee at roughly 4 percent of profit: $2.80. Net profit after fee: $67.20.
Example 2. You buy 100 yes contracts at $0.30 each. Total cost: $30. Market resolves no. Payout: $0. Loss: $30. Fee: $0. Net loss: $30.
Example 3. You buy 100 yes contracts at $0.50, sell 50 of them at $0.55 (closing half), then the rest resolve yes. The realized profit on the half you sold incurs a fee. The half that resolves yes incurs a fee on the resolution profit. Each leg is calculated separately.
Versus Polymarket and others
| Platform | Fee model | On a $30 trade that doubles |
|---|---|---|
| Kalshi | Percent of profit (typical 2 to 7) | About $1 to $2.10 fee |
| Polymarket | 2 percent of trade size | About $0.60 fee, but charged on losing trades too |
| Smarkets | 2 percent of net winnings | About $0.60 fee on the win |
| PredictIt | 10 percent of profit + 5 percent withdrawal | $3 fee + 5 percent on withdraw |
Kalshi is more expensive than Polymarket on individual profitable trades but cheaper across a portfolio that includes losing trades. PredictIt is the most expensive option in the table by a meaningful margin.
Hidden costs to know about
Order book spread is the same on every exchange. The difference between the best bid and best ask is an implicit cost on every market order. On Kalshi the spread is usually a cent or two on liquid contracts and wider on thin contracts.
Withdrawals to a US bank are free on Kalshi. Wire transfers may carry a bank-side fee but Kalshi does not charge for them.
There are no inactivity fees and no monthly account fees.
Frequently asked questions
Does Kalshi charge a fee on every trade?
No. Kalshi only charges a fee when you close a trade at a profit. Losing trades incur no platform fee.
How do I see the fee before placing a trade?
The Kalshi order ticket shows the maximum potential fee on any contract you are about to buy. The fee is calculated based on what you would pay if the contract resolves fully in your favor.
Are Kalshi fees deductible against losses for taxes?
For US residents, Kalshi gains and losses are typically reported as ordinary income or commodity income depending on the contract type. Fees reduce reported gains. This is not tax advice; consult a tax professional.
Why does Kalshi charge more on contracts trading near $0.50?
Contracts near $0.50 are the highest-uncertainty markets and the highest expected payoff to whichever side wins. Kalshi’s fee curve concentrates revenue where the platform’s matching service has the most value to traders.
Are there any fee-free Kalshi contracts?
Kalshi occasionally runs promotional periods with reduced or zero fees on specific contracts or for new accounts. These are limited-time offers, not permanent.
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