Kalshi fees explained: the exact formula, table, and worked examples
Kalshi charges a trading fee when your order matches. It charges no fee to hold a position, no settlement fee and no membership fee. The fee depends on the number of contracts and on the price. It peaks at 50¢ and falls toward 1¢ and 99¢.
Everything below comes from Kalshi's published fee schedule, effective and last updated July 7, 2026, and from Kalshi's developer documentation on rounding.
The formula
Kalshi's fee schedule gives two formulas:
- Taker fee:
round up(M × 0.07 × C × P × (1 − P)) - Maker fee:
round up(M × 0.0175 × C × P × (1 − P))
Where:
- P is the contract price in dollars (50¢ = 0.50)
- C is the number of contracts
- M is the series multiplier
The default multiplier is 1 for takers and 0 for makers. In most markets, resting (maker) orders therefore pay nothing. Some series are flagged with a maker multiplier, and there makers pay the 0.0175 rate.
Taker vs maker:
- A taker order matches immediately against an order already on the book.
- A maker order rests on the book until someone else fills it.
Canceling a resting order is free.
Fee table (taker, multiplier 1)
| Price | Fee per contract | Fee per 100 contracts | Maker fee per 100 (where M = 1) |
|---|---|---|---|
| 10¢ / 90¢ | $0.0063 | $0.63 | $0.1575 |
| 25¢ / 75¢ | $0.013125 | $1.3125 | $0.328125 |
| 50¢ | $0.0175 | $1.75 | $0.4375 |
The fee is symmetric. Buying Yes at 25¢ costs the same fee as buying Yes at 75¢, because P × (1 − P) is the same for both.
Rounding
The fee schedule says fees are rounded up "such that the fee + positionCost is rounded to a centicent," meaning $0.0001.
Kalshi's developer docs add a distinction:
- Direct members: balances align to $0.0001.
- Accounts cleared through a futures commission merchant (FCM): balances align to $0.01.
FCM-cleared accounts can be charged a small rounding fee. Kalshi later rebates accumulated rounding overpayment per order.
In practice, a direct Kalshi account pays very close to the exact formula. A small trade through a broker partner may round up to the next cent.
Worked examples
1. Small taker buy. You buy 10 Yes contracts at 30¢.
- Cost: $3.00
- Fee: 0.07 × 10 × 0.30 × 0.70 = $0.147
- Total: about $3.15
2. Coin-flip market. You buy 100 No contracts at 50¢.
- Cost: $50.00
- Fee: 0.07 × 100 × 0.25 = $1.75
3. Heavy favorite. You buy 100 Yes at 90¢.
- Cost: $90.00
- Fee: 0.07 × 100 × 0.09 = $0.63
- If Yes wins, you receive $100, for a $10.00 gain before the $0.63 fee. The fee takes about 6% of the potential profit.
4. Maker order in a series with maker fees. Your resting bid fills for 100 contracts at 50¢ in a series with a maker multiplier of 1.
- Fee: 0.0175 × 100 × 0.25 = $0.4375
In a default series (maker multiplier 0), the same fill costs $0.
5. Combo. Kalshi lists combos (KXMVE) with a taker multiplier of 2.
- 100 contracts at 50¢: 2 × 0.07 × 100 × 0.25 = $3.50
6. Selling before settlement. Selling also counts as a trade.
- Buy 10 at 40¢: fee $0.168
- Later sell 10 at 55¢ as a taker: fee 0.07 × 10 × 0.55 × 0.45 = $0.173
- Gross gain: $1.50
- Net gain: about $1.16
Series exceptions
Kalshi publishes per-series multipliers.
- No fees (0/0): The July 2026 schedule lists some series with no fees at all, for example KXBTCY, KXETHY and KXGREENLAND.
- Maker and taker fees (1/1): Many economic and sports series charge both, for example KXCPI, KXFED, KXNFLGAME and KXNBA.
The list changes. Check the series on the fee schedule before relying on a specific rate.
Deposit and withdrawal fees
- ACH: No Kalshi fee for deposits or withdrawals.
- Wire deposits: No extra Kalshi fee, but your bank may charge one. Wire withdrawals are "not currently supported for transactions under $500,000."
- Debit card deposits: "A maximum fee of 2%," which Kalshi says may be reduced.
- Crypto and other rails: Kalshi may charge 0% to 2%, and third-party processor fees may apply. They are disclosed before the transaction.
- FCM customers: Fees may differ and are disclosed by the broker.
What Kalshi does not charge
The fee schedule says there is no settlement fee and no membership fee.
Kalshi's developer docs note one narrow exception: a settlement adjustment may apply for sub-cent scalar settlements.
How Kalshi compares
Polymarket US uses the same formula shape with a 0.0695 taker coefficient. Our Kalshi vs Polymarket guide compares the two, and the live comparison shows current prices on markets listed on both.
Contracts can expire worthless, so you can lose the full amount you pay. Kalshi requires users to be 18+, and some states restrict certain contracts. See availability by state.
FAQ
What is Kalshi's fee per contract?
For a taker order it is 0.07 x price x (1 - price), times the series multiplier. At 50 cents that is $0.0175 per contract, or $1.75 per 100 contracts.
Does Kalshi charge maker fees?
Only in series flagged with a maker multiplier. The default maker multiplier is 0, so most resting orders pay nothing. Where it applies, the maker rate is 0.0175.
Does Kalshi take a cut of winnings?
No. Kalshi's fee schedule states there is no settlement fee and no membership fee. You pay fees when trades execute.
Are Kalshi deposits free?
ACH deposits and withdrawals are free. Debit card deposits carry a fee of up to 2%. Banks may charge for wires.
Why is my fee slightly different from the formula?
Fees are rounded up so that fee plus position cost lands on $0.0001 for direct members. Accounts cleared through a broker (FCM) are aligned to $0.01 and may pay a small rounding fee.