Kalshi fees explained: maker, taker, and withdrawals
Published May 17, 2026 · Last updated: September 29, 2026
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Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
TL;DR
- Kalshi trading fees are a function of the contract's distance from $0.50 — the closer to 50¢, the higher the fee. Roughly 1–7% per trade.
- Deposits via ACH and debit card are free. Wire transfers cost $10. Withdrawals via ACH are free; wires cost $30.
- No platform fee on settlement, no inactivity fee, no monthly minimum.
Kalshi · Trade $25 and Get $25!
COLLEGEPM
Claim on Kalshi (opens in a new tab)
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
Last checked October 21, 2026
New to this? Read this first
Prediction markets price events in cents, not odds. Here is the vocabulary used on this page, in plain English.
- Price = probability
- A contract that pays $1 trading at 12¢ means the market thinks there's a 12% chance.
- YES / NO share
- YES pays $1 if it happens. NO pays $1 if it doesn't. You can never lose more than you paid.
- Implied chance
- Just the price read as a percentage. A contract at 14¢ implies a 14% chance.
- Vig
- A built-in margin some venues charge. On prediction markets you pay the spread and fees instead.
- Liquidity
- How much money is in the market. More money means you can get in and out at the price you see.
Kalshi's fees aren't "free" — they're just hidden behind a formula. Once you see it, you can price any trade in your head.
The fee formula
Kalshi's trading fee for any order is:
fee = round_up(0.07 × contracts × price × (1 − price))
That formula has one important property: fees peak in the middle of the price range. A contract trading at 50¢ has the highest fee per contract; one trading at 5¢ or 95¢ has almost none. Practically:
- 100 contracts at 50¢ → ~$1.75 fee (≈3.5% of the $50 outlay)
- 100 contracts at 10¢ → ~$0.63 fee (≈6.3% of the $10 outlay)
- 100 contracts at 90¢ → ~$0.63 fee (≈0.7% of the $90 outlay)
Deposit and withdrawal costs
- ACH deposit — free, 1–3 business days
- Debit card deposit — free, instant
- Wire deposit — $10
- ACH withdrawal — free, 1–3 business days
- Wire withdrawal — $30
How to keep fees low
Trade contracts priced far from 50¢ when you can — the fee structure rewards conviction. Use ACH for funding unless you need same-day liquidity. Size orders deliberately; many small round-trips add up faster than a single larger position.
How this compares to Polymarket
US traders use the Polymarket US app, which funds in dollars and shows its trading fee on each order before you confirm. The practical way to compare is to price the same order in both apps; on small accounts, the spread and the welcome offers usually matter more than the fee difference.
Open a Kalshi account → (opens in a new tab)
Fee schedule current as of 2026. Kalshi can update its fee table; always check the latest on their site before sizing a position.
Fees only matter if you can trade there, so check if Kalshi is available in your state first.
Price → probability → payout
Contract price in cents (e.g. 14)Amount you put in ($)- Implied chance
- 14.0%
- Contracts
- 143
- Pays back
- $142.86
- Profit if right
- $122.86
A contract settles at $1 if the event happens and $0 if it doesn't, so the price is the market's probability. Every contract you buy at this price pays $1 — the cheaper the price, the less likely the market thinks it is.
Your first trade, step by step
- Fund a small balanceOpen an account, verify your ID, and deposit $10–$20 by debit or ACH. You must be 18+ and in an eligible state.
- Find the marketSearch the event by team, player or headline. Check the price and the volume — thin markets move a lot on small orders.
- Read the price as a probabilityA 23¢ YES contract means the market gives it about a 23% chance. If you think it is higher than that, YES is the value side.
- Place a limit orderEnter the price you want rather than taking the market. You buy shares, not a bet slip — the most you can lose is what you paid.
- Decide your exitYou can sell any time before the event resolves, or hold to settlement where each winning share pays $1.
Ready to try it: open Kalshi (opens in a new tab). 18+, eligible states only. Trade what you can afford to lose.
Sources & further reading
Related reading
Kalshi review (2026): is it worth using?An independent review of Kalshi — the CFTC-regulated prediction market. We cover signup, market selection, fees, payo…Read → How to deposit on Kalshi: ACH, debit, and wire comparedThree ways to fund a Kalshi account: ACH (free, 1–3 days), debit card (instant, small fee), and wire (large amounts).…Read → How to withdraw money from Kalshi: ACH, timing, and limitsStep-by-step guide to taking money out of Kalshi. How ACH withdrawals work, how long they take (1–3 business days), a…Read → Polymarket fees (2026): what the US app really costsPolymarket fees for US traders: how the Polymarket US app shows trading fees, why there are no crypto on-ramp or gas …Read →
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Trade on Kalshi → (opens in a new tab)Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
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Frequently asked questions
How much does Kalshi charge per trade?
Kalshi's trading fee is calculated as 0.07 × contracts × price × (1 − price), capped at 0.0175 × contracts. In plain terms: 1–7% of your trade size, with the highest rates near the middle of the price range (around 50¢).
Are makers and takers charged the same?
Yes. Unlike traditional crypto or equity exchanges, Kalshi applies the same fee to limit orders and market orders. There is no maker rebate.
Do I pay a fee when a contract settles?
No. Settlement is free. Kalshi only charges on order execution, not on resolution to $1 or $0.
What does it cost to deposit and withdraw?
ACH and debit card deposits are free. Wire deposits cost $10. ACH withdrawals are free; wire withdrawals cost $30. There are no minimums or inactivity fees.
Are Kalshi fees lower than Polymarket?
It depends on the market and order size. The Polymarket US app shows its fee on each order before you confirm, so compare the fee each app shows for the same trade. Both fund in dollars, with no crypto on-ramp costs.
What does the price actually mean?
A contract settles at $1 if the event happens and $0 if it doesn't, so the price is the market's probability. A contract at 23¢ means roughly a 23% chance, and $1 buys about 4.3 shares.
How much money do I need to start?
You can place a real trade with $10–$20. Contracts are priced in cents, so a $20 balance buys dozens of shares on a cheap market. Start small until you have seen a position settle.
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- ProphetX: Trade $50, Earn $75! (code
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COLLEGEPM) · 49 states + D.C. Claim on Polymarket US (opens in a new tab)
18+ Only. Restrictions and eligibility requirements apply. Not available in all jurisdictions. Trading is risky. 100% loss can occur. See polymarket.com/tos for more information. The Polymarket US App serves as an independent software provider and affiliate of Polymarket US and Polymarket Clearing, the CFTC-regulated exchange and clearing organization.
21+ · T&Cs apply · Terms
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
