Kalshi Fees Explained: Formula, Maker & Taker (2026)

Kalshi's general event-contract taker fee starts with 0.07 × contracts × price × (1 − price), with price in dollars and a series-specific multiplier. For 100 contracts at 50¢ with multiplier 1, that is $1.75. Maker fees and rounding differ: a limit order is not automatically a fee-free trade.

If you're still deciding whether the platform is worth it at all, start with our honest Kalshi review and the big-picture guide to making money on Kalshi. This page zooms in on one thing: cost.

Calculate a Kalshi fee below. Enter contract count, price, maker/taker role, and the series multiplier. The calculator shows its assumptions and source date; compare them with your market's current terms. It estimates exchange fees, not your complete profit or your individual clearing arrangement. It is the same calculator as our standalone prediction-market fee calculator, which also compares Gemini and Polymarket.

Jump to the formula, rounding examples, maker versus taker distinction, or break-even calculation.

How to calculate Kalshi trading fees

raw taker fee = M_taker × 0.07 × C × P × (1 − P)
raw maker fee = M_maker × 0.0175 × C × P × (1 − P)

C = contract count
P = execution price in dollars (50¢ = 0.50)
M = multiplier for the series and liquidity role

The schedule defaults to a taker multiplier of 1 and maker multiplier of 0, with exceptions by series. A listed maker multiplier of 1 means applying the maker coefficient, not the full taker rate. Verify the exact series rather than assuming every sports or Bitcoin contract shares one rate. The non-standard-fee table lists overrides.

The 0.07 coefficient is not a flat 7% charge on your stake. At 50¢, 100 contracts cost $50 before fees; the $1.75 taker fee is 3.5% of that stake. Expressing the same fee as a percentage of maximum payout gives 1.75%. Always state the denominator when comparing fee percentages.

Why the fee is largest at 50¢

The factor P × (1 − P) peaks at 0.50. These independently calculated examples use 100 contracts, taker multiplier 1, and the schedule's $0.0001 precision for an otherwise cent-aligned purchase:

A lower dollar fee does not make a contract better value. A 95¢ contract can lose its entire purchase cost, and a 5¢ contract's small dollar fee is a large percentage of its stake. Probability error, executable spread, and liquidity still matter.

Why 1.75¢, 2¢, and $0.0175 can all appear

For one 50¢ contract at taker multiplier 1, the raw calculation is 0.07 × 1 × 0.50 × 0.50 = $0.0175. Kalshi's schedule rounds fee plus position cost to a centicent ($0.0001); here the total is $0.5175, so the calculated fee remains 1.75¢. Its whole-cent display table shows 2¢. A whole-cent round-up of $0.0175 is $0.02, never $0.01. See the formula and display table.

For 20 contracts at 60¢, the raw fee is 0.07 × 20 × 0.60 × 0.40 = $0.3360 and cost plus fee is $12.3360. At $0.0001 precision the fee is 33.60¢; a whole-cent estimate displays 34¢. Do not mix those two precision conventions in a profit calculation.

Actual fill accounting has more detail. Kalshi's API documentation describes six-decimal trade fees, balance alignment at $0.0001 for direct members or $0.01 for non-direct members, and an accumulator carrying rounding overpayment across an order's fills. The net fee combines the trade fee, rounding adjustment, and rebate. Reconcile the exchange's recorded fills; do not round each contract separately or assume the calculator reproduces every partial fill or FCM charge.

Do not compare entry fees alone. A round trip can incur costs on both trades, while holding to settlement has different price, time, and outcome risk. Modeling gross edge and discovering the fee afterwards is the first entry in our list of common Kalshi trading mistakes, and it is the one that most often turns a working strategy into a losing account.

Maker vs. taker: why a limit order can still have a fee

A taker fill matches an order already on the book. A maker fill comes from an order that first rests and is matched later. An unfilled resting order does not incur an execution fee, and canceling it does not create a trading fee. Some series charge maker fees when resting orders fill. Kalshi explains when maker fees apply.

Suppose the best YES ask is 50¢. A buy limit at 55¢ may immediately take the available 50¢ liquidity; setting a limit did not make it a maker order. A buy limit below the available asks may rest, but it is not guaranteed to fill. One order can also take some liquidity and leave the remainder resting. Inspect the role of each fill. See Kalshi's limit-order guide.

For 100 contracts at 50¢, taker multiplier 1 gives $1.75. Maker multiplier 1 gives 0.0175 × 100 × 0.50 × 0.50 = $0.4375; maker multiplier 0 gives $0 before any applicable rounding or other charges. That is a comparison at the same price and size, not a guarantee that you can choose either fill. Resting orders introduce non-fill and adverse-selection risk.

A worked profit and break-even example

Use the 20-contract purchase at 60¢ above, with taker multiplier 1 and $0.0001 precision. You spend $12.3360 including the entry fee. For a binary $1-or-$0 settlement with no settlement fee:

• Winning settlement: $20 payout − $12 purchase cost − $0.3360 entry fee = $7.6640 net profit.
• Losing settlement: $0 payout − $12.3360 total cost = $12.3360 loss.
• Break-even probability: $12.3360 ÷ $20 = 61.68%. That is a cost threshold, not an estimate that the event is 61.68% likely.

If you use a 34¢ whole-cent fee assumption instead, the winning net is $7.66 and break-even is 61.70%. For a trade out before settlement, use the actual exit price and its applicable fee; the settlement shortcut no longer applies. Spread and slippage enter through your executable prices.

For example, buying 100 contracts at 50¢ and selling them all at 55¢ produces $5.00 gross price profit. At taker multiplier 1 on both trades, the calculated fees are $1.7500 and $1.7325: $1.5175 net before other costs. Fees can consume most of a visible price move. Our arbitrage guide applies the same all-in-cost discipline to apparent price gaps.

Settlement, deposit, and withdrawal costs

The reviewed schedule states no settlement or membership fee and no Kalshi ACH deposit or withdrawal fee. Other transfer methods and third-party FCM access can add charges. Check the live transfer preview and your provider's terms; our deposit and withdrawal guide covers the operational checks. Official schedule.

Use fee estimates to reject weak trades

1. Choose the exact market. Record its series, settlement rules, current fee terms, and executable prices.
2. Model both entry and exit. Use maker treatment only when justified; a limit price alone is not evidence of a maker fill.
3. Keep precision consistent. Preserve the calculated amount until presentation, then reconcile actual fills and rebates.
4. Compare net results. Include the spread, trading fees, and other applicable costs in any backtest or paper-testing review.

Use the fee calculator to inspect an order estimate, or the venue comparison to compare the exact contract and execution conditions. A lower listed fee does not establish a profitable strategy.