Kalshi Fees Explained

How the Formula Works

The fee formula uses price P × (1−P) — which means fees are highest when the price is near $0.50 (maximum uncertainty) and lowest when the price is near $0.01 or $0.99 (near-certain outcomes). This design rewards taking positions in heavily one-sided markets.

At exactly $0.50 with 100 contracts, the formula gives: 0.07 × 100 × 0.5 × 0.5 = $1.75 — which is also the cap. The cap of $1.75 per 100 contracts for takers means no trade ever exceeds this fee per 100 contracts regardless of size.

Taker vs Maker Fees

Kalshi distinguishes between takers (market orders that execute immediately) and makers (limit orders that sit in the book and provide liquidity):

• Taker fee: Full formula, capped at $1.75 per 100 contracts
• Maker fee: ~75% discount — capped at $0.44 per 100 contracts

Using limit orders in liquid markets is the single biggest way to reduce your trading costs. In tightly-priced markets, limit orders fill at or near your target price while paying only 25% of taker fees.

Other Fees

• No signup fee
• No monthly fee or inactivity fee
• No settlement fee — markets resolve for free
• No deposit fee for ACH, wire, PayPal, Venmo
• ~2% debit card deposit fee
• $2 flat debit card withdrawal fee