Kalshi does not charge a flat commission. Its trading fee depends on how many contracts you trade and the price you trade at, and it is largest for contracts priced near 50 cents. Once you understand the formula, you can estimate the fee on any trade in seconds. This guide explains how the Kalshi fee works, walks through examples at 50¢, 90¢, and 95¢, and covers the other fees worth knowing about.
Source note: The figures below come from Kalshi's official fee schedule (kalshi.com/docs/kalshi-fee-schedule.pdf), which listed an effective date of July 7, 2026 when we checked it in October 2026. Fees can change, so always confirm with the current schedule.
The Kalshi trading fee formula
For a standard taker trade (an order that immediately matches an order already resting on the book), Kalshi's schedule gives this formula:
fee = round up( 0.07 × C × P × (1 − P) )- C = number of contracts
- P = contract price in dollars (for example, 0.50 for 50¢)
- 0.07 = the general fee rate
The full formula also includes a multiplier, M, which is 1 for most markets. Some series have a different multiplier, including some that are fee-free. Those exceptions are listed in the "Non-Standard Fees" table in the schedule.
Why fees peak at 50 cents
The term P × (1 − P) is largest when P is 0.50 (0.50 × 0.50 = 0.25) and shrinks toward zero as the price approaches 1¢ or 99¢. So a contract near even odds carries the highest fee per contract, and contracts near the extremes carry much smaller fees.
How rounding works
Fees are rounded up. The fee table published in Kalshi's schedule shows totals rounded up to the next cent, which is what we use below. The schedule's precise wording is that fees round up "such that the fee + positionCost is rounded to a centicent," so your actual charge may differ slightly from these estimates. Your trade confirmation is the final word.
Worked examples
Example 1: Buying at 50¢
Raw fee per contract: 0.07 × 0.50 × 0.50 = $0.0175.
- 1 contract: $0.0175, rounded up to $0.02
- 10 contracts: $0.175, rounded up to $0.18
- 100 contracts: $1.75 (on a $50.00 position, about 3.5%)
Example 2: Buying at 90¢
Raw fee per contract: 0.07 × 0.90 × 0.10 = $0.0063.
- 1 contract: rounded up to $0.01
- 10 contracts: $0.063, rounded up to $0.07
- 100 contracts: $0.63 (on a $90.00 position, about 0.7%)
Example 3: Buying at 95¢
Raw fee per contract: 0.07 × 0.95 × 0.05 = $0.003325.
- 1 contract: rounded up to $0.01
- 10 contracts: $0.03325, rounded up to $0.04
- 100 contracts: $0.3325, rounded up to $0.34 (on a $95.00 position, about 0.36%)
Summary table (taker fee, multiplier 1)
| Price | 1 contract | 10 contracts | 100 contracts |
|---|---|---|---|
| 50¢ | $0.02 | $0.18 | $1.75 |
| 90¢ | $0.01 | $0.07 | $0.63 |
| 95¢ | $0.01 | $0.04 | $0.34 |
The 1-contract and 100-contract figures match the general fee table in Kalshi's schedule.
Look at fees relative to what you can win
Percent of cost is only half the picture. At 95¢, a contract can gain at most 5¢ if it settles in your favor. A $0.01 fee on a single contract is 20% of that maximum gain, and even at 100 contracts the $0.34 fee is roughly 7% of the $5.00 maximum gain. High-priced contracts have small fees in dollars but can still have a meaningful fee relative to the upside. This matters most for anyone making many small, frequent trades.
Also note that rounding up is applied to each fee calculation, so splitting one order into many tiny ones may cost slightly more in total than placing a single larger order.
Maker fees
A maker order is one that rests on the book and is filled later by someone else. Kalshi's schedule gives a separate maker formula:
maker fee = round up( M × 0.0175 × C × P × (1 − P) )For maker fees, the default multiplier is 0 "unless otherwise indicated," meaning most markets charge no maker fee. Certain series listed in the Non-Standard Fees table do carry a maker multiplier, so check that table for the specific market you trade. Kalshi also states that canceling a resting order has no fee.
Example: if a series has a maker multiplier of 1, a 100-contract maker fill at 50¢ would be 0.0175 × 100 × 0.25 = $0.4375, rounded up to $0.44.
Other Kalshi fees
- Settlement: no fee, per the schedule.
- Membership: no fee.
- ACH deposits and withdrawals: no fee.
- Debit card deposits: up to 2%.
- Wires: Kalshi lists no wire deposit fee, though your bank may charge one.
Payment-method fees can change, so review the schedule and the disclosures shown before each transaction.
Estimate fees before you trade
Doing the math by hand gets tedious. Our free Kalshi calculator lets you enter a price and contract count to estimate the fee and your potential payout. It is a quick way to sanity-check a trade, but your Kalshi confirmation always shows the actual fee.
Trade with your own rules and limits. DeskBot is desktop software for Mac and Windows that connects to your own Kalshi account through Kalshi's official API, shows live 15-minute market prices, and starts in paper mode so you can see how fees affect your rules before going live. Explore DeskBot.
Try DeskBot for $1 — first month $1, then $19.99/month, cancel anytime. Card required; it renews at $19.99/month unless you cancel.
Trading involves risk; you can lose money. DeskBot is independent software, not affiliated with or endorsed by Kalshi.
FAQ
How much does Kalshi charge per contract?
For standard taker trades, the fee is 0.07 × contracts × price × (1 − price), rounded up. That works out to about 1.75¢ per contract at 50¢ before rounding, and less at prices closer to 1¢ or 99¢.
Does Kalshi charge a fee when a contract settles?
No. Kalshi's fee schedule lists no settlement fee. The trading fee is charged when your order is executed.
Are there maker fees on Kalshi?
Only on certain markets. The maker multiplier defaults to 0, and specific series with maker fees are listed in the Non-Standard Fees table of Kalshi's fee schedule.