Kalshi’s trading fees explained
There’s no single answer to how much Kalshi charges you to trade. Two orders of the same size can come with different fees depending on factors like the contract price and whether you’re a “maker” or a “taker.”
Maker vs taker: What’s the difference?
You’re a maker when you place a limit order that sits on the order book waiting to be matched. This provides liquidity, and in return, you’ll pay a lower standard fee or no maker fee at all.
You’re a taker when your order immediately matches with one already sitting on the order book. You’re taking an order a maker has provided, and you’ll pay a higher standard trading fee as a result.
There’s nothing unusual about this setup. Lower maker fees encourage traders to add liquidity, giving others more orders to match against and making it easier to execute trades.
How taker fees are calculated
Now for the maths. What might surprise you is that there’s no single percentage or flat fee. Kalshi calculates your taker fee using the following formula:
- Fee = round up (M × 0.07 × C × P × (1-P))
M is the fee multiplier, C is the number of contracts you trade, and P is the contract price in dollars. The standard multiplier is 1, which keeps things easy to calculate. “Round up” simply means the final fee is rounded up to the next cent.
When you boil it down, the two things that matter most here are how many contracts you trade and what they’re priced at. Take 100 contracts priced at $0.50 as an example:
- 1 × 0.07 × 100 × 0.50 × (1 − 0.50) = $1.75
So, if you buy 100 contracts at $0.50 as a taker, you’ll pay $1.75 in trading fees. Here’s how the standard taker fee changes across different contract prices:
| Contract price | Fee for 1 contract | Fee for 100 contracts |
|---|---|---|
| $0.10 | $0.01 | $0.63 |
| $0.25 | $0.02 | $1.32 |
| $0.50 | $0.02 | $1.75 |
| $0.75 | $0.02 | $1.32 |
| $0.90 | $0.01 | $0.63 |
Note how the fees don’t continually increase with the contract price. They peak at $0.50 before falling again as the price moves closer to $1. It’s an easy detail to overlook. Order size matters too. The more contracts you buy at once, the less you’ll pay per contract.
How maker fees are calculated
Maker fees are calculated using a similar formula:
- Fee = round up (M × 0.0175 × C × P × (1-P))
Again, M is the fee multiplier, C is the number of contracts you trade, and P is the contract price.
The key difference is that the standard maker fee multiplier is 0. That’s why, as mentioned earlier, you won’t always pay maker fees at Kalshi.
Another difference is the rate used in the formula. When a maker fee does apply, the rate is 0.0175 rather than 0.07. That’s a meaningful saving for makers.
Why does Kalshi charge trading fees?
To make money. It’s as simple as that. Kalshi runs the marketplace, brings buyers and sellers together, and facilitates trades. Trading fees are how it generates revenue from this activity, regardless of which side of a contract wins.
Pros and cons of Kalshi’s fee structure
Kalshi’s fee structure has some clear advantages, particularly for makers. But there are still some downsides to keep in mind.
Pros
No fees on standard maker orders Free withdrawals across supported methods No settlement or membership feesCons
Up to 2% fees for certain deposit methods Some markets use higher fee multipliersTips for reducing your trading fees on Kalshi
How you place and price your trades can make a noticeable difference to what you pay on Kalshi. Keep these tips in mind if you want to reduce your trading fees:
See where current events stand right now
Browse top Kalshi prediction markets
Follow real-time predictions at Kalshi on mobile
Kalshi’s deposit and withdrawal fees
Moving away from trading fees, it’s now time to look at what it costs to deposit and withdraw funds.
One thing Kalshi deserves credit for here is that withdrawals are free. Whether you cash out via ACH bank transfer, debit card, PayPal, or Venmo, this brand doesn’t take a cut, as our Kalshi review shows.
Deposits are where fees may apply depending on the method you choose. ACH bank transfer is the cheapest option, with no deposit fee at all. The trade-off is speed. ACH deposits can take up to five business days to process.
If you don’t want to wait that long, PayPal or Venmo may be the better fit. Your first deposit with either method is free. Subsequent deposits can cost up to 2%.
Here’s a closer look at Kalshi’s deposit and withdrawal fees:
| Payment method | Deposit fee | Withdrawal fee |
|---|---|---|
| ACH bank transfer | 0% | 0% |
| PayPal | First deposit free, subsequent deposits up to 2% | 0% |
| Venmo | First deposit free, subsequent deposits up to 2% | 0% |
| Debit card | Up to 2% | 0% |
| Apple Pay | Up to 2% | 0% |
| Google Pay | Up to 2% | 0% |
| Cash App | Up to 2% | 0% |
| Wire transfer | Up to 2% | 0% |
Are there any other Kalshi fees to know about?
No, not really. The trading, deposit, and withdrawal fees covered above account for just about everything you need to know.
There are no membership fees, so you won’t be charged simply for having an account. Kalshi also doesn’t charge settlement fees when a market resolves, regardless of the outcome of your position or the number of contracts you hold.
The only other fees worth knowing about are those charged by third parties rather than Kalshi itself. For example, your bank may charge you for sending a wire transfer. Keep this in mind when claiming a Kalshi promo code, as qualifying for a bonus often requires making a deposit.
Bottom line: Kalshi’s fees are easily avoidable
Kalshi’s fee structure might seem fairly complicated at first, especially once you start digging into the formulas, fee multipliers, and terms like “maker” and “taker.”
When you boil it down, though, the fees are either small or avoidable altogether. You can avoid trading fees on most markets by acting as a maker and posting resting limit orders rather than immediately matching an existing order.
Even if you trade as a taker, the standard fees aren’t particularly steep. 100 contracts priced at $0.50 cost $1.75, and you’ll pay less if you trade fewer contracts or the contract price moves closer to $0 or $1.
Just remember that some markets use non-standard fee multipliers, which can change the usual maker and taker rates. It’s worth checking the Fee Schedule before placing a trade.
When you’re ready to see what’s available, click our banners to visit Kalshi and claim the latest bonus.
Kalshi fees FAQs
Wes Burns has more than a decade's worth of experience as a writer, researcher and analyst in the legal gambling industry and is co-founder of BettingUSA.com. As a former professional online poker player, Wes approaches his work from the viewpoint of players.