Kalshi publishes a fee formula, but most bettors do not think in “number of contracts times P times one minus P.” They think: If I put $100 into this sports trade, what is the fee? So let’s translate the official schedule into normal bettor language.
Schedule used: Kalshi Fee Schedule effective July 7, 2026, reviewed August 18, 2026. Kalshi notes that specific products can have their own fee treatment, so check the current market before trading.
The short answer: Kalshi’s general immediately matched trading fee uses the formula M × 0.07 × C × P × (1-P). Some listed sports series use a multiplier of 1. Resting orders can fall under a separate maker-fee formula when the series has a maker multiplier. At a 50¢ contract price, a $100 position in a multiplier-1 market is roughly $3.50 as a taker, before any spread or price movement.
How does Kalshi calculate trading fees?
Kalshi says trading fees are charged on orders that immediately match against orders already sitting on the order book. Its general formula is:
P is the contract price in dollars, C is the number of contracts, and M is the market multiplier. The fee curve is tied to expected earnings rather than being a flat percentage of trade value.
The July 7 schedule lists many sports series — including professional football, college football, basketball, baseball, hockey, golf, tennis, and World Cup products — with a taker multiplier of 1. But the schedule also contains non-standard products with different multipliers, including zero-fee examples. That is why the exact series matters.
What is a Kalshi maker fee?
If you place an order that does not immediately match, it can rest on the order book. Kalshi’s fee schedule includes a separate maker formula for markets where maker fees apply:
The default maker multiplier is listed as zero unless otherwise indicated. Several sports series in the July schedule show a maker multiplier of 1, so a filled resting order in those series can incur a maker fee.
There is no fee just for canceling a resting order. The maker fee is charged when the order ultimately executes in a market where that maker fee applies.
What does a $100 Kalshi sports trade cost?
Now let’s hold the position value constant at $100. For the examples below, assume a sports series with both maker and taker multiplier M = 1. We solve for the number of contracts needed at each price and apply the published formulas.
| Contract price | Approx. contracts for $100 | Approx. taker fee | Approx. maker fee* |
|---|---|---|---|
| $0.10 | 1,000 | $6.30 | $1.58 |
| $0.40 | 250 | $4.20 | $1.05 |
| $0.50 | 200 | $3.50 | $0.88 |
| $0.60 | 166.67 | $2.80 | $0.70 |
| $0.90 | 111.11 | $0.70 | $0.18 |
*Maker example assumes the series has maker multiplier M=1 and the order rests before being filled. Values are approximate and shown before the schedule’s exact rounding mechanics. Actual contract counts are discrete and the market-specific multiplier controls the fee.
Why does a $100 position produce a different-looking fee curve?
Kalshi’s published general table shows fees for a constant number of contracts. We are doing the opposite: holding the dollar value constant. A lower-priced contract requires more contracts to reach $100, which changes the total fee.
Fee is not the same thing as spread
Kalshi is an order-book exchange. The best available buy price and sell price can differ. That bid-ask spread is an implicit trading cost, separate from the platform fee.
If you enter as a taker and later sell before settlement, your result can be affected by the exit price, spread, liquidity, and any fee that applies to the new trade. A “$3.50 entry fee” example does not capture all of those variables.
Does Kalshi charge settlement or membership fees?
The July 7, 2026 fee schedule says there is no settlement fee and no membership fee. It also says ACH bank deposits and withdrawals do not carry a Kalshi fee. Card deposits can carry a fee of up to 2%, and crypto deposits or withdrawals can involve third-party processor fees.
Those funding costs are not part of the $100 trading examples above, but they can matter to the total cost of using a platform.
When can Kalshi be a good fit?
- You want to trade standardized event contracts in a public market.
- You value the ability to post orders, interact with an order book, and potentially exit before resolution.
- You want market access that does not depend on recruiting friends into a private group.
- You are comfortable checking the specific series, multiplier, and maker/taker treatment before you trade.
How is Kalshi’s cost model different from TrueBet?
| TrueBet | Kalshi | |
|---|---|---|
| Core model | Members accept wagers directly inside private groups. | Users trade standardized event contracts on an exchange/order book. |
| Wager/trade fee | No fee deducted based on the amount of an accepted wager. Membership charges may apply separately. | Trading fees can apply based on formula, market, multiplier, and maker/taker behavior. |
| Spread | No exchange bid-ask spread on a directly accepted member-to-member wager. | Buy and sell prices can differ. |
| Early exit | Accepted wagers generally remain until resolution under platform rules. | A trader may be able to sell before resolution, subject to liquidity and price. |
| Liquidity | Depends on group members accepting the wager. | Depends on order-book depth and available counterparties. |
Neither model is automatically “better” for every user. Kalshi’s exchange model can provide public-market liquidity and trading flexibility. TrueBet is designed for private sports betting groups that want direct wagers without a wager-level vig or trading fee deducted from each accepted bet.
Compare the whole model, not just one fee
See our full TrueBet vs. Kalshi and Polymarket comparison for spreads, liquidity, early exit, private groups, and platform costs.
The bottom line
For Kalshi, “What is the fee?” is really “What market am I trading, what is the multiplier, and am I making or taking liquidity?” The July 7, 2026 schedule gives a clear formula, but the bettor-friendly way to use it is to translate it into a constant dollar amount and keep spread and exit costs separate.
Sources and methodology
Method: $100 examples assume M=1 and use C=100/P. Taker fee uses 0.07; maker fee uses 0.0175. Values are rounded for readability and exclude spread, slippage, price movement, and any funding-method costs.
Product availability, wagering rules, and permitted use vary by jurisdiction. Fee schedules and platform terms can change. This article is educational content, not financial or legal advice.