Kalshi charges takers 0.07 × C × p × (1 − p), where C is the number of contracts and p the price in dollars, rounded up to the next cent once per order. The fee is largest in the middle of the book: it peaks at 1.760¢ per contract at 50¢ and falls toward both ends. Buying at p, you need to win p + fee of the time to break even — at 50¢ that is 51.76%, not 50%.
Per-contract figures are for an order of 100 contracts, because the round-up applies once per order: a single-contract order pays the whole cent and costs up to 40% more per contract. Breakeven assumes buying Yes at that price and holding to settlement.
| Price | Fee per contract (order of 100) |
Fee, single contract | Breakeven win rate |
|---|---|---|---|
| 1¢ | 0.070¢ | 1.00¢ | 1.07% |
| 2¢ | 0.140¢ | 1.00¢ | 2.14% |
| 3¢ | 0.210¢ | 1.00¢ | 3.21% |
| 4¢ | 0.270¢ | 1.00¢ | 4.27% |
| 5¢ | 0.340¢ | 1.00¢ | 5.34% |
| 6¢ | 0.400¢ | 1.00¢ | 6.40% |
| 7¢ | 0.460¢ | 1.00¢ | 7.46% |
| 8¢ | 0.520¢ | 1.00¢ | 8.52% |
| 9¢ | 0.580¢ | 1.00¢ | 9.58% |
| 10¢ | 0.640¢ | 1.00¢ | 10.64% |
| 11¢ | 0.690¢ | 1.00¢ | 11.69% |
| 12¢ | 0.740¢ | 1.00¢ | 12.74% |
| 13¢ | 0.800¢ | 1.00¢ | 13.80% |
| 14¢ | 0.850¢ | 1.00¢ | 14.85% |
| 15¢ | 0.900¢ | 1.00¢ | 15.90% |
| 16¢ | 0.950¢ | 1.00¢ | 16.95% |
| 17¢ | 0.990¢ | 1.00¢ | 17.99% |
| 18¢ | 1.040¢ | 2.00¢ | 19.04% |
| 19¢ | 1.080¢ | 2.00¢ | 20.08% |
| 20¢ | 1.130¢ | 2.00¢ | 21.13% |
| 21¢ | 1.170¢ | 2.00¢ | 22.17% |
| 22¢ | 1.210¢ | 2.00¢ | 23.21% |
| 23¢ | 1.240¢ | 2.00¢ | 24.24% |
| 24¢ | 1.280¢ | 2.00¢ | 25.28% |
| 25¢ | 1.320¢ | 2.00¢ | 26.32% |
| 26¢ | 1.350¢ | 2.00¢ | 27.35% |
| 27¢ | 1.380¢ | 2.00¢ | 28.38% |
| 28¢ | 1.420¢ | 2.00¢ | 29.42% |
| 29¢ | 1.450¢ | 2.00¢ | 30.45% |
| 30¢ | 1.470¢ | 2.00¢ | 31.47% |
| 31¢ | 1.500¢ | 2.00¢ | 32.50% |
| 32¢ | 1.530¢ | 2.00¢ | 33.53% |
| 33¢ | 1.550¢ | 2.00¢ | 34.55% |
| 34¢ | 1.580¢ | 2.00¢ | 35.58% |
| 35¢ | 1.600¢ | 2.00¢ | 36.60% |
| 36¢ | 1.620¢ | 2.00¢ | 37.62% |
| 37¢ | 1.640¢ | 2.00¢ | 38.64% |
| 38¢ | 1.650¢ | 2.00¢ | 39.65% |
| 39¢ | 1.670¢ | 2.00¢ | 40.67% |
| 40¢ | 1.690¢ | 2.00¢ | 41.69% |
| 41¢ | 1.700¢ | 2.00¢ | 42.70% |
| 42¢ | 1.710¢ | 2.00¢ | 43.71% |
| 43¢ | 1.720¢ | 2.00¢ | 44.72% |
| 44¢ | 1.730¢ | 2.00¢ | 45.73% |
| 45¢ | 1.740¢ | 2.00¢ | 46.74% |
| 46¢ | 1.740¢ | 2.00¢ | 47.74% |
| 47¢ | 1.750¢ | 2.00¢ | 48.75% |
| 48¢ | 1.750¢ | 2.00¢ | 49.75% |
| 49¢ | 1.750¢ | 2.00¢ | 50.75% |
| 50¢ | 1.760¢ | 2.00¢ | 51.76% |
| 51¢ | 1.750¢ | 2.00¢ | 52.75% |
| 52¢ | 1.750¢ | 2.00¢ | 53.75% |
| 53¢ | 1.750¢ | 2.00¢ | 54.75% |
| 54¢ | 1.740¢ | 2.00¢ | 55.74% |
| 55¢ | 1.740¢ | 2.00¢ | 56.74% |
| 56¢ | 1.730¢ | 2.00¢ | 57.73% |
| 57¢ | 1.720¢ | 2.00¢ | 58.72% |
| 58¢ | 1.710¢ | 2.00¢ | 59.71% |
| 59¢ | 1.700¢ | 2.00¢ | 60.70% |
| 60¢ | 1.690¢ | 2.00¢ | 61.69% |
| 61¢ | 1.670¢ | 2.00¢ | 62.67% |
| 62¢ | 1.650¢ | 2.00¢ | 63.65% |
| 63¢ | 1.640¢ | 2.00¢ | 64.64% |
| 64¢ | 1.620¢ | 2.00¢ | 65.62% |
| 65¢ | 1.600¢ | 2.00¢ | 66.60% |
| 66¢ | 1.580¢ | 2.00¢ | 67.58% |
| 67¢ | 1.550¢ | 2.00¢ | 68.55% |
| 68¢ | 1.530¢ | 2.00¢ | 69.53% |
| 69¢ | 1.500¢ | 2.00¢ | 70.50% |
| 70¢ | 1.480¢ | 2.00¢ | 71.48% |
| 71¢ | 1.450¢ | 2.00¢ | 72.45% |
| 72¢ | 1.420¢ | 2.00¢ | 73.42% |
| 73¢ | 1.380¢ | 2.00¢ | 74.38% |
| 74¢ | 1.350¢ | 2.00¢ | 75.35% |
| 75¢ | 1.320¢ | 2.00¢ | 76.32% |
| 76¢ | 1.280¢ | 2.00¢ | 77.28% |
| 77¢ | 1.240¢ | 2.00¢ | 78.24% |
| 78¢ | 1.210¢ | 2.00¢ | 79.21% |
| 79¢ | 1.170¢ | 2.00¢ | 80.17% |
| 80¢ | 1.120¢ | 2.00¢ | 81.12% |
| 81¢ | 1.080¢ | 2.00¢ | 82.08% |
| 82¢ | 1.040¢ | 2.00¢ | 83.04% |
| 83¢ | 0.990¢ | 1.00¢ | 83.99% |
| 84¢ | 0.950¢ | 1.00¢ | 84.95% |
| 85¢ | 0.900¢ | 1.00¢ | 85.90% |
| 86¢ | 0.850¢ | 1.00¢ | 86.85% |
| 87¢ | 0.800¢ | 1.00¢ | 87.80% |
| 88¢ | 0.740¢ | 1.00¢ | 88.74% |
| 89¢ | 0.690¢ | 1.00¢ | 89.69% |
| 90¢ | 0.630¢ | 1.00¢ | 90.63% |
| 91¢ | 0.580¢ | 1.00¢ | 91.58% |
| 92¢ | 0.520¢ | 1.00¢ | 92.52% |
| 93¢ | 0.460¢ | 1.00¢ | 93.46% |
| 94¢ | 0.400¢ | 1.00¢ | 94.40% |
| 95¢ | 0.340¢ | 1.00¢ | 95.34% |
| 96¢ | 0.270¢ | 1.00¢ | 96.27% |
| 97¢ | 0.210¢ | 1.00¢ | 97.21% |
| 98¢ | 0.140¢ | 1.00¢ | 98.14% |
| 99¢ | 0.070¢ | 1.00¢ | 99.07% |
A Kalshi contract settles at $1, so a price in cents and a probability in percent are the same units. Buying Yes at 50¢ costs 50¢ plus 1.760¢ in fees; the position returns $1 if the contract settles Yes and nothing if it does not, so it breaks even at a 51.76% win rate. The fee does not depend on which side you buy: p × (1 − p) is symmetric, so Yes at 30¢ and No at 70¢ carry the same charge.
Full table: kalshi_btc_fees.csv.
Cite as: Sardine (sardine.info), CC BY 4.0. Licence: CC BY 4.0.