Kalshi fees, explained: the 7% formula, the maker fee most people don't know about, and the break-even math
Kalshi’s fee is a formula, not a flat rate, and it has two parts. From the fee schedule in effect since 7 July 2026:
Taker fee = round up(M × 0.07 × C × p × (1 − p)) on orders that match immediately. Maker fee = round up(M_m × 0.0175 × C × p × (1 − p)) when a resting order fills, on series where the maker multiplier is not zero.
C is contracts, p is the price in dollars, M and M_m are per-series multipliers (taker 1 and maker 0 unless the series is listed otherwise). Rounding is up, to the centicent, so the fee is never rounded in your favour.
What it costs at each price
| Price | Taker fee per contract | On $50 of contracts | Maker fee per contract (where it applies) |
|---|---|---|---|
| 10¢ | 0.63¢ | $3.15 | 0.16¢ |
| 30¢ | 1.47¢ | $2.45 | 0.37¢ |
| 50¢ | 1.75¢ | $1.75 | 0.44¢ |
| 70¢ | 1.47¢ | $1.05 | 0.37¢ |
| 90¢ | 0.63¢ | $0.35 | 0.16¢ |
Measured against what you put in, cheap longshots carry the heaviest fee: 6.3% of your stake at 10¢, 3.5% at 50¢, 0.7% at 90¢.
The maker fee most people don’t know about
The schedule lists a maker multiplier of 1 for most sports game series (KXNFLGAME, KXNBA, KXMLBGAME and the like) and for economics series (CPI, the Fed, jobs). On those, a resting order that fills pays a quarter of the taker rate. The crypto minute series (5-minute, 15-minute, hourly) and the daily weather series carry a maker multiplier of 0: resting orders there are free, which is why the people quoting both sides of those markets all day can do it.
A short list of series is fee-free in both directions (multipliers 0/0), including the yearly BTC and ETH price series. Combination markets (KXMVE) charge makers double.
What it does to your break-even
Break-even win rate = p + 0.07 × p × (1 − p) holding to settlement; add the fee again if you trade out early.
At 50¢: 51.75% to settlement, about 53.5% if you exit early. A month of 87 fifty-dollar trades at 50¢ costs about $152 in taker fees before any outcome. Run your own numbers or watch a typical career play out.
Where the fee hides on screen
Kalshi shows the fee at order entry, but the implied cost does not appear in the price you see on the market page. A contract at 50¢ that you take costs 51.75¢ all-in; a 94¢ contract on a game that is already decided costs 94.4¢ all-in and pays $1, a 6¢ gross margin that becomes 5.6¢ after the fee, which is why those cents are someone’s rent, not free money.
Source: Kalshi fee schedule (kalshi.com/docs/kalshi-fee-schedule.pdf), effective 7 July 2026, read 8 November 2026. Multipliers change by series; check the schedule for the series you trade. Nothing here is investment advice.