Kalshi Fees Explained: What It Costs to Trade in Florida

Quick answer

Kalshi charges a variable per-contract trading fee rather than a flat percentage — the fee scales with the contract's price and peaks near 50 cents, where uncertainty is highest. There are no ACH withdrawal fees, but debit card deposits carry a 2% charge. Fees hit low-edge trades hardest.

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Last checked October 27, 2026

Key takeaways

Contract price: $0.58 (58% implied probability)
Buy 100 contracts = $58 cost
Approx. fee at $0.58: ~$2.32 (4% effective)
If Dolphins win: receive $100, net profit = $39.68
If Dolphins lose: lose $58 plus the trading fee

Kalshi Fees Explained: How Much Does It Actually Cost to Trade in Florida?

The Honest Answer: Kalshi's Fee Structure, Fully Explained

Kalshi (opens in a new tab) charges a variable trading fee on every contract. There is no flat percentage — the fee depends on the contract's current price. Understanding this structure is essential before you start trading, because it directly affects your profitability on different types of trades.

How Kalshi's Fee Formula Works

Kalshi's fee is calculated as a percentage of the expected profit on a winning contract, not on the total trade value. The exact formula varies by market.

Key principle: Fees are highest near $0.50 (where uncertainty — and therefore expected value — is greatest) and lowest near $0.01 or $0.99 (where outcomes are near-certain).

Contract Price	Approx. Effective Fee
$0.01–$0.05 (longshots)	~0.5–1%
$0.10–$0.20	~1–2%
$0.40–$0.60 (coin flips)	~3–4%
$0.80–$0.90	~2–3%
$0.95–$0.99 (near certainties)	~0.5–1%

The counterintuitive result: Longshot and near-certainty contracts are the most fee-efficient. Mid-probability contracts near $0.50 carry the highest effective fee.

Real Florida Trade Examples with Fees

Example 1: Dolphins to win (slight favorite)

Contract price: $0.58 (58% implied probability)
Buy 100 contracts = $58 cost
Approx. fee at $0.58: ~$2.32 (4% effective)
If Dolphins win: receive $100, net profit = $39.68
If Dolphins lose: lose $58 plus the trading fee

Example 2: Donalds wins Republican primary (near certainty)

Contract price: $0.83
Buy 100 contracts = $83 cost
Approx. fee at $0.83: ~$2.49 (3% effective)
If Donalds wins: net profit = $14.51 (~17.5% ROI)

Example 3: Long shot — hurricane makes landfall in Miami

Contract price: $0.08
Buy 200 contracts = $16 cost
Approx. fee at $0.08: ~$0.32 (very low)
If hurricane hits Miami: net profit = $183.68

ACH vs. Debit Card: The Deposit Fee Trap

Kalshi charges 2% on debit card deposits. ACH (bank transfer) deposits are free. On a $500 deposit, that's $10 lost before you make a single trade.

Rule: Always deposit via ACH. It takes 1–3 business days to clear, but the 2% saving is worth the wait for any deposit over $100.

How Kalshi Compares to Polymarket on Fees

Fee Type	Kalshi	Polymarket (US App)
Trading fee	Variable ~1–4%	0% currently
Deposit fee (bank)	Free	Free
Deposit fee (card)	2%	Varies
Withdrawal fee	Free	Free

Polymarket (opens in a new tab) US charges a per-contract fee shown in the app before you confirm; its formula is slightly lower than Kalshi's at every price, but the spread often matters more. For hurricanes, economics and most Florida politics markets, Kalshi has the broader menu.

The Kalshi Platinum Program

In January 2026, Kalshi launched its Platinum program for high-volume traders, including branded merchandise, early access to new features, private events, and potential fee improvements for top traders. Worth investigating if you're trading $10,000+ per month.

Fee Calculator: Estimate Your Trade Cost

Net profit if you win = (Contracts × $1.00) − (Contracts × Entry Price) − Estimated Fee. Net loss if you lose = Contracts × Entry Price plus the trading fee.

For a $0.50 contract: assume ~4% fee on net profit
For a $0.75 contract: assume ~2.5% fee on net profit
For a $0.90 contract: assume ~1.5% fee on net profit

Kalshi displays the exact fee before you confirm any trade in the app. Always check this before executing.

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Kalshi hub

What Is Kalshi? A Plain-English Explainer (2026)

Kalshi is a CFTC-regulated event-contract exchange where you trade Yes/No on real-world outcomes — sports, politics, weather, economics — at peer-to-peer prices.

Sources & references

External links open in a new tab. We cite primary regulatory and major news sources where possible. Citations to trusted regulators (CFTC, SEC, IRS, NOAA, .gov, .edu) are dofollow; commercial outbound links are not endorsements.

Frequently asked questions

Does Kalshi charge fees on losing trades?

No. Kalshi only charges fees on winning trades (contracts that resolve at $1.00). If you lose, you lose only your entry cost — no additional fee.

Why are fees highest near $0.50?

Because expected profit is highest at $0.50 (most uncertain outcome), and Kalshi's fee is based on expected profit. Near $0.01 or $0.99, expected profit per contract is very small, so the fee is also small.

Is Polymarket cheaper than Kalshi?

On fees alone, Polymarket US's published per-contract formula is slightly lower than Kalshi's at every price. Your total cost also depends on the spread and liquidity of the specific market, and Kalshi lists more non-sports markets such as hurricanes and economics.

How do I avoid the 2% debit card deposit fee?

Use ACH (bank transfer) for all deposits. It's free and takes 1–3 business days to clear.

Does Kalshi charge withdrawal fees?

No. Withdrawals via ACH are free.

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