Kalshi Fees Explained: What California Traders Actually Pay
Kalshi charges 1–7% on winnings only — no deposit, withdrawal, or subscription fees. Here's exactly what California traders pay.
- Kalshi's fee is 1–7% of net winnings only — nothing on losing trades.
- No deposit fees via ACH and no withdrawal fees, ever.
- Fee varies by market liquidity and contract price — highest near $0.50, lowest at the extremes.
- Charged on net winnings only, so the effective cost depends on where the contract is priced.
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Kalshi charges between 1% and 7% on your net winnings. You pay nothing to deposit, withdraw, or hold a position. Here is exactly how the fee structure works for California traders.
Kalshi vs. other platforms available in California
| Platform | Fee on winnings | Deposit fee | Withdrawal fee | Min deposit |
|---|---|---|---|---|
| Kalshi | 1–7% (winnings only) | Free (ACH) / 2% (debit) | Free | $1 |
| Polymarket | 0% trading / 2% USDC on-ramp | Free (crypto) | Free | $10 (USDC) |
| Robinhood Predictions | 1¢ per contract (Kalshi-powered) | Free | Free | $0 |
| FanDuel Predicts | Baked into price (~4–6%) | Free | Free | Trade $25, get $25 |
Kalshi is the cheapest all-around option for California traders who want full market coverage and ACH banking. Polymarket looks cheaper on paper but requires USDC and is iPhone-only in the US.
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. It scales with contract price.
Key principle: Fees are highest near $0.50 (where uncertainty — and therefore expected profit — 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) | ~5–7% |
| $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 California Trade Examples with Fees
Example 1: Lakers 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 Lakers win: receive $100, net profit = $39.68
- •If Lakers lose: lose $58 (no fee on losing trades)
Example 2: California Senate primary (near certainty)
- •Contract price: $0.83
- •Buy 100 contracts = $83 cost
- •Approx. fee at $0.83: ~$2.49 (3% effective)
- •If it resolves Yes: net profit = $14.51 (~17.5% ROI)
Example 3: Long shot — named storm makes landfall
- •Contract price: $0.08
- •Buy 200 contracts = $16 cost
- •Approx. fee at $0.08: ~$0.32 (very low)
- •If it resolves Yes: 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.
Is Kalshi cheaper than a California sportsbook?
Across prediction markets, cost structures differ: Kalshi charges 1–7% on winnings only and currently 0% on US sports contracts, while Polymarket's US app charges no per-trade fee. Because Kalshi's fee scales with contract price, the cheapest venue depends on the specific contract and where it is priced.
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 (no fee on losing trades).
- •For a $0.50 contract: assume ~7% 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.
Last reviewed by Catie Di Stefano on August 7, 2026. We re-verify market prices, polling, and citations on every update.
Frequently Asked Questions
Related guides
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Sources & references
- 1.Commodity Futures Trading Commission — Event Contracts — CFTC.gov
- 2.CFTC Final Rule on Event Contracts — CFTC.gov
- 3.Kalshi wins court battle to offer election contracts — Reuters
- 4.National Council on Problem Gambling — 1-800-GAMBLER — NCPG
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.
Catie Di Stefano has spent 15 years working with online gambling across some of the most regulated and competitive gambling markets in the world.
Starting at Betsson Group in Malta in 2011, she has in recent years worked her way through VIP management, CRM, gamification and marketing leadership across European and North American operations. Catie was a licensed consultancy for Hard Rock Casino in New Jersey, where she held a DGE vendor license and owned the execution of the online CRM program from launch day in 2018.