Kalshi fees: formulas, funding and a full trade example

The general trading formula

The PDF reviewed October 24 labels itself effective July 7, 2026. General fees are round up(M × 0.07 × C × P × (1 − P)), where C is contract count, P is dollar price and M is the series multiplier, default 1. The maker formula substitutes 0.0175 and defaults M to 0 unless a series specifies otherwise.

At 100 contracts and $0.50, the general M=1 formula gives $1.75. At 100 and $0.60 it gives $1.68. The published table shows $0.02 for one contract at $0.60. Maker charges apply only when eligible resting orders execute; cancelled unfilled orders do not incur that maker charge.

Rounding and exceptions

Kalshi’s fee-rounding documentation resolves the precision distinction: direct-member balances align to $0.0001 and non-direct/FCM balances to $0.01. The model fee is rounded up to six dollar decimal places; a rounding fee restores the balance grid, and an accumulator carries overpayment across the order’s fills, rebating in the relevant grid increment without making a fill’s net fee negative. The cent-displayed PDF table is not a universal direct-member rounding rule.

The non-standard table contains zero and non-zero multipliers, including series with maker charges. A futures commission merchant may disclose a different customer schedule. Neither a zero maker default nor the 0.07 coefficient covers every product.

A complete winning and losing example

Buy 100 $1 contracts at 50¢ using the general M=1 taker schedule. Entry notional is $50 and entry fee $1.75. If the contracts win, the $100 settlement produces $48.25 net profit before other costs. If they lose, the loss is $51.75. A $100 payout is not $100 earnings.

What funding and settlement add

The reviewed PDF states no settlement fee, no membership fee and no Kalshi ACH deposit/withdrawal fee. Card deposits carry a maximum 2% charge, which may be reduced; bank wire costs vary and crypto processing can involve third-party charges. Alternate rails may carry 0–2% charges under the schedule.

An early exit replaces settlement proceeds with actual sale proceeds and can add another execution fee. Add funding, entry and exit costs once each, and use the exact filled quantity. The schedule’s effective date is recorded below so future changes can be distinguished from this calculation.

Size, price and order treatment change the charge

The schedule effective July 7 distinguishes immediately matched orders from resting orders. Resting general maker orders have zero multiplier unless specifically scheduled; a scheduled maker coefficient is 0.0175 times that market’s multiplier. Cancelled unfilled orders do not create an executed trade fee. The table below is the raw general taker model at multiplier 1, before balance alignment or rebates.

Deposit and withdrawal charges by action

The fee PDF states no membership or settlement fee and no Kalshi charge for ACH deposits/withdrawals. Bank wire charges can still apply. Debit deposits have a maximum 2% charge; crypto processor charges are disclosed before the action. These are separate from the trading formula.

Read model, units, rounding and exceptions in order

First identify the effective date and exact market. Next determine whether an order immediately matches or rests, and whether its maker schedule is nonzero. Then normalise quantity to winning-payoff dollars, apply the correct multiplier and follow balance precision. Finally add payment and broker-specific charges. A fee table is a reference, not permission to ignore order-level rounding accumulation.