KALSHI Fee Schedule and How It Works
Kalshi operates as a CFTC-regulated DCM for event contracts, and every trade incurs a fee. The Kalshi fee schedule applies to each order fill on both YES and NO sides, affecting the total cost of trading. Understanding the fee mechanics is essential for evaluating arb opportunities, especially when you’re assessing edge on intra-market spreads and near-settlement yields. This article breaks down the basic structure, what triggers fees, and how fees interact with your KalshiArb alerts for YES and NO contracts.
How Kalshi charges trading fees
Kalshi charges a trading fee on each order fill, calculated per contract and depending on the trade price. The fee scales with the contract’s price and tends to be higher near the midpoint of the price range, where market activity is typically greatest. Fees apply to both sides of a binary YES/NO market, and there is no separate maker rebate in standard markets. The exact per-contract fee is derived from the fee curve, which is designed to capture cost as liquidity varies.
When fees apply and what counts
Fees apply whenever an order is filled on the Kalshi CLOB, including market and limit orders that execute against existing book liquidity. If you place a multi-contract order, the fee is calculated per contract and summed across the total filled. Because each contract settles to $1.00 for the winning side, even small fees can affect edge calculations, so traders often account for fees in their arbitrage logic.
Maker rebates and special markets
Kalshi does not generally offer maker rebates across standard markets. A small subset of high-volume contests may waive fees temporarily, and Kalshi flags those markets in the API response. Traders should verify the current fee treatment for any specific market via the market details endpoint to confirm whether any waivers apply.
Impact on arbitrage strategies
For intra-market arb where YES and NO prices together are below $1.00, the theoretical edge can be reduced by fees. KalshiArb users typically model the expected fee per contract in their edge calculations to determine if an arbitrage opportunity remains profitable after costs. Near-term bracketing strategies and endgame yields should also factor in fees, as they scale with price and contract count.
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FAQ
- What is the basic Kalshi fee schedule for binary contracts?
- Kalshi charges a per-contract trading fee on every order fill. The fee varies with the trade price and is higher near mid-range prices. Both YES and NO sides incur the fee, and there is no general maker rebate in standard markets.
- Do makers get a rebate on Kalshi trades?
- No, Kalshi does not offer maker rebates on standard markets. There can be temporary waivers on a small subset of high-volume contests, but these are exceptions and must be verified in the market data.
- How should I factor fees into KalshiArb edge calculations?
- In edge calculations, include the per-contract fee as part of the cost when evaluating the spread between YES and NO or across child markets. Since fees scale with price, modeling worst-case and best-case fee scenarios helps determine if an arbitrage opportunity remains after costs.