Kalshi

Kalshi Fee Revenue

How much Kalshi actually makes from all that trading — fees collected day by day, who's contributed over time, and how many cents it keeps per contract.

All-time fee revenue

Annualized run rate

/yr

based on trailing 30 days

Peak fee day

Avg fee per contract

cents

About this page

Fees are summed from Kalshi's trade records and totaled by day. Fee per contract divides daily fees by daily contracts, so it's the realized average rate Kalshi actually collected — not its posted fee schedule. If revenue climbs while cents-per-contract falls, growth is coming from more volume, not a richer take.

Daily fee revenue

The fees Kalshi collected each day, from the same trading behind the volume charts.

Useful trick: brush around a major volume spike, then check whether fees stayed elevated after volume cooled off.

Daily fees 7-day average

Taker vs maker fees

Kalshi bills the aggressor on almost every market, but it also charges the resting side on a named subset — soccer, tennis, rate and inflation markets. This splits the daily total above into those two parts.

Useful trick: switch to Share of total and brush across mid-2025 — the maker component changes level when the flat per-contract maker fee gave way to a price-dependent curve, which a dollar view hides behind the growth in volume.

Maker fees are % of all-time fee revenue ( of ), and % in 2026, spread across a small set of report tickers. The two bands add to the daily total on the chart above them, so this decomposes the headline rather than restating it.

This page reports total fee revenue — everything Kalshi collects, from both sides. The Kalshi series on Fees & Economics answers a different question: what one trader pays to execute. That number is the taker band alone, against here, because a like-for-like comparison against venues that bill both sides has to count one side at each of them. The gap between the two pages is this maker band, and both figures are correct.

Cumulative fee revenue

Reported non-sports and sports fees, plus the parlay residual. The published components are mutually exclusive and add up to the headline fee total, so the bands are an exact decomposition of the chart above.

Useful trick: watch the slope, not just the height — a steeper stretch means Kalshi was collecting fees faster in that period.

Fee revenue mix

Where Kalshi's fee revenue came from over the selected dates, taker and maker fees combined.

Straight sports excludes parlays. 15-minute markets are crypto, commodity and financial price markets that each run for 15 minutes.

Fee rate (cents per contract)

The realized average fee Kalshi kept on each contract traded.

Useful trick: after a volume spike, use this to tell whether revenue rose from more contracts or from each contract monetizing better.

Fees by category over time

The fees Kalshi collected, by category — on a trade-date basis (fees as charged when a trade executes, not when markets settle).

Reading note: these are trade-date fees (charged when a trade executes), so they reconcile with the daily fee totals above. Parlay is one bucket — we don't have per-leg fee data to split it. Each day is added the morning after it ends.

Daily view

Fee rate by category

Effective fee rate (¢ per contract charged) by category — the same per-category split as the fees chart above, but as a rate instead of a dollar total, so a category can be flagged as expensive-per-contract even if its total fee dollars are small. Kalshi's fee formula peaks at the 50¢ strike and falls off toward 1¢/99¢, so this mostly reflects each category's typical contract price. Same toggle and colors as the fees charts above.

Reading note: a month with zero contracts for a category is left as a gap in that line rather than a misleading 0¢ rate. General/Detailed match the toggle above; this chart ignores the Normalized scale control (a rate is already normalized).

Non-sports fee revenue

Kalshi's daily non-sports fees by category, with 15-minute markets shown on their own.

Everything else is weather, mention and entertainment markets plus smaller categories; 15-minute finance is currencies, stock indices and Treasury yields. Each day is added the morning after it ends.