Last updated April 2026
Prediction Market Fees Compared: Kalshi vs Polymarket vs Robinhood (2026)
At 50¢, Kalshi charges 3.5% of your position on every taker order. Robinhood charges a flat $0.02 per contract regardless of price — that's 10% of position at 20¢. Polymarket's V2 fee structure (effective March 30, 2026) introduced category-based rates ranging from 0% (geopolitics) to 7.2% (crypto). Which platform is cheapest depends entirely on what you're trading and how you're trading it.
This page breaks down every fee on every platform with exact math from actual fee formulas — no rounding, no marketing language.
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Fee Summary: All Platforms at 50¢
A contract priced at 50¢ is the worst case for formula-based fees — the point where price uncertainty is highest and the 0.07 × p × (1−p) expression peaks.
| Platform | Fee type | Per contract | 100-contract order | Notes |
|---|---|---|---|---|
| Kalshi | Taker | 1.75¢ | $1.75 | Formula: 0.07 × p × (1−p); all markets |
| Kalshi | Maker | 0.44¢ | $0.44 | Limit orders only; ~105 series |
| Polymarket – Politics | Taker | 1.00¢ | $1.00 | V2, effective March 30 2026; int'l only |
| Polymarket – Crypto | Taker | 1.80¢ | $1.80 | Highest category rate |
| Polymarket – Geopolitics | Taker | 0.00¢ | $0.00 | Fee-free category |
| Robinhood | Flat | 2.00¢ | $2.00 | $0.01 commission + $0.01 exchange per side |
| ForecastEx (Interactive Brokers) | Flat (embedded) | ~1.00¢ | ~$1.00 | $0.01 built into contract price; no separate exchange/clearing/data fees; no IBKR inactivity fee |
Fee data current as of April 2026. Verify with official fee schedules before trading.
Kalshi Fees
Kalshi uses a single formula across nearly all markets, making it the most predictable fee structure in U.S. prediction markets. One formula, consistently applied.
Taker fee: 0.07 × p × (1 − p)
Every market order — and any limit order that fills immediately — pays this formula. The fee is symmetric: a 20¢ contract costs the same as an 80¢ contract. It peaks at exactly 50¢ and approaches zero as contracts near certainty. Fees are rounded up to the nearest cent and capped at the contract's cost.
| Contract price | Taker (per contract) | Eff. rate of position | Maker (per contract) |
|---|---|---|---|
| 10¢ | 0.63¢ | 6.3% | 0.16¢ |
| 20¢ | 1.12¢ | 5.6% | 0.28¢ |
| 35¢ | 1.59¢ | 4.6% | 0.40¢ |
| 50¢ | 1.75¢ | 3.5% | 0.44¢ |
| 65¢ | 1.59¢ | 2.5% | 0.40¢ |
| 80¢ | 1.12¢ | 1.4% | 0.28¢ |
| 90¢ | 0.63¢ | 0.7% | 0.16¢ |
Maker fee: 0.0175 × p × (1 − p)
On most Kalshi markets, resting limit orders have no fee. Maker fees of 0.0175 × p × (1 − p) apply only to approximately 105 specific series — exactly one-quarter of the taker rate. At 50¢ that's 0.44¢ per contract versus 1.75¢ taker — a real difference for traders who can be patient. The full list of affected series is published at kalshi.com/fee-schedule.
Reduced-rate markets: S&P 500 and Nasdaq-100
Certain financial index series — including S&P 500 and Nasdaq-100 contracts — use a reduced taker multiplier of 0.035 instead of the standard 0.07, cutting the taker fee in half. At 50¢ that's 0.875¢ per contract. Check the official fee schedule for the current list of reduced-rate series, as it can change.
No settlement fee or profit fee
Kalshi removed its tiered profit fee effective February 5, 2026. There is no fee charged when a contract resolves — you keep the full $1.00 per winning contract minus the taker fee already paid when you entered the position.
Deposit and withdrawal fees
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Formula-based fees, no settlement fee, $1 minimum deposit. Politics, economics, weather, sports, and more.
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Polymarket Fees
Polymarket overhauled its fee structure on March 30, 2026 (V2). Category-specific taker rates now replace the old uniform structure. The formula is feeRate × p × (1 − p) — no exponent, simpler math than earlier versions.
U.S. vs. international distinction
The international Polymarket platform is separate from Polymarket US (QCX LLC), which was designated as a CFTC contract market in July 2025. The U.S. platform is in limited waitlist access; fee structures may differ between the two. The rates in this section reflect the international platform's V2 schedule.
Taker fees by category (V2, effective March 30, 2026)
| Category | Fee rate | Taker at 50¢ | Eff. rate at 50¢ | Maker rebate |
|---|---|---|---|---|
| Geopolitics | 0.0% | 0.00¢ | 0.0% | — |
| Weather | 2.5% | 0.63¢ | 1.3% | 25% |
| Sports | 3.0% | 0.75¢ | 1.5% | 25% |
| Economics | 3.0% | 0.75¢ | 1.5% | 25% |
| Politics | 4.0% | 1.00¢ | 2.0% | 25% |
| Finance | 4.0% | 1.00¢ | 2.0% | 25% |
| Tech | 4.0% | 1.00¢ | 2.0% | 25% |
| Culture | 5.0% | 1.25¢ | 2.5% | 25% |
| Crypto | 7.2% | 1.80¢ | 3.6% | 20% |
Maker rebates
Polymarket pays makers a share of taker fee revenue: 20% for crypto markets, 25% for most other categories. Geopolitics carries no rebate because there's no taker fee to fund it. These rebates make limit orders meaningfully cheaper than taker orders — effectively creating a negative-cost entry for makers in rebated categories. Active traders who use limit orders consistently should factor these into fee comparisons.
Deposits on the international platform use USDC on-chain. Polymarket charges no deposit or withdrawal fees directly, but Coinbase, MoonPay, and on-chain gas fees may apply depending on your funding method.
Robinhood Event Contract Fees
Robinhood charges $0.01 commission + $0.01 exchange fee = $0.02 per contract per side, regardless of the contract's price. This flat structure is simple but expensive for low-price contracts where position costs are small.
| Contract price | Fee per contract | Eff. rate of position |
|---|---|---|
| 10¢ | 2.00¢ | 20.0% |
| 20¢ | 2.00¢ | 10.0% |
| 50¢ | 2.00¢ | 4.0% |
| 80¢ | 2.00¢ | 2.5% |
| 90¢ | 2.00¢ | 2.2% |
Robinhood event contracts are executed via licensed exchange partners including KalshiEX LLC and ForecastEX, LLC — Robinhood is a distribution channel, not a standalone CFTC-designated contract market. Deposits and withdrawals use Robinhood's existing brokerage infrastructure with no additional fees.
ForecastEx Fees (Interactive Brokers)
ForecastEx, LLC is a CFTC-designated contract market that operates within the Interactive Brokers ecosystem. Its fee model is structurally different from Kalshi and Polymarket: the approximately $0.01 effective cost per contract is embedded in the contract price at execution — there is no separate line-item commission, exchange fee, or clearing fee on your statement. IBKR no longer charges inactivity fees on most accounts, and most cash accounts have no minimum required deposit. Deposits and withdrawals run through your existing IBKR brokerage infrastructure with no additional overhead. ForecastEx and IBKR ForecastTrader describe the cost as $0.01 per contract, though IBKR's general commissions page currently lists ForecastEx contracts at $0.00 — effective ~1¢ embedded cost is the clearest description.
The embedded ~1¢ effective rate is meaningfully lower than Robinhood's all-in cost, which is typically around 2¢ per contract, though the exact split between Robinhood's commission and the exchange-side fee can vary depending on how the contract is structured. ForecastEx is most relevant for traders already on IBKR who want direct access to event contracts without opening a separate account, or for anyone comparing flat-fee platforms against Kalshi's formula-based pricing.
When does ForecastEx's flat 1¢ fee beat Kalshi's formula?
Kalshi's taker fee is 0.07 × p × (1−p) per contract, peaking at 1.75¢ at 50¢ and approaching zero near certainty. Solving 0.07 × p × (1−p) = 0.01 gives two crossover points at p ≈ 17.3¢ and p ≈ 82.7¢. ForecastEx's ~1¢ flat effective fee is lower than Kalshi's formula anywhere inside that range — which covers most actively traded event contracts.
| Contract price | Kalshi taker | ForecastEx (embedded eff.) | Lower fee |
|---|---|---|---|
| 10¢ | 0.63¢ | ~1.00¢ | Kalshi |
| 20¢ | 1.12¢ | ~1.00¢ | ForecastEx |
| 50¢ | 1.75¢ | ~1.00¢ | ForecastEx |
| 80¢ | 1.12¢ | ~1.00¢ | ForecastEx |
| 90¢ | 0.63¢ | ~1.00¢ | Kalshi |
At 50¢, ForecastEx's ~1¢ effective rate saves roughly 0.75¢ per contract versus Kalshi taker. At 20¢, it saves ~0.12¢. Kalshi's formula dips below 1¢ only outside the 17¢–83¢ range — at 10¢ and 90¢, Kalshi charges just 0.63¢. This comparison is most meaningful for larger order sizes; at small quantities, rounding effects and minimum-fee behavior may dominate the actual outcome.
Worked Examples: 100-Contract Taker Orders
Total taker fees for a 100-contract order at 20¢, 50¢, and 80¢. Position cost = 100 × price. Kalshi figures use Math.ceil rounding (matching exchange behavior).
| Price | Position cost | Kalshi taker | Poly – Politics | Poly – Crypto | Poly – Geopolitics | Robinhood |
|---|---|---|---|---|---|---|
| 20¢ | $20.00 | $1.12 | $0.64 | $1.15 | $0.00 | $2.00 |
| 50¢ | $50.00 | $1.75 | $1.00 | $1.80 | $0.00 | $2.00 |
| 80¢ | $80.00 | $1.12 | $0.64 | $1.15 | $0.00 | $2.00 |
Notice that Kalshi and Polymarket politics fees are identical at 20¢ and 80¢ — the symmetric formula means the curve is the same shape, just scaled by the rate multiplier. Robinhood's flat fee stays constant regardless of price. Use the fee calculator for any price and position size.
Which Platform Has the Lowest Fees?
There's no single answer. The best platform depends on contract price, category, and order type. Here's the honest breakdown by scenario.
At 50¢, Polymarket politics taker fees ($1.00 per 100 contracts) beat Kalshi ($1.75) and Robinhood ($2.00). Add maker rebates and active limit traders pay closer to $0.75.
Formula-based fees collapse toward zero at extreme probabilities. Both platforms become very cheap here. Robinhood's flat $0.02 stays constant — punishing as a percentage of position.
Zero taker fee. No other platform matches it. Available on the international platform; U.S. access (QCX LLC) is limited waitlist.
At 20¢, Robinhood's flat $0.02 represents 10% of position cost — more than Kalshi's 5.6%. The flat structure is predictable but costly for cheap contracts.
On most Kalshi markets, resting limit orders have no maker fee. On ~105 series with maker fees enabled, the rate is 25% of taker. Polymarket pays rebates to makers (20% for crypto, 25% for most other categories) — effectively negative fees. Model these explicitly if you're active.
For U.S.-based retail traders, Polymarket international is not currently accessible, making Kalshi the lowest-fee regulated option for most markets. Robinhood's brokerage integration and familiar interface may justify the higher per-contract cost for infrequent or smaller traders.
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Frequently Asked Questions
Does Kalshi charge fees?
Yes. Kalshi charges a taker fee on every trade: 0.07 × contracts × price × (1 − price), rounded up to the nearest cent. The fee peaks at 1.75¢ per contract when the market is at 50¢ and falls symmetrically toward extreme probabilities. On most Kalshi markets, resting limit orders have no fee at all. Maker fees of 0.0175 × p × (1 − p) apply only to approximately 105 specific series listed at kalshi.com/fee-schedule. Kalshi removed its tiered profit fee effective February 5, 2026 — there is no fee charged upon contract resolution.
What are Polymarket fees in 2026?
Effective March 30, 2026, Polymarket charges category-based taker fees under its V2 structure. The formula is feeRate × p × (1 − p). Key rates: Geopolitics 0% (free), Weather 2.5%, Sports 3%, Economics 3%, Politics/Finance/Tech 4%, Crypto 7.2%. Maker rebates of 20% (crypto) and 25% (most other categories) reduce effective costs for limit traders. The international Polymarket platform is available globally; the U.S. platform (QCX LLC) is in limited waitlist access.
Are prediction markets free to use?
No prediction market is fully free for takers. Kalshi charges a formula-based fee on every trade. Polymarket charges category-based taker fees, with geopolitics as the sole fee-free category. Robinhood charges $0.02 per contract per side. The closest to free is Polymarket's geopolitics category (0% taker fee), or using maker orders on Kalshi or Polymarket, where costs are significantly lower or negative (rebates).
What are Kalshi maker fees?
On most Kalshi markets, resting limit orders have no maker fee at all. Maker fees of 0.0175 × p × (1 − p) — exactly 25% of the taker rate — apply only to approximately 105 specific market series. At 50¢, the maker fee is 0.44¢ per contract versus 1.75¢ for a taker order. The full list of affected series is published at kalshi.com/fee-schedule.
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Fee figures are derived from publicly available fee schedules as of April 2026. Actual fees may differ due to rounding, market-specific rules, or schedule updates. This page does not constitute financial or investment advice. Trading involves risk of loss.