Prediction Market Fees Comparison
Kalshi vs Polymarket vs Robinhood — the real cost of placing a trade
Bottom line
Kalshi
Up to 1.75¢/contract
Formula-based fee on entry only (sell/exit is free). ACH is free; debit card deposits cost 2%.
Polymarket
Category-based fees
Sports 0.75% peak; Crypto 1.80% peak; Geopolitics free. 25% maker rebate on sports. Card deposits ~4–4.5%.
Robinhood
$0 commission
Powered by Kalshi. $0.02/contract ($0.01 RH + $0.01 Kalshi) on both buy and sell. Bank deposits are free.
Fee-by-Fee Comparison
| Fee Type | Kalshi | Polymarket | Robinhood |
|---|---|---|---|
| Trading fee (buy) | Up to 1.75¢/contract | Sports 0.75% peak; Crypto 1.80% peak; Politics/Finance/Tech 1.00%; most fee-free at extremes | $0.02/contract ($0.01 RH + $0.01 Kalshi) |
| Trading fee (sell / exit) | Free | Sports 0.75% peak; Crypto 1.80% peak; Politics/Finance/Tech 1.00%; most fee-free at extremes | $0.02/contract ($0.01 RH + $0.01 Kalshi) |
| Settlement / resolution | Free | Free | Free |
| Bid-ask spread | Varies (1–5¢ typical) | Varies (1–10¢+) | Varies (Kalshi book) |
| Deposit — bank / ACH | Free | Free (bank transfer via fiat on-ramp) | Free |
| Deposit — credit / debit card | 2% (debit card / Apple Pay) | ~4–4.5% (MoonPay) | N/A |
| Deposit — crypto (USDC) | Free (USDC) | Free (Polygon USDC) | Free (USDC supported) |
| Withdrawal | Free (ACH) | Free (to wallet) | Free (to bank) |
| Inactivity fee | None | None | None |
| Account minimum | None | None | None |
Fees as of April 2026. Always verify current rates on each platform's official fee page before trading.
The Hidden Cost: Bid-Ask Spread
The bid-ask spread is the gap between the highest buy price and the lowest sell price. On prediction markets, that gap is often a bigger cost than any listed fee — especially in thin markets.
Liquid market (e.g. "Will the Fed cut rates?")
62¢
Best bid
63¢
Best ask
1¢ spread
Low cost
Thin market (e.g. niche weather contract)
45¢
Best bid
55¢
Best ask
10¢ spread
Expensive
A 10¢ spread on a 50-contract position costs $5.00 — far more than Kalshi's ~$0.88 trading fee on the same 50-contract trade at 50¢. Check the order book before you place a market order.
Fee Calculator
200 contracts × 50¢ = $100 position
Kalshi trading fee
$3.50
3.5% of position
Polymarket (crypto deposit)
~$4.00
~4.0% spread cost est.
Polymarket (CC deposit)
~$8.00
~8.0% incl. ~4% MoonPay deposit
Spread cost here is estimated at ~2¢ per contract for a liquid market. Actual cost depends on market depth and your order type.
Example trades:
Small trade
$10 position at 60¢ (17 contracts)
Medium trade
$50 position at 45¢ (111 contracts)
Large trade
$200 position at 70¢ (286 contracts)
Very large trade
$1,000 position at 55¢ (1818 contracts)
Platform-by-Platform Fee Details
Kalshi
Trading fee: Kalshi uses a formula-based fee on entry only (sell/exit is free): 0.07 × P × (1 − P) per contract. The maximum is 1.75¢/contract at a 50¢ price. At 30¢ it's about 1.47¢; at 10¢ it's about 0.63¢. There is no fee to exit or settle. Politics and policy markets are free.
In plain English: Fees are highest when the market is near a coin flip and lower for longshots or near-certainties. The important part: the fee tops out below 2 cents per contract.
Deposits: Free via ACH bank transfer (1–3 business days). Debit card and Apple Pay deposits carry a 2% fee. No wire transfer or instant deposit publicly listed.
Withdrawals: Free via ACH. Processing takes 1–3 business days.
Fee behavior: Because the formula is price × (1 − price), fees are highest at the 50¢ midpoint and approach zero as contracts become very cheap or very expensive. A 90¢ "almost-certain" contract costs ~0.63¢ to enter. Kalshi also earns 3.75–4% APY on your cash balance and open positions.
Polymarket
Trading fee: On many markets, the main cost is still the spread between bid and ask. Polymarket uses a central limit order book where makers and takers trade directly.
In plain English (as of March 30, 2026): Polymarket now charges taker fees across most major categories. Geopolitics remains free. If you place limit orders and get filled as a maker, you can avoid those fees and may receive a rebate.
Deposit fees: Credit/debit card deposits incur a ~4–4.5% fee via MoonPay (third-party ramp; Polymarket itself charges nothing). Crypto deposits (USDC on Polygon) are free. This is the biggest cost gotcha on Polymarket.
Market-specific fees (as of March 30, 2026): Polymarket expanded taker fees to all major categories: Crypto up to 1.80% at 50¢, Sports up to 0.75% at 50¢, Politics/Finance/Tech up to 1.00%, Economics up to 1.50%, Culture up to 1.25%. Geopolitics/world events remain fee-free. Maker orders receive rebates on fee-enabled markets.
On the US-regulated venue (Polymarket US / QCX LLC): probability-based taker fees peaking at 0.75% for sports near 50/50 odds. Makers receive a 25% rebate on sports markets. Near-certainty contracts cost far less than the peak rate.
Withdrawals: Free to withdraw USDC to an external wallet. Converting USDC back to USD incurs exchange fees on whichever service you use.
Limit orders: You can place limit orders to avoid the spread entirely. If your limit order fills at your exact price, your only cost is the deposit fee (if any).
Robinhood
Trading fee: $0.02/contract ($0.01 RH + $0.01 Kalshi) on every trade (buy and sell). This is a flat fee regardless of contract price. Robinhood's event contracts are powered by Kalshi's CFTC-regulated DCM + DCO (Designated Contract Market and Derivatives Clearing Organization) exchange.
In plain English: Two cents per contract, every time you buy or sell. Simple and predictable. Buy 100 contracts = $2.00 fee. Sell them later = another $2.00. Total round trip = $4.00.
Deposits: Free via linked bank account. Instant deposits available for Robinhood Gold members.
Price transparency: Robinhood shows the all-in price you will pay. Prices can differ slightly from Kalshi's native interface, so it is worth comparing before you trade.
Market coverage: Robinhood offers only a subset of Kalshi's markets, not the full catalog.
Distribution App Fees
Several major apps offer prediction markets through regulated exchanges. Their fee structures differ from the exchanges they route through.
FanDuel Predicts
CME Group-powered2% of potential payout at checkout. Same 2% fee re-applied on early cash-out. Available in states without legal sports betting.
In plain English: FanDuel takes 2% of what you could win, charged upfront. If you could win $50, they take $1 before the bet even starts.
DraftKings Predictions
CME Group-powered$0.01/contract per side + CME exchange fees (~$0.02+ round trip). Available in 38 states as of April 2026 (sports contracts limited to states without a DraftKings Sportsbook license).
In plain English: A penny when you buy, a penny when you sell, plus a small exchange fee from CME Group.
PrizePicks Predict
Kalshi-poweredFollows Kalshi fee structure. Culture Picks: 48 states + DC; Team Picks (sports): 35 states + DC (as of April 2026).
In plain English: Same formula as Kalshi — max 1.75¢/contract at 50/50 odds, scales down for longshots and favorites. Two cents per contract, entry only. 100 contracts at 50¢ = $1.75 in fees.
Coinbase
Kalshi-poweredFollows Kalshi fee structure. Available in most states (Nevada civil action ongoing; court granted orders against Coinbase and other platforms).
In plain English: Same formula as Kalshi — max 1.75¢/contract at 50/50 odds, free on politics/policy markets. Buying 100 contracts at 50¢ costs $1.75 in fees. No exit fee.
When Each Platform Is Usually Cheapest
Kalshi wins when:
- Larger positions on liquid markets, where the effective fee stays manageable
- You want fee math that's easy to understand upfront
- You deposit via bank transfer (free)
Polymarket wins when:
- You already have USDC (free deposit)
- You use limit orders to avoid spread
- Markets where Polymarket's all-in cost ends up lower than Kalshi's
Robinhood wins when:
- You already use Robinhood for stocks
- You want one app for all trading
- Simplicity matters more to you than absolute lowest cost
How to Minimize Fees
Use limit orders on Polymarket
Market orders cross the spread. Limit orders let you set your price and can sharply reduce trading cost if you get filled.
Deposit via crypto on Polymarket, not credit card
A $200 credit card deposit can cost about $7 in processing fees. Sending USDC from an exchange is usually much cheaper.
Kalshi fees are lowest on extreme-probability contracts
Kalshi's fee formula means contracts near 5¢ or 95¢ carry very small fees (~0.33¢/contract). Fees peak at 1.75¢ for 50¢ contracts.
Check the order book before market ordering
If the spread is 8¢+ on Kalshi or Polymarket, consider a limit order instead. Thin books can fill at terrible prices.
Compare all-in cost, not just the fee label
"Zero commission" does not mean zero cost. Look at spread, deposit fees, and withdrawal friction together.
Complete Platform Fee Directory
Every prediction market platform's fee structure in one place. Data sourced from official platform documentation.
| Platform | Regulation | Trading Fees | ||
|---|---|---|---|---|
| CFTC Licensed Exchanges | ||||
| Crypto.com | CDNA DCM + DCO | $0.02/contract ($1 markets), $0.20/contract ($10 markets); tech fee waived on wins | ||
| Gemini Predictions | CFTC DCM (Gemini Titan LLC) | 0.05% taker / 0.01% maker | ||
| Interactive Brokers | CFTC DCM (ForecastEx) | — | ||
| Kalshi | CFTC DCM + DCO | ≤1.75¢/contract (formula-based) | ||
| Polymarket | CFTC DCM (via QCX LLC) | Sports 0.75% peak; Crypto 1.80% peak; Politics/Finance/Tech 1.00%; most fee-free at extremes | ||
| CFTC Wrapper Platforms | ||||
| Coinbase | Via Kalshi (CFTC DCM) | — | ||
| Fanatics Markets | CFTC DCM (via CDNA) | — | ||
| Novig | CFTC DCM pending | — | ||
| OG Predictions | Via CDNA (CFTC DCM) | $0.02/contract (open + close) | ||
| Plus500 | Via Kalshi + CME | Via Kalshi (B2C); clearing partner (B2B) | ||
| PrizePicks | CFTC FCM | — | ||
| ProphetX | Sweepstakes; DCM/DCO pending | — | ||
| Robinhood | CFTC FCM + Rothera DCM pending | $0.02/contract ($0.01 RH + $0.01 Kalshi) | ||
| Sleeper Markets | FCM via Kalshi (CFTC DCM) | ~$0.02/contract total | ||
| Underdog | CFTC FCM + DCM/DCO | $0.02 per contract (flat fee, built into entry price) | ||
| Webull | Via Kalshi (CFTC DCM) | — | ||
| Sports-First Platforms | ||||
| DraftKings | CFTC IB via CME DCM | $0.01/contract/side + exchange fees (~$0.02+ round-trip) | ||
| FanDuel Predicts | CFTC via CME Group | 2% of potential payout at checkout | ||
| Sporttrade | State licenses; DCM pending | — | ||
| Other / Pending | ||||
| Metaculus | Not regulated (no real money) | Free | ||
| PredictIt | CFTC No-Action Letter | 10% profit fee + 5% withdrawal | ||
Showing 21 of 21 platforms · Fees change; verify on each platform's site.
Frequently Asked Questions
Ready to trade?
Now that you know what each platform charges, pick the one that best fits how you trade.
Last updated: April 2026. Fee structures change, so verify details on each platform's official site.