Kalshi Guide: Contracts, Fees, Orders and Research Tools
Understand Kalshi event contracts, general and market-specific fees, order-book execution and the tools available for public data research.
Kalshi event contracts let eligible users trade defined outcomes. This guide focuses on binary event contracts, not the separate perpetual-futures product. Start with the contract rules and the actual order quote rather than a general description of the exchange.
Understand the contract before the price
A standard winning binary outcome pays $1 per contract and a losing outcome pays zero. Read the market’s settlement source, deadline, time zone and exceptional cases. An event title alone is not a complete definition.
Public market information does not establish account eligibility. Review current account, jurisdiction and product restrictions on the official venue.
Compare executable orders
Inspect the spread and depth for your intended size. A resting limit order may not fill; an immediately matching limit order can take liquidity. Check partial fills and any remaining open quantity.
The last price and a midpoint summarize activity, but neither guarantees a fill. Use an expected average execution price in scenario calculations and compare it with the final order review.
Fees vary by series and order role
The July 7, 2026 general event-contract schedule uses a price-dependent taker fee with a 0.07 coefficient and a series multiplier. Some series also charge maker fees. Special products and intermediaries can have different schedules.
For 100 contracts at 50¢ with a general multiplier of 1, the published taker example is $1.75. The current API documentation distinguishes direct-member and non-direct-member balance precision; our calculator supports both and accepts manual fees. The actual order quote takes precedence for your transaction.
Separate outcome risk, liquidity and funding
For a purchased binary position without leverage, the contract cost and associated costs determine the scenario’s maximum cash loss. Early sale depends on available counterparties. Waiting for resolution ties up capital until the venue’s process completes.
Funding costs depend on the payment route. Do not transfer assumptions about event contracts to perpetual futures, margin, combos or another product.
Research with public data first
Kalshi documents public REST endpoints for market and event data. They are useful for learning the data model without an API key or trading permissions. Cursor pagination, decimal fields and separate historical endpoints need attention.
Use the read-only API tutorial or compare Kalshi research and data tools. An API integration is not a tested trading strategy.
Compare venues on the same contract
Compare the exact event definition, depth, fees and available funding methods. Polymarket international and Polymarket US are distinct products, so a two-brand comparison can hide important differences.
Read the three-product comparison and use the calculator below to model a specific purchase and exit. Keep your forecast probability separate from the market’s price.
Frequently asked questions
Are all Kalshi limit orders free?
No. An immediately matching order can take liquidity, and some series charge maker fees on executed resting orders. Check the applicable schedule and order quote.
Sources & references
Primary sources used for the figures, mechanics, and regulatory statements in this guide. Where a fact is time-bound, the source date is shown — verify the latest version before relying on it for trading or compliance decisions.
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