Kalshi payout calculator
This Kalshi payout calculator works out what an order costs, Kalshi's trading fee, what it pays if the contract settles your way, and your net profit if you're right or your loss if you're wrong, from the price and the number of contracts. A contract pays $1 if it settles your way and Kalshi charges no fee at settlement, so 100 contracts bought at 50¢ as a taker cost $50 plus a $1.75 fee, pay $100 if right for a net profit of $48.25, and lose $51.75 if wrong. Windmill's paper trading books the same fees on every fill: free on paper, no card.
Last updated: October 26, 2026
Enter a price and a number of contracts to see what the order costs, what it pays if you're right, the fee, and what you make or lose. Add a ticker to use that market's own fee settings, read live from Kalshi.
Calculate a payout
- Cost
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- Fee
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- Breakeven win rate
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- Payout if right
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- Net profit if right
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- Loss if wrong
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Calculating…
Fees as of July 7, 2026, the effective date of the Kalshi fee schedule we last verified. Held to settlement; trading fees only.
How a Kalshi payout works
Every Kalshi contract settles at $1 or at nothing. You buy YES if you think the event will happen and NO if you think it won't, at a price between 0 and $1. With C contracts bought at a price P:
- Cost = C × P.
- Fee = Kalshi's trading fee on the buy, charged when the order fills. For a taker it is round up(0.07 × C × P × (1 − P)) at the standard multiplier; the fee calculator has the formula in full.
- Payout if right = C × $1.
- Net profit if right = C × $1 − cost − fee.
- Loss if wrong = cost + fee. The contracts pay nothing, and the fee is not refunded.
Kalshi charges no fee at settlement, so the buy's fee is the only one on a contract you hold to the end. A contract bought at 30¢ makes 70¢ less its fee if right and loses 30¢ plus its fee if wrong.
Payout by price
100 contracts bought as a taker at the standard multiplier, held to settlement, the fee rounded as one fill:
| Price | Cost | Fee | Net profit if right | Loss if wrong |
|---|---|---|---|---|
| 1¢ | $1.00 | $0.0693 | $98.9307 | −$1.0693 |
| 5¢ | $5.00 | $0.3325 | $94.6675 | −$5.3325 |
| 10¢ | $10.00 | $0.63 | $89.37 | −$10.63 |
| 20¢ | $20.00 | $1.12 | $78.88 | −$21.12 |
| 25¢ | $25.00 | $1.3125 | $73.6875 | −$26.3125 |
| 30¢ | $30.00 | $1.47 | $68.53 | −$31.47 |
| 40¢ | $40.00 | $1.68 | $58.32 | −$41.68 |
| 50¢ | $50.00 | $1.75 | $48.25 | −$51.75 |
| 60¢ | $60.00 | $1.68 | $38.32 | −$61.68 |
| 70¢ | $70.00 | $1.47 | $28.53 | −$71.47 |
| 75¢ | $75.00 | $1.3125 | $23.6875 | −$76.3125 |
| 80¢ | $80.00 | $1.12 | $18.88 | −$81.12 |
| 90¢ | $90.00 | $0.63 | $9.37 | −$90.63 |
| 95¢ | $95.00 | $0.3325 | $4.6675 | −$95.3325 |
| 99¢ | $99.00 | $0.0693 | $0.9307 | −$99.0693 |
Each row pays $100 if right. The fee is the same at P as at 1 − P, so 100 contracts at 90¢ risk $90.63 to make $9.37, and at 10¢ they risk $10.63 to make $89.37: the same 63¢ fee, a very different share of the profit.
What the calculator assumes
It prices one buy as one fill and assumes you hold the contracts until the market settles. An order that fills in several pieces pays close to the same total fee; the fee calculator's rounding section explains why. Selling before settlement gets you the sale price instead of the $1 or nothing, and pays a second fee. With a ticker, it reads that market's fee type, multiplier and any fee waiver from Kalshi's public API, cached for up to an hour.
Questions
- How much does a Kalshi contract pay out?
- $1 if it settles your way and nothing if it does not. A YES contract pays $1 if the event happens; a NO contract pays $1 if it does not. Your profit is that $1 less what you paid for the contract and the fee.
- Does Kalshi take a fee from winnings?
- No. Kalshi charges its trading fee when an order fills, not at settlement, so a winning contract held to settlement pays the full $1. The fee you paid on the buy is part of what you risked, which is why the loss if wrong is the cost plus the fee.
- Does this work for NO contracts?
- Yes. Buying NO at a price costs and pays the same as buying YES at that price, so enter the NO price. The payout if right is $1 a contract either way.
- What if I sell before the market settles?
- Then you get the sale price instead of the $1 or nothing, and the sale pays a fee of its own by the same formula, so a trade you close early pays two fees. The calculator assumes you hold to settlement.
- Do maker orders pay a fee?
- Only on series that list maker fees; on most series a resting order that is filled later pays nothing. Choose Maker above, and add a ticker to use that series' own settings. The fee calculator explains when makers pay.
- Does Windmill's paper trading pay out the same way?
- Yes. A paper position settles when Kalshi settles the market, at Kalshi's settlement value, and every paper fill pays the fee this calculator shows: it runs the same fee code our paper trading engine books every fill with.