Kalshi Odds Calculator

Kalshi is a prediction market that charges 7.0% commission on net winnings. That changes what every price is worth: even money (2.00) becomes 1.930 after commission, and the win rate you need to break even rises to 51.81%. Everything below is computed at that rate.

Kalshi is a regulated US prediction market trading event contracts priced in cents. A contract pays $1.00 if the event resolves YES and nothing otherwise, so a YES contract at 63¢ is the market's way of saying 63%, and a NO contract on the same event trades near 37¢. The converter above turns either price into decimal odds, American odds and an implied probability, and reports the spread when you enter both sides.

How Kalshi pricing works

Because the price is a probability, converting is a division: decimal odds are 1 / price, so 63¢ is 1.587 and roughly -170 in American odds. YES and NO on a liquid market add up to about 100¢; the excess above 100¢ is the spread between the best bid and ask, which plays the role a bookmaker's margin plays. As on any order-book venue, the price you pay is the best ask, not the last trade, and on a thin market those can differ by several cents. Compare a Kalshi price with a sportsbook line by converting both to decimal odds, applying the fee on the Kalshi side, and taking the higher price on each side of the event separately.

Kalshi fees

Kalshi's trading fee is not a flat rate. It follows a curve that depends on the contract price and differs between markets, so the single share-of-profit figure used in the tables on this page is a rough stand-in for comparison with venues that do charge a flat commission, not Kalshi's schedule. Before relying on any number here, check the fee on the specific market you are trading in your own account and enter it in the calculator. Deposit, withdrawal and any maker or taker distinctions are outside the price and outside this page.

Kalshi and Polymarket on the same event

The two venues often list the same question, and the prices are set by different traders in different order books, so they disagree. A 63¢ YES on one and a 58¢ YES on the other is a five-point gap in probability, which is larger than most fee schedules; when the gap exceeds the spread and fees on both sides, buying YES where it is cheap and NO where it is cheap locks in a profit. The arbitrage calculator linked below takes a price from each venue with its own fee. Two things break the comparison: resolution rules that differ between the venues (read both before trading a gap), and the size available at the quoted price on each side.

How Kalshi commission works

Commission on net winnings is charged only when you win, as a percentage of the profit. The effective odds are 1 + (odds − 1) × (1 − rate). Losing bets pay nothing extra, so the loss side of the bet is unchanged. This is the model most exchanges use, and it means favourites lose less value to commission than outsiders do: a 1.20 shot at 7.0% is barely dented, while a 10.00 shot loses 7.0% of a much larger profit.

Backing at a bookmaker, laying at Kalshi

Kalshi does not offer lay bets, so the usual bookmaker-versus-exchange hedge is not available. The converter above turns a YES or NO price in cents into decimal and American odds and an implied probability, which is the quickest way to compare a Kalshi market with a bookmaker line. For a two-way arbitrage with Kalshi on one leg and a bookmaker on the other, open the arbitrage calculator pre-set to Kalshi; it applies Kalshi's fee to its leg.

Using Kalshi prices to find fair odds

Exchange prices are set by traders rather than by a bookmaker's margin, so after commission they are often close to the fair line. To use them that way, take both sides of a market, remove what little overround remains with the devig calculator pre-set to Kalshi, and compare the result with the bookmaker prices you are offered. A bookmaker price above the fair line is value.

Comparing Kalshi with other venues

The pairs listed at the bottom of this page each open an arbitrage calculator with Kalshi on one leg and another venue on the other, commission applied to both. They are the quickest way to see how much two venues must disagree before a position pays.

Regions and verification

Visit Kalshi

Kalshi lists US among its markets. Availability, licensing and commission all differ by country; the figures on this page are arithmetic, not a statement about what you can access where you live.

Frequently asked questions

How do I convert a Kalshi price to odds?

Divide one by the price in dollars for decimal odds: a 63¢ contract is 1 / 0.63 = 1.587, about -170 in American odds and a 63% implied probability. The converter above does it for both sides at once.

What fee does Kalshi charge?

Kalshi's trading fee depends on the contract price and differs between markets, so there is no single rate to quote. The flat figure on this page is a placeholder for comparison only; check the fee on the market you are trading in your own account.

Kalshi or Polymarket: which price is better?

Convert both to decimal odds, apply each venue's fee, and compare side by side. They frequently disagree in opposite directions, so the better venue can differ for YES and NO on the same event.

What commission does Kalshi charge?

The placeholder rate on this page is 7.0% on net winnings, last reviewed 2026-09-09. Rates vary by country, product and discount tier; confirm the figure in your own account.

What are the effective odds of 2.00 at Kalshi?

After 7.0% commission on net winnings, even money (2.00) is worth 1.930, and the break-even win rate rises to 51.81%.

Can I lay bets at Kalshi?

No. Kalshi does not offer lay bets, so hedges against a bookmaker use a back bet on the other outcome instead.