Welcome to the InGame guide to prediction market fees. Understanding prediction market fees is essential for anyone interested in trading on the top platforms. Each platform uses its own fee structure that can affect your overall costs and potential returns.
As you buy and sell shares tied to future events, you could encounter fees tied to per-contract trading, settlement, closing, and transactions. This comprehensive guide to prediction market fees breaks down how it all works and what traders should know before trading.
What are prediction markets?
Prediction markets are platforms where you can trade contracts tied to real-world outcomes. Contracts, typically priced between $0.01 and $1, are bought and sold based on the likelihood of an event occurring. The price represents the market’s consensus probability. When the outcome is determined, winning contracts pay out $1 and losing contracts expire at zero.
You can trade sports contracts on prediction market platforms. However, the structure is different from a traditional sportsbook and more closely resembles financial trading. Users can enter or exit positions at any time before settlement, allowing them to lock in gains or limit losses. Sportsbook wagering is based on fixed odds and predetermined payouts.
Prediction market prices move dynamically as information changes, acting as a live market as opposed to a standard betting line. Trading activity reflects real-time sentiment, liquidity, and news. This market-driven environment offers more flexibility than traditional betting but also introduces additional considerations, like fees, which can impact overall returns.
How prediction market trading works
Prediction market trading works similarly to a financial exchange. The price of a contract reflects the estimated probability that an outcome will occur. A contract trading at 55 cents implies a 55% chance of the event happening. Traders can place market orders, which fill immediately at the best available price, or limit orders, which execute only at a specified target.
After buying a contract, you can enter or exit the position at any time before settlement. If prices move in your favor, you can sell to lock in a gain. You can exit early to reduce losses if the opposite happens. Prediction markets provide more flexibility than a traditional sportsbook, where early cash-out offers are never guaranteed.
Settlement occurs when the event resolves, with winning contracts paid out at $1 and losing contracts expiring at zero. Before trading any contract, take the time to review the rules and settlement procedures. For sports, it tends to be straightforward and based on the result, but other markets may rely on outside data sources.
Prediction market exchanges
The number of prediction market exchanges has been steadily expanding. That’s only expected to continue as several new platforms are expected to enter the arena. Below, we take a look at the top prediction market exchanges that are available today.
All information accurate as of January 2026. This section will be regularly updated.
Kalshi
Kalshi is a CFTC-regulated exchange where users can trade real-money contracts tied to real-world outcomes. For sports, contracts are available for all the major leagues and events. You can trade on game winners, spreads, totals, player props, and season-long markets, such as the winners of the NFL MVP award and the college football national championship.
Where it’s available: Kalshi is available in all 50 states and every US territory.
Polymarket
Polymarket is a prediction market platform that operates on blockchain infrastructure and supports crypto wallets through a variety of exchanges. It recently returned to the U.S. following its acquisition of QCEX, a CFTC-regulated exchange and clearinghouse. Trading is available across a wide range of sports, including the NFL, NBA, PGA, and UFC.
Where it’s available: Polymarket is slowly resuming operations across the U.S, rolling out access to those on the wait list.
Fanatics Markets
Fanatics Markets debuted in December 2025. It’s the prediction markets arm of Fanatics, a leading US sportsbook and global sports merchandising giant. Fanatics operates as an introducing broker here, with sports contract pricing provided by Crypto.com. Once signed up, users can use a shared wallet across the Fanatics ecosystem.
Where it’s available: AK, AL, CA, DE, FL, GA, HI, ID, ME, MN, MS, NE, NH, NM, ND, OK, OR, RI, SC, SD, TX, UT, WA, WI
Underdog Predict
Underdog Predict is a prediction market offering from the fantasy sports giant. It launched in September 2025 following a deal with Crypto.com. Trading is available for major sports, including the NFL, NBA, MLB, and college football. You can buy and sell contracts on game outcomes, spreads, totals, and a range of player markets, such as touchdowns scored.
Where it’s available: AK, AL, AR, CA, FL, GA, KS, MN, NE, NM, ND, OK, OR, RI, SC, SD, TX, UT, VA, VT, WI, WY, DC
PrizePicks
PrizePicks launched its prediction markets offering in November 2025. Its subsidiary, Performance Predictions II, LLC, has received approval as a Futures Commission Merchant. PrizePicks currently offers TeamPicks and CulturePicks via partnership with Kalshi. On the sports side, you can trade on outcomes for the NFL, NBA, UFC, boxing, and more.
Where it’s available: Team Picks is available in AK, AL, AR, GA, HI, ID, MS, MT, NE, OK, OR, SC, SD, TX, WA, DC
Robinhood Prediction Markets
Robinhood Prediction Markets offers prediction market trading as part of its broader investing platform via a partnership with Kalshi. Users can trade real-money contracts tied to outcomes in sports and other real-world events. For sports, you’ll find markets for game winners, spreads, totals, and futures across major sports, such as the NFL, NBA, and NHL.
Where it’s available: Sports contracts are available in all states, except for MD, NV, & NJ.
Crypto.com
Crypto.com is a popular global cryptocurrency exchange that’s based in Singapore. It’s CFTC-regulated to offer prediction market trading and provides pricing for the offerings from Fanatics and Underdog. The platform currently offers game winner and futures contracts for football, basketball, and soccer, plus markets for upcoming UFC and boxing events.
Where it’s available: Available in all states except for NY
ForecastEx
ForecastEx is a CFTC-regulated derivatives exchange. It’s a subsidiary of Interactive Brokers, a multinational firm known for its trading platform and diverse product lineup. Trading is available across a broad range of categories, such as finance and economics. Sports contracts have been introduced, but offerings are currently limited to NFL and NBA game winners.
Where it’s available: All 50 states
More on prediction market fees
Prediction market exchanges use a variety of fee structures. The most common are per-contract trading fees, but other costs may apply, depending on the platform. Understanding fee structures and bottom-line impacts is imperative as you decide where you want to trade.
Below, we break down the most common prediction market fees you’ll encounter and compare what you’ll find across the major exchanges.
| Exchange | Trading fees | Settlement fees | Banking fees | Notes |
|---|---|---|---|---|
| Kalshi | Variable $0.01-$0.02 per contract, based on market price. Caps in place for 100 contract trades. | None | -Debit deposit: 2% -Debit withdrawal: $2 -Fees for wire transfers vary from bank to bank -Crypto deposits and withdrawals may have associated fees charged by a third-party payment processor | The fee formula varies by market price. No standalone settlement fee |
| Polymarket | Flat fee of 0.01 cents per $1 traded | None | Crypto network fees may apply | Banking transaction costs may vary depending on the method and blockchain. |
| Fanatics Markets | Variable $0.005–$0.02 per contract, determined by the price. The total fee combines a small trading fee with a technology fee on certain price bands. Caps in place for 100-contract trades. | None | -ACH and debit deposits: 2% fee -Wire deposit/withdrawal fees may vary by bank | Operates through Crypto.com Derivatives North America (CDNA) marketplace |
| Underdog Predict | Exchange fee of $0.02 per contract | None | None | Uses Crypto.com Derivatives North America (CDNA) for event-contract infrastructure |
| PrizePicks | Variable $0.005–$0.02 per contract, determined by the price. Service fees will only be applied when you submit an order, not applied to your payout if you hold until it reaches its predetermined closing date. | None | None | Markets powered through Kalshi's exchange infrastructure |
| Robinhood | $0.01 commission per contract bought or sold. $0.01 exchange fee | None | 1.75% fee for instant withdrawals | Offers prediction market trading via a partnership with Kalshi |
| Crypto.com | Exchange Fee is $0.02 on contracts valued at $1 or less. Waived for positions that settle in the money, no fees for trades that settle out of the money. | None | Crypto network fees may apply | CFTC-licensed Designated Contract Market |
| ForecastEx | $0.01 per contract. Included in the price and charged when the contract is closed. | None | Wire deposit/withdrawal fees may vary by bank. | Forecast contracts use a simple pricing model with a small built-in fee per contract |
Deciding where to trade
There are a few factors to consider before deciding where you want to trade. First, you’ll want to make sure the platform is available in your state. Some sites and apps are available across the nation, while others operate in a more limited number of markets.
Next, confirm that the markets you’re most interested in trading are available. You’ll also want to check the available banking options to confirm that there’s a funding method or two that will make it convenient for you to move money in and out.
Last but not least, factor in any fees that the platform charges, as this can have a direct impact on your bottom line. In a perfect world, you’ll find a few solid candidates that you can try out and get a feel for as you determine which platforms will be your preferred destinations.
Prediction market fees trading tips
Here are a few prediction market trading tips to help you minimize costs and make the most of your experience.
- Compare fee structures before signing up to trade. Platforms may charge per-contract trading fees, settlement fees, or withdrawal fees.
- Use limit orders to control entry costs. Market orders can fill at higher prices than expected. Limit orders help you avoid surprises or unexpected costs.
- Be mindful of position size. Larger positions can create more exposure to pricing gaps, while smaller trades often reduce the impact of volatility.
- Consider how long you plan to hold. Holding contracts until expiry isn’t always the best path. Sometimes, exiting early is the move to lock in profits.
- Track your total costs over time. Reviewing the fees you’ve been charged, order fills, and overall trading results helps you understand what’s working for you.
Prediction markets offer flexibility, but fees play a major role in shaping outcomes. By staying mindful of how each trade affects your bottom line, you can make smarter decisions and refine your approach as you gain experience.
Conclusion
Prediction markets continue to soar in popularity. They offer a flexible way to trade real-world outcomes, including game winners for major sports, select props, spreads, and totals, and season-long champions and award winners.
Kalshi and Polymarket are the biggest players, but new entrants are shaking things up. Fanatics Margets, Underdog Predict, and PrizePicks have all entered the space, and more entrants are expected soon.
As you decide where you want to trade, take the time to review not only available markets, but the fees attached to trades and banking. By having a full understanding of the costs involved, you can more confidently assess which platforms work for your bottom line.
