Prediction Market Fees: A Platform-by-Platform Breakdown

Last updated: April 28, 2026 | Last verified: April 28, 2026

Not all trades are created equal, or assessed fees equally. A $100 position on a 50/50 might cost $3.50 in fees on Kalshi, $2.50 on Polymarket, $4.00 on Robinhood, and functionally nothing on Novig. The same trade, but wildly different costs. And the gap gets even wider (or narrower) depending on the contract price.

Prediction market fees look small on paper. A penny here, two cents there. But they compound across dozens or hundreds of trades, and the way each platform calculates them produces real differences in your bottom line. Some platforms charge variable fees that take a bigger cut from 50/50 toss-ups, but reward high-conviction picks. Others use flat per-contract fees that ding longshot buyers hardest. A few charge nothing upfront but take a cut of your winnings. If you’re serious about prediction markets, understanding what you’re paying, and to whom, is imperative. Even if you’re a recreational trader looking to take a position here and there, it’s still valuable to know how different fee structures work.

This page breaks down every fee you will encounter on every major U.S. prediction market platform as of late April 2026, with real dollar examples and math behind them.

💰 Fee structures explained

Not every prediction market charges fees the same way. Before comparing platforms, you need to understand the three models in play, because the same dollar amount trades at dramatically different costs depending on the model.

Variable (probability-weighted) fees scale with how uncertain a contract is. Kalshi and Polymarket both use formulas tied to the contract price. The fee peaks at 50 cents (a true coin flip) and drops toward zero as the price approaches 0 or $1. The logic: it’s riskier to provide liquidity on uncertain outcomes, so the exchange charges more for those trades. If you’re buying a 90-cent favorite, the fee is a fraction of a cent. Buying at 50 cents where there is roughly equal probability on the outcome? You’re paying the maximum.

Flat per-contract fees charge the same amount regardless of where the contract is priced. Robinhood charges $0.02 per contract whether you’re buying at 5 cents or 95 cents. DraftKings charges roughly $0.02 per side. This looks clean on paper but creates an asymmetry: $0.02 on a 5-cent contract is a 40% fee relative to your cost basis. On a 95-cent contract, it’s 2%. Flat fees quietly punish longshot buyers.

Commission on winnings is the model used by sweepstakes exchanges like ProphetX (2% of net winnings) and, in a modified form, by Crypto.com’s technology fee on winning positions. You pay nothing if your trade loses. The upside is psychological simplicity: no fee unless you profit. The downside is that it’s harder to compare directly to per-contract models.

The difference between these models isn’t academic, though.

• On a $100 position at 50 cents, Kalshi’s variable fee costs about $3.50 total (100 contracts x $0.0175 x 2 sides).
• Robinhood’s flat fee costs $4.00 (100 contracts x $0.02 x 2).
• But flip the scenario to a $100 position at 90 cents: Kalshi’s fee drops to roughly $1.26, while Robinhood’s stays at $4.00. The model you’re trading under changes the math.

For a broader look at how prediction market fees compare to traditional sportsbook vig, we cover that separately.

📊 Master fee comparison

The table below is the most comprehensive prediction market fee comparison I could assemble as of late April 2026. Kalshi and Polymarket look nearly identical on paper, but the details (maker discounts, interest, deposit fees) create some separation. The Crypto.com ecosystem platforms (Fanatics, Underdog) share the same underlying fee structure. FanDuel and DraftKings both route through CME Group (for now) but charge differently: DraftKings takes a flat per-contract fee on every trade, while FanDuel only takes a cut when you win. And the sweepstakes exchanges operate in a different universe entirely.

*ForecastEx embeds its $0.01 fee in the spread (Yes + No = $1.01). No separate fee line item.

**FanDuel’s 2% fee is deducted from your potential payout at order placement but only collected if the market resolves in your favor. Losing trades incur no fee.

***Novig and ProphetX operate as sweepstakes platforms, not CFTC-regulated exchanges. Virtual currencies are used instead of USD. See the sweepstakes section below for details.

📈 The fee curve: why contract price matters

The single most important thing to understand about prediction market fees is that they aren’t flat. On Kalshi and Polymarket, your cost depends on where the contract is priced. A 50-cent contract (coin flip) costs roughly 3x more in fees than a 90-cent contract (heavy favorite). This is the opposite of how most people think about it, and it changes your trading strategy.

Kalshi’s formula is public: fee = 0.07 x price x (1 – price) per contract. At 50 cents, that’s 0.07 x 0.5 x 0.5 = $0.0175. At 90 cents, it’s 0.07 x 0.9 x 0.1 = $0.0063. The curve is a parabola, symmetric around 50 cents, meaning buying Yes at 80 cents costs the same as buying No at 20 cents. This is elegant and well-designed. It rewards conviction.

Polymarket’s U.S. exchange uses the same parabolic structure with a lower coefficient (0.05 vs. Kalshi’s 0.07), producing a max fee of $0.0125 at 50 cents. The global Polymarket platform (unavailable to U.S. users) uses category-specific rates that range from 0.03 (sports) to 0.072 (crypto), but U.S. users trade on the regulated DCM with a flat 0.05 coefficient.

Flat-fee platforms like Robinhood don’t have this curve at all. Your $0.02 per contract is the same whether you’re buying a 5-cent longshot or a 95-cent lock. That simplicity comes at a cost: on longshots, flat fees eat a big percentage of your position.

💵 What does a $100 trade actually cost?

Theory is fine. But let’s put real dollars on it. The table below shows the total fee you’d pay on a $100 position at three different contract prices across the major platforms. This includes the buy-side fee only (since you might hold to settlement). If you sell early, roughly double these numbers.

The pattern is clear. Polymarket is cheapest for takers across the board. Kalshi is close behind and becomes competitive when you factor in maker discounts and interest. Flat-fee platforms (Robinhood, DraftKings, Crypto.com family) are most expensive at the 50-cent midpoint and maintain a consistent drag at all price points. ForecastEx is surprisingly cheap in absolute terms, though its market catalog is much narrower.

I should note one thing I couldn’t fully confirm: how Crypto.com’s technology fee stacks on $10 and $100 contracts when the position settles as a winner. The exchange fee is consistent at about $0.02 per contract for $1 tiers, but winning $10 and $100 contracts appear to incur an additional technology fee ($0.10 and $1.99 respectively).

Platform-by-platform breakdown

⭐ Kalshi

Kalshi’s fee formula has been stable since launch: taker fee = 0.07 x P x (1-P) per contract, where P is the contract price. Maker fees are exactly 25% of the taker fee. The maximum taker fee is $0.0175 per contract at 50 cents. There is no settlement fee, no membership fee, and no inactivity fee.

What sets Kalshi apart from other platforms is the combination of low fees at extreme prices and interest earned on your balance. Your deposited funds (including money in open positions) earn approximately 3.25% APY. That’s meaningful. If you keep $1,000 on the platform and trade actively, the interest income can offset a substantial portion of your trading fees over a year. And if you have some long-term open positions (thus locking up funds), that’s a help too.

Deposit fees: ACH and wire transfers are free. Debit card deposits carry a 2% processing fee. Crypto deposits are free on Kalshi’s side, though blockchain network fees may apply. Withdrawals follow the same pattern: free for ACH, 2% for debit card.

The reduced fee schedule for S&P 500 and NASDAQ-100 markets (half the standard coefficient at 0.035) is a nice touch for financial traders, though most sports-focused users won’t encounter it.

For more detail on the platform itself, see our full Kalshi review.

Polymarket

Polymarket’s fee story has changed dramatically in 2026. Through most of 2025, the global platform charged zero fees. That era appears to be over. As of early 2026, Polymarket charges category-tiered taker fees on nearly every market.

The U.S. regulated exchange (which operates through Polymarket’s acquisition of CFTC-licensed QCEX) uses a taker coefficient of 0.05, producing a max fee of $0.0125 per contract at 50 cents. The maker rebate coefficient is 0.0125 (25% of taker fees), meaning makers actually get paid to provide liquidity. There’s also a temporary 50% taker rebate applied weekly on all trades, running through at least April 30, 2026.

The global platform (for non-U.S. users) uses a different, category-based structure: crypto markets peak at 1.80%, sports at 0.75%, politics at 1.00%. Only geopolitics markets remain free. U.S. readers trade on the regulated DCM, so the flat 0.05 coefficient applies regardless of category.

No deposit or withdrawal fees on the platform itself. But because Polymarket runs on blockchain infrastructure (Polygon network), users who fund via fiat on-ramps like MoonPay or Coinbase may pay 1-4.5% in third-party processing fees. Direct USDC transfers from an existing wallet avoid this entirely.

For the full platform breakdown, see our Polymarket review.

Robinhood

Robinhood keeps it simple: $0.02 per contract, split between a $0.01 exchange fee (paid to Kalshi, which provides the underlying exchange infrastructure) and a $0.01 Robinhood commission. You pay this when you buy and again if you sell before settlement. Hold to settlement and you only pay once.

The simplicity is the selling point. No formulas, no tiers, no guessing. The tradeoff: you cannot place limit orders to capture maker discounts like you can on Kalshi directly. Every Robinhood trade is effectively a taker order. And you don’t earn interest on your deposited funds within the prediction markets product, though Robinhood’s broader cash sweep program may apply to your overall account.

Deposits and standard withdrawals are free. Instant withdrawal processing carries a 1.75% fee. Sports contracts are restricted in Maryland, New Jersey, and Nevada.

If you’re already a Robinhood user, the convenience of trading prediction markets alongside stocks and crypto in one app is real. But if you’re a dedicated prediction market trader, you’re paying more per trade and getting fewer tools than you would on Kalshi directly. The $0.02 flat fee is more expensive than Kalshi’s taker fee at any contract price above 78 cents or below 22 cents.

ForecastEx (Interactive Brokers)

ForecastEx is the quietest bargain in prediction markets. The only fee is $0.01 per contract, embedded directly in the pricing. When two sides of a trade are matched, Yes + No = $1.01. That penny is the total fee, split between both parties. There are no additional exchange fees, clearing fees, brokerage fees, or commissions at Interactive Brokers.

On top of that, ForecastEx positions earn a 3.14% APY incentive coupon that accrues daily and pays monthly. You’re getting paid to hold positions. Nice.

The catch is market selection. ForecastEx’s catalog focuses heavily on economics (CPI, Fed rate decisions, unemployment), climate, and some politics. Sports markets have been added but are currently limited to NFL and NBA game winners. If you trade economic events, ForecastEx is hard to beat on cost. If you want deep sports coverage, you’ll need another platform.

Crypto.com

Crypto.com uses a two-part fee structure through its Derivatives North America (CDNA) exchange. For $1 contracts (the standard tier for most sports and events), the exchange fee is approximately $0.02 per contract. The technology fee is waived for $1 contracts. For $10 contracts, the exchange fee is $0.10, plus a $0.10 technology fee on winning settlements. For $100 contracts, exchange fees scale up and a $1.99 technology fee applies to winners.

The technology fee on winning positions is unusual in this space and adds a hidden cost that doesn’t show up in simple fee-per-contract comparisons. If you’re trading on $10 or $100 contract tiers, the all-in cost on a winning trade is materially higher than on competing platforms.

No deposit or withdrawal fees. Available in all states except New York. Sports contracts restricted in several additional states (NV, OH, MI, MD, MA, IL).

Fanatics Markets

Fanatics Markets operates as an introducing broker to Crypto.com’s CDNA exchange (for now). The fee structure mirrors Crypto.com’s: approximately $0.02 per contract on $1 tiers, with fees ranging from $0.0034 to $0.02 depending on contract price, rounded up to the nearest cent. In practice, most trades will cost $0.02.

Deposit fees: 2% on debit card and Apple Pay. ACH transfers are free. Wire deposits are free but require a $1,000 minimum. No withdrawal fees, though wire withdrawals require a $10,000 minimum.

Fanatics is currently running a rebate program (April 15 through May 14, 2026) that returns a portion of transaction fees as nonwithdrawable trading credit. Profits earned from trading with rebate credit are withdrawable. It’s a decent sweetener for active traders during the promotional window.

Available in 24 states: 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 also routes through Crypto.com’s CDNA exchange (for now). The fee is a flat $0.02 per contract. Some sources report an additional $0.10 exchange fee per contract, but this wasn’t consistent across my research and may apply only to specific contract tiers or trade sizes.

No deposit or withdrawal fees. Deposits are limited to debit cards (including Apple Pay) and Trustly bank transfers. Withdrawals can be made to debit card, PayPal, Venmo, or Paysafe. An inactivity fee of $4 per month kicks in after 18 months of no activity.

Available in 23 states plus DC. The state list is narrower than Kalshi or Polymarket.

PrizePicks Predict

PrizePicks routes contracts through its partnership with Kalshi. Service fees range from $0.005 to $0.02 per contract, charged on both buy and sell orders. If you hold a contract to settlement, no fee applies at resolution. This makes PrizePicks one of the cheaper options for buy-and-hold traders who don’t plan to exit early.

The platform displays contracts using payout multipliers rather than dollar prices, which can make fee comparisons harder. A “2.5x” payout on PrizePicks corresponds to roughly a 40-cent contract on Kalshi, and the fee math follows Kalshi’s underlying structure.

Culture Picks are available in 48 states. Team Picks (sports) are available in a smaller subset. No deposit or withdrawal fees.

DraftKings Predictions

DraftKings charges $0.01 per contract per side (buy and sell), plus a $0.01 per side exchange fee from CME Group, which provides the underlying exchange infrastructure. That’s $0.02 per side or $0.04 round trip if you buy and sell before settlement.

The market catalog at launch is limited: sports (NFL, NBA, NHL, college), financial markets (S&P 500, Bitcoin, Ethereum), and some economics. DraftKings acquired Railbird Exchange in late 2025 for up to $250 million and plans to integrate Railbird’s CFTC-licensed exchange to expand market depth and improve economics. Once Railbird is fully integrated, fees and market variety may change. For now, DraftKings Predictions is a clean, beginner-friendly interface.

Available in 38 states. Sports contracts are restricted in states where DraftKings already holds a sportsbook license.

🎰 Sweepstakes exchanges: Novig and ProphetX

Novig and ProphetX operate differently from every platform listed above. They are not CFTC-regulated prediction markets. They run on sweepstakes models with virtual currencies (Novig Coins/Cash and Prophet Points/Cash). But they function like peer-to-peer exchanges, and from a fee perspective, they’re among the cheapest options available.

Novig charges zero commissions to retail users! The platform generates revenue by charging fees to institutional participants and market makers on the exchange. The “no vig” name is the entire pitch: you trade against other users at exchange-driven odds without the house taking a cut from your side. Novig raised $75 million in a February 2026 Series B at a $500 million valuation, so the model has institutional backing. Sports only (NFL, NBA, MLB, NHL, NCAA, UFC, soccer, golf). Available in 35+ states. Must be 21+.

ProphetX takes 2% of your net winnings per market. If your trade loses, you pay nothing. The fee only applies to profitable outcomes. Sports only, with solid coverage of major U.S. leagues plus golf, tennis, NASCAR, and soccer. Available in ~38 states but excluded from AZ, CA, CT, ID, LA, MI, MT, NV, NJ, NY, TN, WA.

Both platforms have filed paperwork to transition to CFTC-regulated event contracts. If approved, they would operate on the same legal footing as Kalshi, potentially expanding to all 50 states and dropping the sweepstakes model entirely. Worth watching, but for now the regulatory distinction is notable: your funds on these platforms don’t have the same federal protections as on a CFTC-regulated exchange.

🔍 Hidden costs beyond trading fees

The fee schedule only tells part of the story. Several costs don’t appear on any comparison table but affect your actual returns.

Deposit fees. A 2% debit card deposit fee (Kalshi, Fanatics) turns your $100 deposit into $98 before you’ve placed a single trade. Over multiple deposits, this adds up. ACH transfers are free on every platform and should be your default funding method.

Bid-ask spread. The gap between the best buy and sell price on any contract is an implicit cost. On liquid markets with lots of activity (major sports, high-profile politics), spreads are tight, often 1-2 cents. On thin markets (niche entertainment, obscure weather), spreads can be 5-10 cents or more. A wide spread costs you more than any fee ever will.

Opportunity cost of idle cash. Money sitting in a Polymarket or DraftKings account earns nothing. The same money on Kalshi earns ~3.25% APY. On ForecastEx, it earns 3.14% APY. If you keep $2,000 parked across platforms, the difference between earning interest and not earning interest over a year is $60-80. That’s real money that never shows up on a fee schedule.

Third-party on-ramp fees. Polymarket users who buy USDC through MoonPay, Coinbase, or similar fiat gateways may pay 1-4.5% in processing fees before their money even reaches the platform. Direct wallet transfers avoid this, but not every user has a crypto wallet ready to go.

🔄 Maker vs. taker: why order type matters

If you trade on Kalshi or Polymarket, the distinction between maker and taker orders is the single biggest lever you have for reducing fees.

A taker order (market order) fills immediately at the best available price. You pay the full taker fee. A maker order (limit order) rests on the order book until someone else matches it. You pay a reduced fee, or on Polymarket, no fee at all plus a rebate.

On Kalshi, the maker fee is 25% of the taker fee. At a 50-cent contract, that’s $0.0044 per contract vs. $0.0175. Over 100 round-trip trades of 100 contracts each, the difference is roughly $262 per month. That is not trivial.

On Polymarket’s U.S. exchange, makers pay zero and receive a rebate (0.0125 coefficient). Placing a limit order that gets filled doesn’t cost you anything; it pays you. This creates a strong incentive to trade patiently rather than crossing the spread.

Flat-fee platforms like Robinhood and DraftKings don’t distinguish between maker and taker orders. You pay the same $0.02 whether you hit the market price or place a limit. This simplifies things but removes a tool that experienced traders use to manage costs.

📋 Tips for minimizing fees

1. Use limit orders on Kalshi and Polymarket. The maker discount on Kalshi is 75%. On Polymarket, makers pay nothing and earn rebates. This alone can cut your trading costs by more than half.
2. Fund via ACH, not debit card. A 2% deposit fee on Kalshi and Fanatics turns every $500 deposit into $490. ACH takes a day or two longer but costs nothing.
3. Trade high-conviction contracts when possible. On variable-fee platforms, contracts near 0 or $1 carry almost no fee. If your edge is on near-certainties, the fee structure works in your favor.
4. Hold to settlement when practical. Some platforms (PrizePicks, Robinhood) charge a fee on both the buy and the sell. If you hold to settlement, you only pay once. Early exits double your fee load.
5. Park cash where it earns interest. Kalshi pays ~4% APY. ForecastEx pays 3.14%. If you keep money on the platform between trades, choose one that pays you for the privilege.
6. Batch deposits instead of funding in small increments. This applies particularly to debit card users facing percentage-based fees and to Polymarket users dealing with blockchain on-ramp costs.
7. Track your all-in costs, not just the listed fee. Spread, slippage, deposit fees, and opportunity cost on idle funds all factor into your real cost per trade. A platform with a lower listed fee but wider spreads and no interest on deposits can end up more expensive.

Frequently asked questions

🛡️ Responsible trading

Prediction markets involve real financial risk. Contracts can and do settle at zero, meaning you lose your entire position. Fees reduce your returns on winning trades and increase your losses on losing ones. Never trade with money you cannot afford to lose.