Which prediction market has the lowest fees?

On trading cost alone, Polymarket is usually cheapest because it charges no commission — you pay only the spread and small network gas. Kalshi adds a variable trading and settlement fee, and PredictIt is the most expensive with a 10% profit fee plus 5% on withdrawals.

Does Polymarket really charge no fees?

Polymarket has no per-trade commission, but it is not entirely free: you still pay the bid-ask spread on every trade and a small amount of Polygon network gas for on-chain transactions.

How does Kalshi calculate its trading fee?

Kalshi’s trading fee scales with the contract price and the number of contracts, so it is largest on contracts priced near 50¢ and smaller toward the extremes. A separate fee applies to settled winning contracts. The published schedule is built into the price you see.

Why is PredictIt more expensive?

PredictIt charges 10% of your net profit on each market and 5% on any money you withdraw. Those two cuts can easily outweigh a better headline price, especially if you win and cash out.

Do fees change the implied probability of a market?

Fees do not change the quoted price, but they change your break-even. After accounting for entry, settlement, and withdrawal costs, the effective probability you need to profit is higher than the raw price suggests — which is why comparing net cost across venues matters.

Compare · 5 min read

Prediction Market Fees Compared: Polymarket vs Kalshi vs PredictIt

Fees are the quiet drag on prediction-market returns. Two venues can quote the same 60¢ contract, but what you net after costs can differ — and the fee models are not directly comparable, so it pays to understand each one.

This guide breaks down how Polymarket, Kalshi, and PredictIt charge, then shows how to compare them on the trade you actually want to make.

The three places fees hide

Prediction-market costs show up in three places: a trading fee or spread when you enter, a settlement fee when a market resolves, and a withdrawal fee when you cash out. A venue can be cheap on one and expensive on another.

The headline "0% fee" claim usually refers only to trading. Always check settlement and withdrawal before deciding a venue is cheap.

Polymarket

Polymarket charges no explicit trading commission. Your costs are the bid-ask spread and Polygon network gas, which is typically small. There is no platform withdrawal fee, though moving funds off-chain via an exchange can carry its own cost.

Trading fee: none (you pay the spread).
Settlement fee: none.
Withdrawal: network gas only; no platform fee.

Kalshi

Kalshi charges a trading fee that scales with the contract price and quantity, plus a fee on settled winning contracts. The cost is highest on contracts priced near the middle of the range and smaller at the extremes. Bank withdrawals are generally free.

Trading fee: variable, based on price and number of contracts.
Settlement fee: applied to winning contracts.
Withdrawal: free bank transfers (subject to bank timing).

PredictIt

PredictIt is the most expensive of the three. It takes 10% of your net profit on a market and charges a 5% fee on withdrawals. Its markets are also capped in size, so it suits small political positions rather than serious volume.

Trading fee: none up front.
Profit fee: 10% of net winnings per market.
Withdrawal: 5% of the amount withdrawn.

Working out the cheapest venue for your trade

The only reliable comparison is on the specific trade. Take the quoted price on each venue, subtract the fees you would actually pay to enter and exit, and compare the net implied probability. A venue with a slightly worse price but lower fees can still win.

For frequent traders, the trading and settlement fees dominate; for someone making one big political bet and cashing out, PredictIt’s profit and withdrawal cut can swamp a better headline price.

Frequently asked questions

Which prediction market has the lowest fees?: On trading cost alone, Polymarket is usually cheapest because it charges no commission — you pay only the spread and small network gas. Kalshi adds a variable trading and settlement fee, and PredictIt is the most expensive with a 10% profit fee plus 5% on withdrawals.
Does Polymarket really charge no fees?: Polymarket has no per-trade commission, but it is not entirely free: you still pay the bid-ask spread on every trade and a small amount of Polygon network gas for on-chain transactions.
How does Kalshi calculate its trading fee?: Kalshi’s trading fee scales with the contract price and the number of contracts, so it is largest on contracts priced near 50¢ and smaller toward the extremes. A separate fee applies to settled winning contracts. The published schedule is built into the price you see.
Why is PredictIt more expensive?: PredictIt charges 10% of your net profit on each market and 5% on any money you withdraw. Those two cuts can easily outweigh a better headline price, especially if you win and cash out.
Do fees change the implied probability of a market?: Fees do not change the quoted price, but they change your break-even. After accounting for entry, settlement, and withdrawal costs, the effective probability you need to profit is higher than the raw price suggests — which is why comparing net cost across venues matters.

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