How a Kalshi price works
A Kalshi event contract pays $1 if the outcome happens and nothing if it doesn’t. The price is what you pay for that $1. Buy “Yes” at 60¢ and you risk 60¢ to win 40¢. Buy “No” on the same contract and you pay the other side, around 40¢, to win 60¢.
That is the same trade as a sportsbook bet, just quoted differently. A sportsbook says “−150”: risk $150 to win $100. Kalshi says “60¢”: risk 60¢ to win 40¢. Both are a 1.5-to-1 favorite’s price.
Converting cents to American odds
P > 50¢: odds = −100 × P / (100 − P)
So 40¢ is +150, 50¢ is even money (+100), 60¢ is −150 and 75¢ is −300. Going the other way, a sportsbook price converts to cents the same way it converts to an implied probability: −110 is 110 / 210 = 52.38¢, and +150 is 100 / 250 = 40¢.
What fees do to the price
The headline price is not what you pay. Kalshi’s published general taker fee is:
The fee is largest near 50¢ and shrinks toward the extremes. Here is what it does to ten contracts at the 7% rate:
| Price | Odds before fee | Fee (10) | All-in per contract | Odds after fee |
|---|---|---|---|---|
| 25¢ | +300 | $0.14 | 26.4¢ | +279 |
| 40¢ | +150 | $0.17 | 41.7¢ | +140 |
| 50¢ | +100 | $0.18 | 51.8¢ | −107 |
| 60¢ | −150 | $0.17 | 61.7¢ | −161 |
| 90¢ | −900 | $0.07 | 90.7¢ | −975 |
Because the fee is rounded up per order, one contract at 60¢ pays a 2¢ fee, which is about −163. A hundred contracts pay $1.68, about −161.
Comparing Kalshi with a sportsbook
To compare fairly, compare the all-in prices. A sportsbook’s −110 already includes its margin, and you need to win 52.38% of the time to break even. A Kalshi contract has to cost less than that after fees to be the better price.
At the 7% rate, a Kalshi contract beats −110 only at 50¢ or less. At 51¢, the fee brings the all-in cost to about 52.8¢, a worse price than −110. At 50¢, it is about 51.8¢, roughly −107.
Make sure you are comparing the same bet, too. Kalshi contracts settle under their own rules, which can differ from a sportsbook’s house rules. Some NFL contracts pay 50¢ on a tie, for example, where a sportsbook moneyline would push and refund your stake. Read the contract’s rules before you treat the two as interchangeable. Our rules guides for the NFL, MLB, NBA and NHL cover the sportsbook side.
Taker and maker orders
This calculator estimates the taker fee: what you pay when your order fills right away against an order already on the book. An order that rests on the book until someone else fills it can be charged differently. Kalshi’s fee schedule has the current rates.
Frequently asked questions
How do you convert a Kalshi price to American odds?
A contract pays $1, so a price of P cents risks P to win 100 − P. At 50¢ or less, American odds are +100 × (100 − P) / P. Above 50¢, they are −100 × P / (100 − P). A 60¢ contract is −150 before fees.
How are Kalshi fees calculated?
Kalshi’s published general taker fee is 0.07 × contracts × price × (1 − price), rounded up to the next cent. Some markets use a different rate. Ten contracts at 60¢ cost $6.00 plus a $0.17 fee.
Is a Kalshi price the probability of the event?
No. The all-in price is the break-even win rate you need to profit, not a forecast. Fees raise it, and contract settlement rules can differ from a sportsbook’s.
What Kalshi price beats −110 at a sportsbook?
With the 7% general taker fee, 50¢ or less. At 51¢ the fee pushes the all-in cost to about 52.8¢, a worse price than −110, which breaks even at 52.38%.