Prediction market fees: what Kalshi and Novig charge
Both exchanges charge a trading fee shaped like rate × contracts × price × (1 − price), so fees peak at 50¢. Novig charges nothing on pregame straight trades and 0.06 on live takers; Kalshi's taker rate is reported at 0.07.
Key takeaways
- Fees peak at a 50¢ price and shrink toward 1¢ and 99¢.
- Novig: no fee on pregame straight trades, 0.06 × P × (1 − P) for live and futures takers, makers free.
- Kalshi: a fee on expected earnings, reported as 0.07 × P × (1 − P) for takers, with maker fees on its main game markets.
- Deposits: bank transfers are free on both; cards cost up to 2% on Kalshi and 3% on Novig.
Sportsbooks hide their cost in the odds. Exchanges show it as a fee on each trade, and the two biggest sports exchanges price that fee the same way: the closer a contract is to 50¢, the more it costs.
How are prediction market fees calculated?
Both 
Kalshi and 
Novig use a fee shaped like this:
fee = rate × contracts × price × (1 − price)
The price × (1 − price) part is largest at 50¢ (0.5 × 0.5 = 0.25) and small near the ends (at 10¢ it's 0.1 × 0.9 = 0.09). So a coin-flip contract pays the most fee, and a heavy favorite or long shot pays little. A winning contract always pays the full $1; the fee is added to what you pay.
Sports Index
Novig's fee page (support.novig.com); Kalshi's rate as reported by Allium and InGame; Sports Index calculationSee the data
| Price | Kalshi taker (0.07) | Novig live taker (0.06) | Novig pregame |
|---|---|---|---|
| 5¢ | $0.34 | $0.29 | $0.00 |
| 10¢ | $0.63 | $0.54 | $0.00 |
| 25¢ | $1.32 | $1.13 | $0.00 |
| 50¢ | $1.75 | $1.50 | $0.00 |
| 75¢ | $1.32 | $1.13 | $0.00 |
| 90¢ | $0.63 | $0.54 | $0.00 |
| 95¢ | $0.34 | $0.29 | $0.00 |
What does Novig charge?
| Trade | Fee |
|---|---|
| Pregame straight trade (take or make) | No fee |
| Live or futures trade, taker | 0.06 × contracts × P × (1 − P) |
| Live or futures trade, maker | No fee (makers can earn credits) |
| Parlay | 0.10 × contracts × P × (1 − P), built into the quoted price |
| Golf, tennis and some other futures | No futures fee |
Novig also runs a Maker Credit Program that pays makers back part of the taker fee on futures and live fills; Novig can change the rates with 48 hours' notice.
What does Kalshi charge?
Kalshi charges "a transaction fee on the expected earnings on the contract" and publishes the exact math in a fee schedule. Third-party analyses of that schedule put the taker fee at 0.07 × contracts × P × (1 − P), rounded up. Its main sports game markets, including college football, NFL, NBA and college basketball games, spreads and totals, also carry maker fees, charged only when a resting order fills. Cancelling an order is free. See Kalshi fees explained.
What does a $100 trade cost?
Say you put about $100 on a team priced at 50¢, which buys 200 contracts:
| Fee | Share of stake | |
|---|---|---|
| Novig, pregame straight | $0.00 | 0% |
| Novig, live taker (0.06) | $3.00 | 3.0% |
| Kalshi, taker (0.07, as reported) | $3.50 | 3.5% |
| Sportsbook at -110 (for comparison) | about $4.55 of expected vig | about 4.5% |
At 20¢ the same formula gives 0.16 instead of 0.25, so fees drop by more than a third.
What do deposits and withdrawals cost?
| Kalshi | Novig | |
|---|---|---|
| Bank transfer (ACH) deposit | Free (about 5 business days) | Free |
| Debit or credit card deposit | May carry a 2% processing fee (debit only; no Amex) | 3% (credit, debit, Apple Pay) |
| Crypto deposit | Accepted | Free (stablecoin) |
| Minimum deposit | $10 | Not stated |
| Withdrawals | Bank and debit: no fee | $10 minimum; bank, debit or Venmo |
How do you pay less?
- Trade pregame on Novig when its price is as good as Kalshi's: straight trades carry no fee.
- Use limit orders for live trades on Novig, where makers pay nothing. See limit vs. market orders.
- Deposit by bank transfer, not card.
- Compare after fees. A Kalshi price 1¢ better than Novig's may still cost more once Kalshi's fee is added. See line shopping.
Frequently asked questions
Does Novig charge fees?
Not on pregame straight trades. Live and futures takers pay 0.06 × P × (1 − P) per contract, parlays include a 0.10 × P × (1 − P) fee in the quote, and card deposits cost 3%.
How much is the Kalshi fee on a 50¢ contract?
Using the 0.07 rate reported for Kalshi takers, about 1.75¢ per contract, or $1.75 on 100 contracts. Kalshi publishes the exact schedule in its fee PDF.
Are prediction market fees lower than sportsbook vig?
Usually. A -110/-110 sportsbook line holds about 4.5% of the money bet. A 50¢ Kalshi taker trade costs about 3.5% of the stake, and a Novig pregame trade costs nothing.
Sources
- Novig Support: Fees on Novig
- Kalshi Help Center: Fees
- Allium: Kalshi fees, why the cost peaks near 50 cents
- Novig Support: Standard and discount pricing (deposits)
- Kalshi Help Center: Card deposits
- Kalshi Help Center: Transfers FAQ
- Novig Support: Withdrawing funds
Facts that change, such as fees, rules and where each exchange operates, were checked on the date above. Check the exchange's own pages before you trade.
Sports Index Markets Every college football price in one place Novig and Kalshi side by side, with price history, strategies with graded records and the twice-weekly Betting Roundup. Open Markets →Keep reading
Kalshi fees explainedKalshi charges a trading fee that peaks at 50¢, plus maker fees on some sports markets. Fees by price, deposit and withdrawal costs, and how to pay less.
Novig vs. KalshiNovig vs. Kalshi compared for sports: fees, markets, parlays, age and state availability, selling early and settlement. Which exchange suits which bettor.
Limit orders vs. market ordersA market order fills now at the best price; a limit order waits for yours. How each works on Kalshi and Novig, and what happens at kickoff.
Sports Index publishes research and paper picks; it is not a sportsbook or an exchange and takes no bets. Trading on prediction markets risks real money. You must meet the exchange's age requirement and be in an eligible state. If gambling is a problem for you or someone you know, call or text 1-800-GAMBLER.