Kalshi makes money by charging trading fees built into the bid-ask spread. When you buy or sell a contract, you pay slightly more (or receive slightly less) than the mid-market price. This small difference is Kalshi's revenue.
Primary Revenue Source: Trading Fees
Kalshi operates as a marketplace, earning from the spread between buy and sell prices:
- Bid-ask spread: Difference between buy and sell prices
- Typical spread: 2-4 cents per contract on liquid markets
- No explicit fees: Cost is built into pricing
Bottom Line
Kalshi makes money from trading fees built into bid-ask spreads. This model aligns Kalshi's incentives with users — they profit from volume and tight spreads.