How Kalshi payouts work: settlement, cashing out early and when the money arrives
A winning Kalshi contract pays $1 when the market settles. When settlement happens, why some markets take longer, how to cash out before the result, what fees come off, and how fast you can withdraw.
On Kalshi, every winning contract pays $1 and every losing contract pays nothing. When a market settles, Kalshi credits the $1 per winning contract to your balance automatically. You do not have to claim anything, and there is no fee on a simple yes/no settlement.
What confuses most new traders is the timing: when a market settles, why some take longer than others, and whether you can get your money before the result. This guide covers all three.
Fee figures as published in October 2026. Kalshi changes fees from time to time; check its fee schedule before you trade.
Kalshi payouts in one table
| You hold | The outcome | You receive |
|---|---|---|
| 100 Yes contracts | Yes | $100 |
| 100 Yes contracts | No | $0 |
| 100 No contracts | No | $100 |
| 50 Yes and 50 No in the same market | Either | Only your net position settles: Kalshi nets opposite contracts |
Your profit is the payout minus what you paid, including fees:
profit = contracts × ($1 − price) − fees
What a winning contract earns
Kalshi's standard taker fee is 7% × contracts × price × (1 − price), rounded up to the next cent on each order. For 100 contracts bought with a market order:
| Price | Fee to buy | Total cost | Payout if it wins | Profit if it wins |
|---|---|---|---|---|
| 10¢ | $0.63 | $10.63 | $100 | $89.37 |
| 25¢ | $1.32 | $26.32 | $100 | $73.68 |
| 50¢ | $1.75 | $51.75 | $100 | $48.25 |
| 75¢ | $1.32 | $76.32 | $100 | $23.68 |
| 90¢ | $0.63 | $90.63 | $100 | $9.37 |
If the contract loses, you lose the total cost. Resting limit orders pay a lower maker fee on many markets (limit orders vs market orders; Kalshi fees vs Polymarket fees).
When does Kalshi settle a market?
Every market page has a Timeline and Payout section that shows when the market opened, when it closes and when it is expected to pay out. Kalshi markets close in one of two ways:
- When the outcome happens. A market on "Will X happen by Friday?" can close as soon as X happens.
- At a listed date and time. A market on a monthly jobs number closes at a set time, whatever happens before.
After the close, Kalshi settles the market once the result is confirmed by the source named in the market rules: a government statistics agency for economic data, an official league result for sports, and so on. In Kalshi's words, markets typically settle shortly after expiration, but timing depends on the market type, when the source publishes and whether a manual review is needed.
In practice:
| Market type | Typical wait after the event |
|---|---|
| Sports game winners | Minutes to a few hours after the official result |
| Economic data (CPI, jobs) | Shortly after the agency publishes |
| Weather | After the official station's figures are published, sometimes the next day |
| Elections | After the result is certified or called as the rules specify; can take days or weeks for close races |
Why your Kalshi market has not paid out yet
- The source has not published. Trading can even continue after an event seems finished, because Kalshi waits for the official figure rather than news reports.
- The close time is not the settlement time. The displayed close time and the moment the outcome is determined can differ.
- A manual review. Unusual events, such as a postponed game or a data revision, can trigger a review under the market rules (how markets resolve).
- The rules say "certified". Some election markets wait for official certification, not the evening's projections.
If a market looks overdue, read its rules summary first, then contact Kalshi support with the market's name.
Can you get paid before the result?
Yes, in two ways.
Sell your contracts
You can sell at any time before the market closes, at the current bid. That locks in a profit or limits a loss, and the money is in your balance straight away.
Worked example. You buy 100 Yes contracts at 40¢ with a market order: $40 plus a $1.68 fee, $41.68 in total. The price rises to 70¢.
| Choice | Money back | Profit |
|---|---|---|
| Sell now at 70¢ (market order) | $70 − $1.47 fee = $68.53 | $26.85 |
| Hold, and Yes wins | $100, no settlement fee | $58.32 |
| Hold, and No wins | $0 | −$41.68 |
Selling gives up the extra $31.47 you would make if Yes wins in exchange for certainty. Whether that is worth it depends on how likely you now think Yes is; the expected value calculator compares the two in seconds, and how to hedge a bet covers locking in part of a profit.
Settlement floors and collateral return
Two Kalshi features can release money early:
- Settlement floors. In some range markets, part of the outcome becomes certain before the end (a temperature already above a level, for example). Kalshi can raise a settlement floor and pay Yes holders part of the payout before final settlement.
- Collateral return. An optional setting for groups of mutually exclusive markets: if your positions are hedged so that you are guaranteed some payout, Kalshi can return that collateral early. It is off by default for new users, applies only to positions opened after you switch it on, and can stop you selling positions whose collateral was already returned.
Getting the money out
Settled winnings are ordinary cash in your Kalshi balance: you can trade with them or withdraw them.
| Method | Typical time | Notes |
|---|---|---|
| Debit card | Usually instant | Occasionally held for a random security check |
| Bank transfer (ACH) | 1–3 business days | No weekend or holiday transfers |
| Wire | About one business day | For large amounts |
| Crypto | Often within an hour | Network fee applies |
Details, limits and fees: Kalshi and Polymarket withdrawals. Winnings are taxable in the US: Kalshi taxes.
Kalshi payouts: frequently asked questions
How much does Kalshi pay out?
$1 per winning contract. Your profit is $1 minus the price you paid and the fees.
How long does it take Kalshi to pay out?
Settlement usually follows soon after the official source confirms the result: minutes to hours for most sports, longer for data that is published later or results that need certification.
Does Kalshi charge a fee on winnings?
No fee on a simple yes/no settlement. You pay trading fees when you buy, and again if you sell before the end.
Can I cash out early on Kalshi?
Yes. Sell your contracts at the current bid at any time before the market closes.
Why did my Kalshi payout round down?
Kalshi rounds payouts to whole cents; the difference matters only in range markets that settle at fractional values.
