Tools › Kalshi hedge calculator
Kalshi fee formula from the fee schedule effective July 7, 2026 · worked example with round numbers · runs in your browser
You can leave a Kalshi position two ways before it settles: sell it in its own market, or hedge by buying Yes in the other outcome's market. Holding 100 Yes at 40¢ with your side now bid at 70¢, selling pays $26.85 profit today after both taker fees; buying 100 Yes on the other side at 31¢ locks $25.82 whichever side wins, paid at settlement. Buying No in your own market is not a hedge: Kalshi keeps one net position per market, so it works as a sale.
Sell now: $26.85 profit today (sale fee $1.47)
Equal hedge: $25.82 whichever side wins (costs $32.50)
Break-even hedge: 62 contracts, $20.15; $38.17 if your side wins, $0.17 if the other side wins
Tested hedge: $25.82 if your side wins · $25.82 if the other side wins · -$74.18 if neither does
Selling now pays $1.03 more than the equal hedge, and today rather than at settlement.
100 Yes contracts bought at 40¢ ($1.68 taker fee); your side is now bid at 70¢ and the other side's Yes is offered at 31¢.
| Choice | Cash now / hedge cost | If your side wins | If the other side wins | If neither wins (a draw) |
|---|---|---|---|---|
| Hold to settlement | - | $58.32 | -$41.68 | -$41.68 |
| Sell now at the bid | $68.53 | $26.85 | $26.85 | $26.85 |
| Equal hedge (100 contracts) | $32.50 | $25.82 | $25.82 | -$74.18 |
| Break-even hedge (62 contracts) | $20.15 | $38.17 | $0.17 | -$61.83 |
Profit after all fees, against the $41.68 you paid. Selling settles the result now; the hedges pay at settlement.
Selling 100 contracts at the Yes bid pays the bid times the contracts minus the taker fee. A hedge buys Yes in the other outcome's market: when either side wins, one of your two positions pays $1 per contract, so an equal number of contracts on both sides gives the same result either way. The break-even hedge is the smallest number of contracts that returns everything you paid if the other side wins; when your side has gained, that is fewer contracts than you hold, so more of the upside stays. If a third result is possible, such as a draw, both legs lose.
Inside one market there is nothing to hedge with: Kalshi's help center says there is no difference between buying Yes and selling No (Buying Yes vs Selling No, updated March 17, 2026), and its API reports a single position per market, positive for Yes and negative for No (Get Positions). Buying No where you hold Yes simply sells Yes.
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Buy Yes in the market of the other outcome, such as the other team's market in a game. With as many contracts on the other side as you hold, one of the two pays $1 per contract whichever side wins, so the result is the same either way. A draw or any third result makes both legs lose.
Compare the two after fees. In the worked example selling at 70¢ pays $26.85 today and the equal hedge at 31¢ locks $25.82 at settlement: when the other side's ask is more than 100 minus your bid, selling wins and returns the cash sooner. The hedge wins only when the other side is priced below that.
Buying No where you hold Yes reduces your Yes position: Kalshi's help center says buying Yes and selling No are the same trade, and Kalshi's API reports one position per market (positive for Yes, negative for No). So it is a sale, with a sale's fee.
Yes. Selling or buying against resting orders pays the taker fee, 0.07 x contracts x price x (1 - price), rounded up to the cent; the fee you paid to buy is an input. A resting limit order can avoid the taker fee on most markets but may not fill.