How to sell a Kalshi position
You can sell all or part of a Kalshi position at any time while its market is open. Kalshi's explainer on selling early gives three reasons to do it: to lock in a profit, to limit a loss, and to free cash for a better trade. In the app or on the website, a sale takes four steps.
- Open the market and go to its Sell tab.
- Pick how many of your contracts to sell.
- Choose a quick order sale to sell at the current market price. Or choose a limit order sale and set the lowest price you will accept.
- Check the average price and the estimated payout, then submit.
A quick order sale fills at once against the bids in the order book, best price first. A limit order sale fills only when a buyer bids your price or higher. Kalshi's help center says only the part of a sale that fills becomes cash.
What a sale pays you
The bid is the highest price anyone will pay right now. The ask is the lowest price anyone will sell at. A buyer who trades at once pays the ask, and a seller who trades at once gets the bid. In the example in Kalshi's API documentation, YES bids 42c and asks 44c, so you can buy at 44c and sell at 42c.
An immediate sale also pays a trading fee. Kalshi's fee schedule charges the fee on orders that match an order already resting on the book. A quick sale always does. The fee is worked out on the sale price. What you paid on the way in plays no part.
C is the number of contracts sold and the bid is in dollars, so 66c is 0.66. M is the series multiplier, which is 1 on most series. A sale that fills at several prices pays the fee on each fill at its own price. Kalshi's API documentation says a direct member's balance is kept to $0.0001. A member who clears through a futures commission merchant (FCM) has a balance kept to the cent. The fee rounds up to fit. On 100 contracts sold at 66c, a direct member pays $1.5708 and keeps $64.4292. An FCM-cleared member pays $1.58 and keeps $64.42. Dollar figures in this guide are for a direct member, rounded to the cent. The table shows what a taker keeps per contract at M = 1.
| Sale price | Taker fee per contract | You keep per contract | Fee as % of the sale |
|---|---|---|---|
| 5c | 0.33c | 4.67c | 6.65% |
| 10c | 0.63c | 9.37c | 6.30% |
| 50c | 1.75c | 48.25c | 3.50% |
| 66c | 1.57c | 64.43c | 2.38% |
| 90c | 0.63c | 89.37c | 0.70% |
| 98c | 0.14c | 97.86c | 0.14% |
As a share of the sale, the fee is largest on cheap contracts. Dumping a position at 5c gives up 6.65% of what is left. On a series with M = 0.5, halve the fees in the table. Kalshi charges no settlement fee, so a contract held to the end pays no exit fee at all. The Kalshi fees guide covers multipliers, maker fees and rounding. The Kalshi fee calculator gives the fee for any price and size.
A worked example with a winning position
Suppose you bought 100 YES at 40c as a taker. The entry fee was 0.07 × 100 × 0.40 × 0.60, or $1.68, so the position cost $41.68. The news has since gone your way. The book now shows YES bid 66c and YES ask 69c, with more than 100 contracts on the 66c bid.
| Step | Amount |
|---|---|
| 100 contracts sold at the 66c bid | $66.00 |
| Taker fee, 0.07 × 100 × 0.66 × 0.34 | -$1.57 |
| Cash from the sale | $64.43 |
| Cost of the position, entry fee included | -$41.68 |
| Profit locked in | $22.75 |
Hold the 100 contracts to settlement instead. If YES wins, they pay $100 and the profit is $58.32. If NO wins, they pay nothing and the loss is $41.68. The sale swaps both outcomes for a fixed $22.75.
The midpoint here is 67.5c. A position marked at the midpoint would show $67.50. But a seller gets only the 66c bid, less the fee.
Selling versus holding to settlement
The 40c you paid is spent whichever way you go, so it drops out of the comparison. Two numbers per contract are left. A sale pays the bid minus the fee: 64.43c here. Holding pays $1 if YES wins, so on average it is worth your probability of YES in dollars. At an estimate of 70%, holding is worth 70c a contract on average.
The table runs the comparison for 100 contracts at a few hypothetical estimates.
| Your estimate of YES | Expected value of holding | Cash from selling now | Higher by |
|---|---|---|---|
| 50% | $50.00 | $64.43 | Selling, $14.43 |
| 60% | $60.00 | $64.43 | Selling, $4.43 |
| 64.43% | $64.43 | $64.43 | Even |
| 70% | $70.00 | $64.43 | Holding, $5.57 |
| 80% | $80.00 | $64.43 | Holding, $15.57 |
Above 64.43%, the arithmetic favors holding. Below it, the sale is worth more. The holding figure is an average. Holding still ends at $100 or $0, while the sale is certain. Some traders sell part of a position for that reason. The expected value guide sets out the full formula. The Kelly sizing guide relates position size to edge, and the Kelly and EV calculator runs both for any price.
Time moves the comparison too. Cash from a sale can fund another trade today, while a held position ties the money up until settlement. Interest barely shifts it. Kalshi's help center says eligible US accounts earn a variable rate on cash and open positions alike. The rate was 3.50% when this guide was checked.
Near-certain winners and near-worthless losers
Markets often stay open after the result looks decided. Kalshi's help center says a market that is still open may already have met its payout criteria. Kalshi relies on a source agency, such as official league statistics or a government release, to publish final results. It may wait if that data is delayed or revised. Most markets settle within a few hours after the outcome is known, often within about three.
Suppose a game has ended and YES bids 98c. Selling 100 contracts pays $98.00 minus a $0.14 fee, or $97.86. Holding pays $100 at settlement if the result stands. The sale costs $2.14. In return you get cash now and no exposure to how Kalshi determines the result. The settlement guide covers that window.
At the other end, 100 contracts sold at a 3c bid return $3.00 minus a $0.20 fee, about $2.80. Holding them is worth about $1 at an estimate of 1%, and about $5 at 5%.
Selling more than the top bid holds
A bid is good only for the contracts resting at it. A larger sale works down the book one price level at a time. Kalshi's help center shows the buyer's version, where 1,000 contracts bought against 500 at 10c and 500 at 12c average 11c.
Now say you hold 300 contracts in the example market. The bids are 120 contracts at 66c, 80 at 65c and 250 at 63c. A quick sale of all 300 fills like this.
The 300 contracts bring in $194.20, an average of 64.73c. The fees on the three fills come to $4.79, which leaves $189.41, or 63.14c a contract. Had all 300 filled at 66c, the sale would have returned $193.29. The thin book cost $3.88.
The quick order panel shows the average price before you confirm. Some traders split a large exit into smaller sales, or rest a limit order at the lowest price they will take. The guide to the Kalshi order book explains how to read bids, asks and depth.
What the spread costs on the way out
The gap between the bid and the ask is the spread. In the example market it is 3c. A position bought at the ask can be sold at once only at the bid. So a taker who buys and then sells right away loses the spread plus two fees.
Say you buy 100 YES at the 69c ask and sell them at the 66c bid a minute later, with no change in the market. You pay $69.00 plus a $1.50 fee. You get back $66.00 minus a $1.57 fee. The round trip costs $6.07, about 8.6% of the $70.50 you put in.
The same gap is one reason a sale can return less than the position value on your screen. Kalshi's help center warns that the displayed portfolio value carries no guarantee of what a sale will return. In the mobile app, the Current value in a position's details is a cash-out estimate built from the bids available and the estimated sell fees. The Kalshi odds converter turns any bid into implied odds. The odds guide compares bid, ask and midpoint.
Waiting for your price with a limit sell
A limit order sale rests on the book at the price you set. In the example market, a sell at 68c sits inside the 66c to 69c spread and becomes the best offer. If a buyer takes it, the fee depends on the series.
| How you exit 100 contracts | Price | Fee | Cash received |
|---|---|---|---|
| Quick sale at the bid | 66c | $1.57 | $64.43 |
| Limit sale that fills, series with no maker fee | 68c | $0 | $68.00 |
| Limit sale that fills, series with maker fees | 68c | $0.38 | $67.62 |
Most series charge a filled resting order nothing. A minority charge makers a quarter of the taker rate. Combo series with combo maker fees charge half. Canceling a resting order is free. The risk in waiting is that the order may never fill. Kalshi's help center says there is no guarantee a limit order will be filled. The bid can fall while your offer waits, and a quick sale later may return less than the one you passed on. A resting sell can also fill in part.
Kalshi builds one version of this into the app. After a buy fills, it may offer an Auto Sell at a target price you choose. That places a resting limit sell, which you can edit or cancel from Orders until it fills. The lowest target allowed is your purchase price, so an Auto Sell cannot close a position below what you paid. The guide to Kalshi limit orders covers time in force and post-only orders.
Selling YES and buying NO
Each Kalshi market has one order book for both sides. Kalshi's help center says its backend treats buying YES and selling NO as the same action. A YES and a NO on the same market together pay out exactly $1, so selling YES at 66c is the same trade as buying NO at 34c.
The API reports one position per market as a signed number, positive for YES and negative for NO. Create Order V2 quotes every order from the YES side, so an ask sells YES and a NO holder exits with a bid. An immediate exit is an immediate_or_cancel order at the worst price you will accept. Adding reduce_only caps it at your current position, so it cannot carry you into the other side. The Kalshi API guide covers keys, signing and the other order fields.
When you cannot sell
- The market has closed. After its close time, Kalshi rejects every order action, cancellations included. A market flagged
can_close_earlycan close before its scheduled time. - Trading is paused. An inactive market is one the exchange has paused. It takes no trades while paused.
- No one is bidding where you want to sell. A sale needs buyers at prices your order allows. A thin book can leave a quick sale partly filled and a limit sale untouched.
- Resting orders or collateral are in the way. Kalshi's help center says collateral requirements and existing resting orders can affect how much you can sell.
- You set a trading break. Kalshi's help center says open positions cannot be sold during a trading break you have chosen.
From a sale to your bank account
Selling and withdrawing are two separate actions. A sale turns contracts into cash in your Kalshi balance. A withdrawal moves that cash out of Kalshi. Kalshi's help center says money tied up in open positions cannot be withdrawn until you close them. It also says your cash balance can differ from the amount available to withdraw.
Security holds on deposits can create that difference. You can withdraw profits beyond what you deposited once they are settled cash. Kalshi can hold the deposited amount itself briefly, depending on how it came in.
| How you deposited | Withdrawing to the same method | Withdrawing to a different method |
|---|---|---|
| Debit card, Apple Pay or Google Pay | Once the deposit settles | Up to 2 days after it settles |
| Bank transfer (ACH) | Once the deposit settles | Up to 2 days after it settles |
| PayPal or Venmo (US only), crypto or wire | No hold | No hold |
| Cash App (US only) | Not offered, deposits only | No hold |
Kalshi charges nothing to withdraw by bank transfer or debit card. Bank withdrawals are open to US users and typically arrive within a few business days. Debit card withdrawals typically arrive within a few hours, subject to a personal daily limit.
Questions traders ask
Can you sell a Kalshi contract before the event is over?
Yes. You can sell all or part of a position while the market is open, with a quick order sale at the current bids or a limit order sale at your own price. After the market closes, Kalshi accepts no orders and the position settles under its rules.
How do I cash out on Kalshi?
Cashing out takes two steps. First sell the position, which puts the proceeds in your Kalshi cash balance. Or hold it until settlement pays $1 per winning contract. Then withdraw the cash. Kalshi charges no fee for bank or debit card withdrawals.
Does Kalshi charge a fee to sell a contract?
Yes, when the sale fills against a resting bid. The taker fee is 0.07 × contracts × price × (1 - price) at the sale price, times the series multiplier. So 100 contracts sold at 66c pay about $1.57. A resting sell pays nothing on most series. Settlement is free.
Why is my cash-out amount lower than my position value?
A quick sale fills at the bids, minus the taker fee. The best bid can sit below the price used to value your position on screen. Kalshi's help center warns that the displayed portfolio value carries no guarantee of what a sale will return. A wide spread, or only a few contracts at the best bid, makes the gap larger.
Is it better to sell early or hold until settlement?
It depends on your own estimate. On average, holding is worth your probability of winning times $1 per contract. Selling now is worth the bid minus the fee. When your estimate is above that figure, the arithmetic favors holding. Below it, the sale is worth more. Time and certainty also count.
How fast can I withdraw after selling?
The filled part of a sale becomes cash in your Kalshi balance. You can withdraw profits beyond your deposits once they are settled cash. Kalshi holds money deposited by card or bank transfer until the deposit settles, and up to 2 days after that if you withdraw to a different method. Debit card withdrawals typically arrive within a few hours.
Sources
- Kalshi Help Center, Quick Order Sale (accessed Oct 19, 2026)
- Kalshi Help Center, Limit Order Sale (accessed Oct 19, 2026)
- Kalshi Help Center, Quick Orders (accessed Oct 19, 2026)
- Kalshi Help Center, Limit Orders (accessed Oct 19, 2026)
- Kalshi Help Center, Auto Sell (Take Profit) (accessed Oct 19, 2026)
- Kalshi Help Center, Portfolio: Balances and Positions (accessed Oct 19, 2026)
- Kalshi Help Center, Fees (accessed Oct 19, 2026)
- Kalshi Help Center, The Orderbook (accessed Oct 19, 2026)
- Kalshi Help Center, Buying Yes vs Selling No (accessed Oct 19, 2026)
- Kalshi Help Center, Market FAQs (accessed Oct 19, 2026)
- Kalshi Help Center, Trading Break (accessed Oct 19, 2026)
- Kalshi Help Center, APY on Kalshi (accessed Oct 19, 2026)
- Kalshi Help Center, Security Holds (accessed Oct 19, 2026)
- Kalshi Help Center, Bank Withdrawals (accessed Oct 19, 2026)
- Kalshi Help Center, Debit Card Withdrawals (accessed Oct 19, 2026)
- Kalshi, Fee Schedule, last updated and effective July 7, 2026 (accessed Oct 19, 2026)
- Kalshi API documentation, Fee Rounding (accessed Oct 19, 2026)
- Kalshi API documentation, Orderbook Responses (accessed Oct 19, 2026)
- Kalshi API documentation, Market Lifecycle (accessed Oct 19, 2026)
- Kalshi API documentation, Create Order (V2) (accessed Oct 19, 2026)
- Kalshi API documentation, Get Positions (accessed Oct 19, 2026)
- Kalshi News, Selling Contracts Early, March 30, 2023 (accessed Oct 19, 2026)