Kalshi Taxes 2026

Worried that your Kalshi profits are heading onto your return under the wrong tax framework with no broker form behind them? You should be.

I'm Chris Herbst, Managing Director at CountDeFi, a global crypto tax reporting firm specializing in complex reporting and forensic transaction reconstruction. I hold the GTP (Global Tax Practitioner) designation and am a member of CIBA (Chartered Institute for Business Accountants). Since 2017 our team has worked with US traders across Kalshi, Polymarket, and Robinhood event contracts, including high-volume accounts reconciling thousands of settled positions.

I've written this guide for US-based Kalshi traders who need to know what Kalshi reports, what it leaves entirely to you, and which framework their activity belongs under. I'll walk through the 4 competing classification frameworks, the swap litigation that complicated the Section 1256 argument during 2026, the OBBBA gambling cap, and how to report Kalshi on your taxes before the filing deadline.

A note on what follows. The IRS has not issued guidance specifically addressing the federal income tax treatment of Kalshi-style event contracts. What exists is a set of competing approaches discussed by practitioners, each supportable on different facts. This guide describes those approaches and the risks attaching to each. It is not IRS guidance and should not be read as a recommendation to adopt any single framework.

How Is Kalshi Taxed In 2026?

Kalshi is taxed as trading activity, not as a lottery win, and profit is reportable whether or not a form arrives. What remains unresolved is which of 4 frameworks that activity belongs under, and the difference between them is not cosmetic.

If you are working out where event contracts sit generally, I've set out the broader position in my guide to whether prediction markets are taxed at all, which covers the classification debate across every major platform.

Do You Pay Taxes On Kalshi Winnings?

Yes. Taxes on Kalshi winnings apply whether you settled a winning contract at resolution or sold a position early for a profit. There is no minimum threshold below which Kalshi profit stops being reportable, and no exemption for gains left sitting in your account balance.

How Are Kalshi Winnings Taxed?

That depends on your framework. With no Revenue Ruling, Private Letter Ruling, or IRS FAQ addressing event contracts, Kalshi winnings may be reported as Section 1256 contracts, capital gains, gambling income, or ordinary income, and the tax bill differs materially under each.

Here is how the main types of Kalshi activity are generally treated:

The rows marked as depending on your framework are the ones that decide your tax bill. That decision is covered further down.

Does Kalshi Send Tax Forms For Event Contracts?

Kalshi sends tax forms. None of them reports your event contract trading. This is the single most widespread misunderstanding in the prediction market space, and I see it repeated in tax content that should know better.

Kalshi does issue Form 1099-B. According to Kalshi's own tax documentation, it contains transaction proceeds from broker transactions relating to crypto transfers. Kalshi separately lists Form 1099-DA covering digital asset transaction reporting through ZeroHash. Neither tells the IRS what you made or lost trading contracts.

What Kalshi Tax Documents Do You Receive?

Kalshi states that users who hit certain IRS reporting thresholds will receive tax documentation, delivered electronically through Zenwork, its tax form provider.

Here is what Kalshi says each of its tax forms covers, and what none of them covers:

Current as of July 2026, based on Kalshi's published tax documentation. Kalshi currently does not issue a broker tax form reporting gains and losses from event contract trading, and has not announced plans to.

Why The Kalshi P&L Statement Is Not A Tax Document

Kalshi's Profit and Loss statement sits in your account under Tax Info, and it is genuinely useful. It is not a filing position.

• It computes profits and losses on a FIFO basis, which Kalshi selected, not you.
• Kalshi notes it updates on the first morning of each month, so a mid-month view may be stale.
• It includes fees and rebates, which may or may not sit where your chosen framework wants them.
• Kalshi states plainly that it is not tax advice and that accuracy of the return remains the member's responsibility.

I tell every prediction market client the same thing: a platform P&L figure is a starting point for reconstruction, not a substitute for it. A dashboard export generally does not discharge the obligation to keep adequate transaction-level records.

If No Kalshi Tax Forms Appear In Your Account

Kalshi notes that missing 1099 forms usually mean you did not hit the IRS thresholds for issuance. That is a statement about Kalshi's filing obligation, not about yours. Your obligation runs against actual gains and losses, whether or not a form was ever generated.

What Tax Frameworks Apply To Kalshi Event Contracts?

There are 4 candidate frameworks for Kalshi event contracts, and no IRS guidance choosing between them. They change your rate, your loss rules, and the form your numbers land on.

Here is how the 4 approaches compare:

None of these is confirmed by the IRS for event contracts. Each is a position that has to be supported by your facts and applied consistently.

Section 1256 Treatment (Form 6781)

The Section 1256 argument runs on the statute's link to regulated exchanges. Kalshi has held CFTC Designated Contract Market status since 2020, and Section 1256 contracts are defined partly by reference to trading on a qualified board or exchange. If event contracts qualify, 60% of the gain is treated as long-term and 40% as short-term no matter how briefly you held the position, and open positions are marked to market at year end.

This is the framework most traders want, and it carries the most classification risk. I've unpacked the mechanics, the 60/40 math, and the qualification tests in my guide to what Section 1256 means for prediction market traders.

Capital Asset Treatment (Form 8949 And Schedule D)

Capital asset treatment reports each disposal individually, with holding period driving the rate. Because most Kalshi markets resolve inside a year, this usually produces short-term capital gain at ordinary rates, with the $3,000 annual offset available against ordinary income for net losses.

Gambling Income Treatment (Schedule 1 And Schedule A)

Gambling treatment reports gross winnings as ordinary income on Schedule 1 and pushes losses to Schedule A as an itemized deduction. From the 2026 tax year that deduction is limited under the OBBBA, and only itemizers benefit at all. For a trader taking the standard deduction, gambling treatment can mean tax on gross Kalshi winnings with no loss relief whatsoever.

Ordinary Income Treatment (Schedule 1, Line 8z)

Reporting net profit as other income on Schedule 1 is the most conservative path and the one many preparers default to in the absence of guidance. It gives up the 60/40 benefit and the capital loss offset, but it is straightforward to support and hard to attack.

Why Does The Swap Litigation Complicate The Section 1256 Case?

This is the part of Kalshi tax analysis that most 2026 content skips, and it matters more than the 60/40 math.

The common shortcut goes: Kalshi is a CFTC-regulated DCM, DCM contracts fall under Section 1256, therefore 60/40. The complication is that Section 1256(b)(2)(B), added by Dodd-Frank, excludes swaps and similar agreements from Section 1256 treatment. Meanwhile, the litigation Kalshi has been winning turns on its contracts being characterized as swaps.

What The Courts Have Actually Held

The case law is genuinely split, and both sides of the split are worth knowing.

Courts finding Kalshi's sports event contracts are swaps under the Commodity Exchange Act:

• KalshiEX LLC v. Flaherty, No. 25-1922 (3d Cir. Apr. 6, 2026). A divided 2-1 panel, the first federal appellate ruling on the question, affirmed a preliminary injunction against New Jersey and held Kalshi's sports event contracts qualify as swaps under the CEA, with field and conflict preemption of state gambling law.
• KalshiEX LLC v. Orgel, No. 3:26-cv-00034 (M.D. Tenn. Feb. 19, 2026). Preliminary injunction granted, finding the contracts are swaps and that conflict preemption applies to Tennessee gambling law.

Courts reaching the opposite conclusion:

• KalshiEX LLC v. Hendrick (D. Nev. Nov. 24, 2025), holding that event contracts turning on the outcomes of sporting events are not swaps.
• N. Am. Derivatives Exch., Inc. v. Nevada, No. 2:25-cv-00978 (D. Nev. Oct. 14, 2025), finding certain event contracts are not swaps under the CEA.
• KalshiEX LLC v. Martin, 793 F. Supp. 3d 667 (D. Md. 2025), finding the CEA did not preempt Maryland's gambling laws.

The Ninth Circuit heard consolidated arguments on April 16, 2026 in matters involving Kalshi, Robinhood, and Crypto.com. Reporting from that hearing indicates the panel questioned the swap characterization, which raises the prospect of a circuit split and eventual Supreme Court review.

3 Reasons This Does Not Settle The Tax Question

It would be a mistake to read the Third Circuit ruling as deciding anything about your return.

• These are preliminary injunction rulings assessing likelihood of success, not merits determinations. Flaherty returns to the district court.
• The CEA definition of a swap and the Section 1256(b)(2)(B) exclusion are separate provisions in separate statutes. A contract can be a swap for Commodity Exchange Act jurisdiction without automatically being a "similar agreement" within the tax exclusion, and no court has ruled on the tax characterization.
• The CEA's own definition at Section 1a(47)(B)(i) provides that futures are not swaps. A characterization pushing these instruments toward futures rather than swaps would point back toward, not away from, Section 1256 treatment.

What This Means For Your Kalshi Filing Position

My read, and this is a practitioner view rather than settled law, is that the shortcut has stopped being safe. A trader filing Form 6781 on the reasoning "it trades on a DCM, so it is a Section 1256 contract" is now relying on an analysis that federal courts have split over, in terms that track the tax statute's own exclusion language.

Across our prediction market practice, this is the first conversation we have with high-volume Kalshi traders. Section 1256 is not off the table. It is a position that needs supporting analysis, contemporaneous records, and a considered decision about whether disclosure on Form 8275 is appropriate for the taxpayer's facts.

The stakes scale with volume. On a $10,000 gain the difference between frameworks is a few hundred dollars. On a 6-figure year, taking Section 1256 without support is the kind of position that produces back tax, penalties, and interest if it fails.

How Does The 2026 OBBBA Gambling Loss Cap Affect Kalshi Traders?

The One Big Beautiful Bill Act, signed on July 4, 2025, amended IRC Section 165(d) under Section 70114 of the law. For tax years beginning after December 31, 2025, the wagering loss deduction is limited to 90% of losses, still capped at the amount of winnings.

The cap therefore first applies to the 2026 tax year, on returns filed in 2027. It matters to Kalshi traders only if event contracts are characterized as gambling, but where it applies the effect is severe.

Are Kalshi Losses Tax Deductible?

Yes, but how much relief you get depends entirely on the framework:

• Under Section 1256, losses are capital, with the Section 1212(c) 3-year carryback potentially available against prior Section 1256 gains.
• Under capital asset treatment, losses offset capital gains, with up to $3,000 of net loss available against ordinary income each year and the balance carried forward.
• Under gambling treatment, losses are an itemized deduction, capped at winnings, cut to 90% of losses from 2026, and unavailable entirely if you take the standard deduction. Excess wagering losses do not carry forward.
• Under ordinary income treatment, the net figure already reflects your losses, with no separate deduction and no carryforward.

The Phantom Income Problem

A Kalshi trader who wins $400,000 and loses $400,000 across a year of heavy volume has made nothing. Under gambling treatment from 2026:

• Winnings reported as income: $400,000
• Losses otherwise available: $400,000
• Deduction after the 90% limit: $360,000
• Taxable income from the activity: $40,000
• Federal tax at a 37% marginal rate: roughly $14,800

That is tax on a year that produced no economic profit. It is also why classification is not an academic argument for anyone trading real size.

Who Feels The Cap Hardest

The 90% limit bites hardest for traders with:

• High gross volume and roughly balanced wins and losses across the year
• A marginal federal rate of 24% or above
• Residence in a state that taxes gambling winnings as ordinary income with limited loss relief
• Standard deduction filing, where the loss deduction is unavailable entirely

The cap is close to invisible for a trader with a clear net profit, because the lost 10% is small next to the gain, and for anyone with low total volume.

Could The Cap Be Repealed?

Possibly. The FAIR BET Act (H.R. 4304) was introduced in July 2025 to restore the full deduction and has attracted bipartisan support, but it has not passed as of July 2026. Planning on the assumption of repeal is not a filing position. If you are trading heavily in 2026 under a gambling characterization, model the tax on current law and treat any repeal as upside.

How Do You Report Kalshi On Your Taxes?

Reporting Kalshi on your taxes is a 5-step sequence, and the framework decision sits in the middle of it rather than at the end. Skipping straight to a form is how most self-prepared returns go wrong.

Step 1: Export And Normalize Your Trade History

Pull your full trade history and P&L from the Tax Info page in your Kalshi account, then check the units before anything else. Kalshi exports are commonly reported to store values in cents rather than dollars, so confirm what your file actually contains and convert if needed.

Step 2: Rebuild The Position Detail

For each Kalshi position, your records need to establish:

• The market identifier and the specific contract series traded
• The side taken, whether Yes or No, and the strike or bracket where relevant
• The acquisition date and the price paid, converted to dollars
• The disposal date, whether by sale or by market resolution
• The proceeds received, converted to dollars
• The fees and rebates attributable to the position

Step 3: Choose And Document Your Framework

Pick the framework your facts actually support, write down why, and keep that reasoning with your records. Trading pattern, holding periods, volume, and whether you are trading as a business all feed this. A framework chosen at filing and documented contemporaneously is defensible. One reconstructed years later under examination is not.

Step 4: Map To The Right Form

Where your numbers land follows directly from step 3:

• Section 1256 treatment goes on Form 6781, with totals flowing to Schedule D and no Form 8949 entry for those contracts.
• Capital asset treatment goes on Form 8949 with totals to Schedule D.
• Gambling treatment puts gross winnings on Schedule 1 and losses on Schedule A, subject to the 90% limit.
• Ordinary income treatment goes on Schedule 1, Line 8z with a descriptive label.

Step 5: Add The Crypto Funding Layer

If you funded Kalshi with crypto, you have a second reporting layer. Those transfers can generate the Form 1099-B and Form 1099-DA described above, reporting proceeds that have nothing to do with your trading results.

That creates a specific risk. The IRS may receive proceeds figures tied to your crypto movements while receiving nothing about your contract trading. If your return does not account for reported proceeds, automated matching can flag it. My guide on what Form 1099-DA reports and what it leaves out is worth reading alongside this one if you funded with digital assets.

How Are Kalshi Perpetual Futures Taxed?

Kalshi announced the launch of perpetual futures on May 29, 2026, becoming the first US company to offer them following CFTC approval, starting with Bitcoin perpetuals. This is a different product from an event contract and the tax analysis does not carry over.

Why Perps Sit On Different Ground

A binary event contract pays $1 or $0 on a real-world outcome, which is what makes the gambling analogy arguable in the first place. A perpetual future on Bitcoin is a derivative referencing an asset price, traded on a CFTC-regulated exchange, with funding payments between long and short holders.

The Section 1256 analysis for a perpetual future listed on a DCM is a different argument from the event contract analysis, and in several respects a more conventional one. That said, perpetuals have no expiry, which is an unusual fit with a regime built around contracts that settle, and the IRS has not addressed perpetual futures specifically.

What To Do Now

If you are trading Kalshi perps alongside event contracts, do not assume one framework covers both. Keep the 2 activity types separated in your records from the start, including the funding payments, which are their own recurring item. Reconstructing a blended history after the fact is materially harder than keeping them apart while you trade.

What Are The Common Kalshi Tax Mistakes In 2026?

The recurring Kalshi tax mistakes I see fall into 5 patterns.

Mistake 1: Assuming The 1099-B Covers Your Trading

A Kalshi 1099-B in your account creates false comfort. Per Kalshi's documentation it reports crypto transfer proceeds, not contract results. Traders who file from it are reporting the wrong activity and leaving their actual trading unreported.

Mistake 2: Treating The P&L Statement As A Filed Position

The FIFO P&L is Kalshi's calculation for member convenience. It does not choose a tax framework, it does not produce per-position detail in the form the IRS expects, and Kalshi disclaims it as tax advice.

Mistake 3: Defaulting To Section 1256 For The Rate

Selecting 60/40 because it produces the lowest number, without analysis of the swap exclusion or contemporaneous records supporting derivative characterization, is a position that does not survive examination well. The rate is the reward for the position, not the reason for it.

Mistake 4: Missing The Cents Conversion

Where an export is denominated in cents, every downstream number is wrong by 2 orders of magnitude if the conversion is skipped, in whichever direction hurts most.

I have seen this land in a real return. One client came to us after self-preparing a filing that showed a mid-6-figure trading profit on an account that had made a fraction of that, purely because the export was read at face value. Fixing it meant an amended return and a reconstruction we could document line by line. Data clarity equals tax accuracy, and nowhere is that more literal than a units error.

Mistake 5: Relying On A Single Annual Net Figure

Under most of the 4 frameworks, taxpayers should maintain transaction-level records rather than relying solely on an annual net number. Section 1256 requires year-end mark-to-market on open positions. Capital treatment needs per-disposal detail. Gambling treatment reports winnings gross rather than netted, and may require win and loss sessions to be identified separately.

Where Does Kalshi Tax Reporting Break Down?

The rule is the easy part. The reporting trail is where Kalshi tax falls over. 3 places account for most of it.

Volume Compression In Event-Heavy Periods

Reuters reported that Kalshi recorded roughly $27 billion in trading volume and about 3 million users across the 2026 FIFA World Cup. A trader active through that period can hold thousands of individual positions with individual resolution dates, all needing per-position treatment.

Framework Consistency Across A Mixed Book

Classification is not necessarily uniform across every position a trader holds. A long-dated position on an economic release and a same-day sports market with a 2-hour holding period sit differently on the facts. The decision has to be made and documented at filing, with a consistent rationale.

Cross-Platform Reconciliation

Most active traders in 2026 are not Kalshi-only. Positions sit across Kalshi, Polymarket, and Robinhood event contracts, funded from bank transfers, crypto, or both. Each platform reports differently:

• Kalshi provides a FIFO P&L and partial 1099 coverage that excludes contract trades.
• Robinhood provides an Event Contracts Annual Statement, and its published documentation states it will not provide 1099s for event contract trades.
• Polymarket issues no tax forms at all, leaving the Polygon on-chain record as the audit trail.

I've written each of those up separately, in my Robinhood event contracts tax guide and my Polymarket tax guide, because the reconstruction problem is different on each one. Consolidating all 3 into a single consistent framework is the actual work.

You should also understand:

• how the IRS tracks cryptocurrency activity across exchanges and wallets
• why missing transaction data creates major crypto tax problems
• how Form 8949 and Schedule D reporting actually works in practice
• why filing an extension can be the smarter move on a complex year

Do You Need A Specialist For Kalshi Tax Reporting?

Not every Kalshi trader does. If you placed a handful of positions, settled them cleanly, and have no other event contract or crypto activity, standard reporting covers it and most people in that position file their own returns without issue.

When You Probably Do Not

• A small number of Kalshi positions across the year
• No Polymarket or Robinhood event contract activity to integrate
• USD funding only, with no crypto deposits or withdrawals
• A clear net result small enough that framework choice barely moves the number

When You Probably Do

• High volume across an event-heavy period, with thousands of settled positions
• Activity spread across Kalshi, Polymarket, and Robinhood needing one consistent framework
• A 2026 book where the OBBBA cap could create phantom income under gambling characterization
• Crypto funding generating 1099-DA and 1099-B proceeds you have to reconcile
• Perpetual futures activity sitting alongside event contracts
• A Section 1256 position you intend to take and need to be able to defend
• Prior-year Kalshi activity that went unreported

CountDeFi Is Your Kalshi Tax Reporting Solution

Kalshi taxes in 2026 combine an unsettled classification question with a reconstruction problem the platform does not solve for you. No Kalshi form reports your contract trades. The P&L statement is a convenience tool, not a filing position. The Section 1256 argument most traders reach for now sits on case law that federal courts have split over.

Our crypto tax accountants and data scientists reconstruct high-complexity reporting trails across Kalshi, Polymarket, Robinhood event contracts, and the crypto funding layer underneath them. That includes per-position lifecycle reconstruction, unit normalization, framework analysis against your actual trading pattern, Form 6781 or Form 8949 preparation depending on the position taken, and documentation you can stand behind if the IRS asks how you got there. Our Precision 7™ System exists for exactly this kind of data problem.

Book A Free Consultation

Kalshi will not send you a form that tells the IRS what you made trading contracts. The classification decision and the reconstruction behind it are entirely yours, and both get harder the longer they sit. CountDeFi helps high-volume event contract traders evaluate classification risk, rebuild fragmented position histories, and build defensible filing positions before filing. Book a free 15-minute call with one of CountDeFi's prediction market tax specialists.

Frequently Asked Questions About Kalshi Taxes

Do You Have To Pay Taxes On Kalshi Winnings?

Yes. Taxes on Kalshi winnings apply to profit from settled contracts and from positions sold before resolution. There is no threshold below which the profit stops being reportable.

Does Kalshi Send Tax Forms For My Trading Profits?

Kalshi sends tax forms, but none covers your trading. Its documentation lists a 1099-INT for interest, a 1099-MISC for credits and rewards, a 1099-B for broker transaction proceeds relating to crypto transfers, and a 1099-DA for digital asset activity through ZeroHash.

I Received A 1099-B From Kalshi. Does That Cover My Trades?

No. Per Kalshi, its 1099-B covers transaction proceeds from broker transactions relating to crypto transfers. Filing from it alone means reporting the wrong activity and omitting your contract trading.

How Do Taxes Work On Kalshi If I Never Withdrew The Money?

Taxable events generally occur when a position is sold or a market resolves, not when funds reach your bank account. Profit sitting in your Kalshi balance can still be reportable for the year it was realized.

How Are Kalshi Winnings Taxed?

That depends on the framework applied. Section 1256, capital asset, gambling, and ordinary income treatment are all discussed by practitioners, each with a different rate, loss rule, and form. The IRS has not issued guidance specifically addressing event contracts.

Do Kalshi Event Contracts Qualify For The 60/40 Section 1256 Split?

Unsettled. Kalshi's status as a CFTC Designated Contract Market supports the argument, but Section 1256(b)(2)(B) excludes swaps, and federal courts have divided during 2025 and 2026 over whether sports event contracts are swaps under the Commodity Exchange Act. The position needs supporting analysis rather than being taken by default.

Are Kalshi Losses Tax Deductible?

Yes, but the relief varies by framework. Capital treatment allows up to $3,000 of net loss against ordinary income annually with the balance carried forward. Section 1256 offers a 3-year carryback against prior Section 1256 gains. Gambling treatment caps losses at winnings, limits them to 90% of losses from 2026, requires itemizing, and allows no carryforward.

Does The 90% Gambling Loss Cap Apply To Kalshi?

Only if your activity is characterized as gambling. The OBBBA limit under Section 70114 applies to tax years beginning after December 31, 2025, so it first affects the 2026 tax year. If your contracts are treated as Section 1256 contracts or capital assets, the cap does not apply.

I Broke Even On Kalshi In 2026. Can I Still Owe Tax?

Under gambling treatment, yes. Winnings are reported gross while the loss deduction is limited to 90% of losses, which can produce taxable income on a year with no economic profit.

Why Does Kalshi Tax Advice On Reddit Conflict So Much?

Because the underlying question is unresolved and most threads state one framework as settled. The most common Reddit position is that Kalshi is a DCM so Section 1256 applies automatically. That skips the Section 1256(b)(2)(B) swap exclusion and the 2026 litigation, which is exactly where the risk sits for a large position.

Do I Report Kalshi World Cup Trades Individually?

Generally, yes. Each position has its own acquisition date, cost, resolution date, and proceeds. Most frameworks expect transaction-level detail rather than a single tournament net figure.

Are Kalshi Sports Contracts Taxed Differently From Political Or Economic Markets?

Not necessarily. The IRS has not distinguished between market categories. That said, a trading pattern of rapid same-day sports positions can support a different characterization on the facts than a long-held position on an economic release.

My State Says Kalshi Is Gambling. Does That Decide My Federal Tax?

No. A state gaming regulator's position does not determine federal tax characterization, and the preemption question is itself being litigated with courts reaching different conclusions. State income tax treatment is a separate question worth checking for your state.

Does The Wash Sale Rule Apply To Kalshi Losses?

The wash sale rule under IRC 1091 applies to stocks and securities. It does not currently apply to Section 1256 contracts, and its application to event contracts has not been addressed. Confirm with a specialist before relying on it.

How Do I Report Kalshi On Taxes In TurboTax?

There is no importable broker file for event contracts, so entry is manual and depends on the framework taken. Ordinary treatment lands on Schedule 1. Section 1256 treatment runs through the contracts and straddles section, producing Form 6781.

What If I Traded On Both Kalshi And Polymarket?

You generally need to consider all prediction market activity together and apply your framework consistently. Polymarket adds an on-chain reconstruction layer and a USDC basis trail that Kalshi does not have.

How Are Kalshi Perpetual Futures Taxed?

Kalshi's perpetual futures launched in May 2026 and are a different instrument from event contracts. The Section 1256 analysis for a perpetual future on a CFTC-regulated exchange is a distinct argument, and the IRS has not addressed perpetuals specifically. Keep the records separate from your event contract activity.

I Did Not Report Kalshi In Prior Years. What Now?

The obligation does not expire because no form was issued. Coming forward voluntarily with accurate reconstructed numbers is a materially stronger position than waiting for a notice.

Can I Deduct Kalshi Trading Fees?

Generally, fees reduce your net result, but where they land depends on the framework. Kalshi's P&L includes fees and rebates already, which is one reason its figure may not match the number your chosen framework produces.

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