Kalshi Fractional Pricing Explained
What changed with Kalshi's tick sizes, why it happened, and what it means for your trades.
Old Tick
1¢
New Tick
Fractional
Impact
Tighter spreads
Read Time
7 min
Quick Summary
The key takeaway from this page
Kalshi Fractional Pricing Explained
Kalshi switched from whole-cent pricing to fractional tick sizes. Users read this as a hidden rule change or fee increase. Neither is true — here’s exactly what changed.
Short answer: Fractional ticks make pricing more precise. They reduce the bid-ask spread on liquid markets. Fees are unchanged. Most traders benefit or notice nothing.
What Actually Changed
| Dimension | Before | After (fractional ticks) |
|---|---|---|
| Smallest price move | 1¢ (e.g. 44¢ → 45¢) | 0.1¢ or 0.5¢ (e.g. 44.3¢ → 44.4¢) |
| Typical bid-ask spread | 1–3¢ on liquid markets | < 1¢ possible on deep markets |
| Order book depth | Fewer price levels | More granular levels |
| Fee structure | Unchanged | Unchanged — no fee impact |
Three Questions Answered
Does It Hurt You?
Impact on entry, exit, and net trading cost.
Potentially cheaper to enter
A narrower bid-ask spread means you give up less edge just getting into a position. Where you previously crossed a 2¢ spread, fractional pricing may offer a 0.5¢ spread.
Potentially better exit prices
When you sell early, you sell into the bid. A tighter spread means the bid is closer to fair value, so selling early costs you less relative to the mid-price.
No downside for most traders
Fractional ticks help limit-order traders and reduce slippage for market orders. The only scenario where it adds complexity: manual order entry requires more decimal places — that's it.
Verified rollout timeline (as of March 25, 2026)
- March 9, 2026 — Subpenny pricing enabled on first two markets (KXGREENLAND-29 using deci_cent structure; KXGDPNOM-RUS26 using tapered_deci_cent)
- March 12, 2026 — Fractional trading extended to 10 additional markets including jobless claims, U.S./regional home values, central bank decisions (Brazil, Japan), and Australian unemployment
- Ongoing: activation is per-market. Check the
price_level_structurefield on each market response to know which pricing tier is active
What to Do
Check the market contract page
The tick size for a specific market is shown in the contract details. If you see decimal prices (e.g., 44.3¢), fractional ticks are active for that market.
Update any limit orders with more precision
If you have standing limit orders set to whole-cent prices, they remain valid. But you can now enter fractional-cent limit prices to compete more precisely at the bid or ask.
Confirm fees haven't changed
Check the fee calculator before trading if you want to confirm nothing changed for your contract size.
Frequently Asked Questions
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