# Novig vs Kalshi

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Canonical: https://novigapi.com/compare/novig-vs-kalshi
Facts checked: 2026-11-12

Novig and Kalshi are both CFTC-regulated exchanges, but Novig lists only sports while Kalshi also lists economics, weather and other events. Checked 12 Nov 2026, Novig charges takers 0.06 x P x (1 - P) per $1 of payout, on game markets only while the game is live, and Kalshi charges 0.07 x C x P x (1 - P) on most markets. (Source: [Novig docs: Trading Fees](https://docs.novig.com/fees.md))

Both venues are exchanges: you trade a contract that pays $1 if an outcome happens, and the price is a probability. Neither books your bet against a house line. The differences are in what they list, when they charge you, and how a developer gets the data out.

## Fees

Both fees use the same shape, coefficient x P x (1 - P), so they peak at a 50% price and shrink toward the tails. The coefficient and the timing differ. Novig's straight-contract coefficient has been 0.06 since 15 Oct 2026, including NFL (Novig counts the fee per $1 of payout; its API quantity field is in 1-cent units), and on game markets it applies only to fills matched while the event is live. Kalshi rounds its fee up and applies a multiplier of 1 on most markets.

Fees per the platforms' own fee pages, checked 12 Nov 2026

| Fees (checked 12 Nov 2026) | Novig | Kalshi |
| --- | --- | --- |
| Taker formula | Taker pays 0.06 x P x (1 - P) per $1 of payout; makers pay nothing | round up(0.07 x C x P x (1 - P)) on most markets |
| When it applies | Game markets: only while the event is live. NFL, NCAAF, NCAAB, NCAAWB, MLB, NBA, WNBA and NHL futures: always. Golf, tennis, UFC, F1 and NASCAR futures and series winners: never | Every taker fill; some series carry other multipliers |
| Maker fee | None; makers earn a credit of 25% of the taker fee on game markets and 50% on futures, from 22 Oct 2026 | Default maker multiplier 0; combos charge makers 50% of the taker fee |
| $100 of payout at 50% | $1.50 if live; $0 pregame on game markets; $1.50 any time on major US league futures | $1.75 |
| Rounding | Exact, to 5 decimal places, no cent floor | Rounded up per Kalshi's fee rounding rules |


The practical gap is pregame. A pregame Novig fill on a game market owes no fee at all, while Kalshi charges on every taker fill. In-game, $100 of payout at 50% costs $1.50 on Novig against $1.75 on Kalshi. Run your own numbers with the [Novig fee calculator](https://novigapi.com/novig-fee-calculator).

## Coverage

Coverage, checked 12 Nov 2026

| Coverage (checked 12 Nov 2026) | Novig | Kalshi |
| --- | --- | --- |
| Sports | Sports only: NFL, NCAAF, NCAAB, NCAAWB, MLB, NBA, WNBA, NHL, PGA, ATP, WTA, UFC, F1, NASCAR among the leagues its fee docs list | Sports plus non-sports series such as CPI and oil price contracts |
| Markets | Game lines, player props, futures, series winners; parlays priced through RFQ | Event contracts across sports, economics, weather and more; combos |
| States and regions | All US states except Nevada, Arizona and Michigan, judged by physical location; 21+ | State list not published on the fee pages we read |
| Regulator | Ludlow Exchange, LLC (doing business as Novig), CFTC-designated contract market since 16 Jun 2026 | Kalshi, CFTC-designated contract market since 3 Nov 2020 |


## Data access

Data access, checked 12 Nov 2026

| Data access (checked 12 Nov 2026) | Novig | Kalshi |
| --- | --- | --- |
| Official API | Yes: signed trading API at docs.novig.com; needs an account, KYC and a location check in production | Yes: documented API at docs.kalshi.com |
| Public data | Free daily CSVs at data.novig.com (trades and markets), no names, around 5 a.m. ET | Market pages on kalshi.com; no daily CSV equivalent found on the pages we read |
| History | Trades from 3 Aug 2026, market snapshots from 4 Aug 2026, daily only | Not covered by the pages we read |
| What novigapi.com adds | No Novig account, player and team names joined, intraday line history, fair prices, line moves, MCP | Nothing: novigapi.com covers Novig only |


If you build on Novig prices, the official API is a trading interface: it needs a funded account, identity checks and a location check before production keys work. The daily CSVs are free but arrive once a day and carry IDs instead of names. [novigapi.com](https://novigapi.com/novig-api) sits on top as a read-only layer with names resolved and intraday history.

## How the two fee curves compare

Novig's own worked examples, per $100 of payout at the 0.06 coefficient: $1.50 at 50%, $1.26 at 30% or 70%, and $0.54 at 10%. The fee is charged to five decimal places with no cent floor, and a pregame fill on a game market owes nothing. Kalshi's curve has the same shape with a 0.07 coefficient, so its fee for $100 of payout runs from $0.07 near the tails to $1.75 at 50%, per its fee schedule.

## Who should use which

- **Pregame sports traders**: Novig, because game markets carry no fee until the event goes live.
- **Traders who want non-sports events** such as economic data or weather: Kalshi, since Novig lists sports only.
- **Market makers**: both pay no maker fee on straight markets; Novig also credits 25% of the taker fee on in-game game-market fills.
- **Developers comparing the two books**: pull Kalshi from its own API and Novig from the CSVs or a read-only layer, then compare fair prices with the [no-vig calculator](https://novigapi.com/no-vig-calculator).

## Verdict

For sports alone, Novig is the cheaper venue on the published schedules: no pregame fee on game markets and a lower in-game coefficient. Kalshi wins on breadth, with markets well beyond sports, and has held its CFTC designation since 2020 against Novig's 2026. Check both fee pages before you trade, because both say their coefficients can change.

## Questions

### What's different about Kalshi?

Kalshi lists event contracts beyond sports, including economic and weather series, and it charges a rounded-up taker fee of 0.07 x C x P x (1 - P) on most markets. Novig lists only sports and, on game markets, charges takers only while the event is live (checked 12 Nov 2026).

### Does Kalshi have any competitors?

Yes. On the CFTC's designated contract market list, checked 12 Nov 2026, sports-focused venues include Ludlow Exchange (Novig), ProphetX, QCX (Polymarket US) and Sporttrade DCM, alongside Kalshi.

### How to avoid fees in Kalshi?

Kalshi's default maker multiplier is 0 on most markets, so resting limit orders that others trade against avoid the taker fee. Combos are the exception: makers there pay 50% of the taker fee, per Kalshi's fee schedule checked 12 Nov 2026.

### Are Novig fees lower than Kalshi fees?

On the published schedules, yes for sports. At a 50% price, $100 of payout costs $1.50 in-game on Novig and $1.75 on Kalshi, and a pregame fill on a Novig game market costs nothing (checked 12 Nov 2026).

## Sources

- [Novig docs: Trading Fees](https://docs.novig.com/fees.md)
- [Novig docs: Trading fees (game and futures schedules)](https://docs.novig.com/api/concepts/fees.md)
- [Novig Help Center: Eligibility & Legality](https://support.novig.com/en/articles/16194031-eligibility-legality)
- [CFTC: Designated Contract Markets list](https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?col=Status&dir=DESC&page=1)
- [Kalshi: Fee schedule](https://kalshi.com/fee-schedule)
- [Kalshi: Fee schedule PDF (July 2026 update)](https://kalshi.com/docs/kalshi-fee-schedule.pdf)
- [Kalshi API docs: Fee rounding](https://docs.kalshi.com/getting_started/fee_rounding)
- [Novig docs: Exchange Data](https://docs.novig.com/public-data/overview.md)

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