- Kalshi
- Kalshi is a CFTC-regulated exchange. Every contract settles at $1 or $0, so a 42¢ quote is a 42% implied probability with no sportsbook margin layered on top.
- Kalshi charges a per-contract trading fee instead of building a margin into the line. The fee is a curve, not a flat rake: it peaks at roughly 1.75¢ on a contract priced near 50¢ and shrinks toward zero at both extremes, and maker fees are a quarter of taker fees.
- Polymarket
- Polymarket is an order-book market: the price is whatever two traders agree on, and a share that settles at $1 quotes as a probability directly.
- Polymarket's taker fee is a fraction of a percent, which makes its headline quote very close to the all-in cost and often the cheapest of the exchanges in the middle of the price range.
- Novig
- Novig is a peer-to-peer exchange wearing a sportsbook interface: your price comes from another user rather than from a trading desk that sets a margin.
- Novig takes a small per-contract fee from the taker and pays makers a rebate rather than baking vig into the line. It is low-fee rather than fee-free, and when Novig steps in as counterparty in a thin market a spread comes back into the price.
- ProphetX
- ProphetX is a betting exchange: users post the prices and you take the other side of someone else's bet instead of accepting a desk's number.
- ProphetX charges commission on net winnings rather than embedding a margin, so the cost is explicit and only applies when you win.