PRED, the peer-to-peer sports prediction exchange, has introduced trading fees, which averages 1% for takers and 0% for makers.

The headline rate sits below half the average charged by the two largest prediction markets, both of which publish their own schedules.

The comparison is unusually clean, because the category has converged on one piece of arithmetic. Kalshi, Polymarket and PRED all calculate the same way: a base rate multiplied by the contract price and its inverse, then by the number of contracts. The charge peaks at 50 cents, where the market is least certain, and tapers toward zero as a contract approaches settlement.

“Everyone in this category charges on the same curve, so there is nowhere to hide behind a pricing page,” said Amit Mahensaria, CEO and co-founder of PRED. “The rate is the product. We picked 2.5%, we show you the fee before you place the order, and we’ve published the arithmetic so anyone can check it against the other two in about thirty seconds.”