Kalshi ends volume incentive program effective October 13

Kalshi is shutting down its Volume Incentive Program, the rewards system that paid traders based on their share of eligible trading activity on the platform. The termination takes effect no earlier than October 13, 2026, following a notice filed on September 28. How the program worked The Volume Incentive Program distributed rewards from fixed per-market pools, allocated proportionally based on each participant’s share of eligible volume on Kalshi’s central limit order book. Not every trade counted. To qualify, transactions had to be executed at prices between $0.03 and $0.97, a range designed to exclude the cheapest lottery-ticket bets and near-certainties that don’t contribute much to genuine price discovery. The maximum reward was capped at $0.005 per contract. Certain groups were carved out from eligibility entirely. Affiliates of Kalshi, along with participants operating under specific agreements with brokers and market makers, could not collect rewards through the program. The stated goal was straightforward: enhance liquidity and improve pricing efficiency across Kalshi’s event contract markets, which span topics from elections to economic indicators to crypto-related perpet...