Kalshi to End Volume Rewards Amid $5B Trade Scrutiny
Kalshi says the program rewards eligible traders by share of qualifying volume as the exchange faces scrutiny over repeated Ether perpetual trades.
- On Monday, September 28, Kalshi filed with the Commodity Futures Trading Commission to terminate its Volume Incentive Program, effective no earlier than October 13, 2026.
- The decision follows reports that Kalshi's Ether perpetual futures exhibited suspicious trading patterns; critics alleged wash trading while the exchange argued repeated trade sizes resulted from market-maker arrangements.
- Reports indicated over $5 billion in volume accumulated from repeated trade sizes often close to $5,500 each, prompting the CFTC to examine the patterns without initiating formal enforcement.
- Kalshi denied wash-trading allegations, stating "wash trading does not occur on Kalshi," and maintained the program aimed to "incentivize trading and increase volume and enhance pricing efficiency" since February 2023.
- Despite the controversy, Kalshi has rapidly expanded its perpetual futures lineup this year, with ARK Invest holding direct exposure as the company negotiates a valuation near $40 billion.
10 Articles
10 Articles
Kalshi Scraps Volume Incentives as Perp Trades Face Scrutiny
Why Is Kalshi Ending Its Volume Incentive Program? Kalshi plans to terminate a trading incentive program that has rewarded participants for generating eligible volume since 2023, with the change arriving as the prediction market operator faces questions over unusually repetitive trading activity in some of its crypto perpetual futures. In a filing with the Commodity Futures Trading Commission, Kalshi said its “Volume Incentive Program” will end …
Kalshi Ends Volume Rewards Program on October 13
KalshiEX LLC notified the CFTC on September 28 that it is terminating its Volume Incentive Program, with the change taking effect no earlier than October 13, 2026. The filing replaces the program’s previous October 1, 2027 end date, meaning volume-based trader rewards are being wound down far earlier than originally scheduled. The program applied across ...
Kalshi plans to close his volume incentive program as of October 13, at a time of record for his activity and repeated transaction questioning in his perpetual ETH futures. The platform denies that there is any wash trading and, at the same time, attracts investor interest and seeks new capital. *** Kalshi’s presentation to the CFTC indicates that the Volume Incentive Program would end not earlier than October 13. The monthly volume reached $52,…
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
