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Kalshi ends trader-volume incentive program early

Kalshi said its Volume Incentive Program would now end no earlier than Oct. 13, accelerating a plan that previously ran until Oct. 1, 2027.

Reported · Written up by our desk · Regulation

Kalshi is ending a trader-volume incentive program nearly a year early, according to a Sept. 28 filing with the Commodity Futures Trading Commission, CryptoSlate reported. The prediction-market operator said the Volume Incentive Program will terminate no earlier than Oct. 13.

The program had previously been scheduled to run until Oct. 1, 2027, making the change an acceleration of its planned end date. CryptoSlate said the decision comes as regulators and researchers scrutinize trading activity in Kalshi's crypto perpetual futures markets.

CryptoSlate reported that the CFTC has examined activity after researchers identified repetitive trades around fixed dollar amounts, including roughly $5,500 in Ethereum perpetuals. Kalshi said it is not under investigation and rejected wash-trading allegations, saying market makers place fixed-size quotes that other traders repeatedly hit.

The filing, according to CryptoSlate, does not directly link the program’s early end to the concerns raised about perpetual futures trading patterns, and it does not explain why Kalshi ended the program early. The exchange said under the program’s terms it can terminate the incentive at its discretion.

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