Kalshi Files to Terminate Volume Incentive Program After 10-Day Review

KalshiEX LLC has filed to end a trading-reward program tied to qualifying volume on Kalshi’s central limit order book, removing one incentive for market activity after a 10-day review period.

The filing was submitted Sept. 28, 2026. The filing is under a 10-day review, with Oct. 13 listed as the earliest possible effective date.

The Volume Incentive Program distributed fixed reward pools for each market. Eligible participants received rewards based on their shares of qualifying completed trading volume rather than simply placing orders in the book.

Affiliates, market makers operating under Market Maker Agreements and certain broker-linked participants were excluded from the program.

“The purpose of this Program is to increase volume and liquidity on the central limit order book and thereby enhance pricing efficiency,” KalshiEX LLC said in the program terms.

Ending the program removes a volume-based payment mechanism for eligible trading activity. The effect on liquidity, spreads and pricing efficiency is not yet known.

The termination does not necessarily end every incentive program filed or maintained by Kalshi. KalshiEX LLC filed a separate Deposit and Trading Reward Incentive Program on Sept. 25, 2026, with different terms, scope and duration.

The next concrete date in the termination process is Oct. 13, when the termination could take effect if the review is completed and the filing becomes effective.