Kalshi Files to End Volume Incentive Program

The exclusion of market-makers from the incentive pools is the telling detail: it suggests Kalshi is trying to separate genuine trading interest from activity it now attributes to its own liquidity arrangements. That distinction matters for anyone reading exchange volume as a demand signal, since incentive-driven and payment-driven flow can look identical on a screen. The absence of a termination date leaves the timing of any volume shift unresolved, and whether reported activity holds up once rewards lapse is the open question.