Kalshi to end volume rewards as CFTC review draws scrutiny

Kalshi has told the Commodity Futures Trading Commission it intends to end its Volume Incentive Program no earlier than October 13, 2026, bringing forward the program’s previously planned October 1, 2027 end date. The September 28 filing gives no reason for the change and does not link it to scrutiny of trading activity on the platform. The program rewarded eligible traders according to their share of qualifying trading volume in designated markets. Its termination does not mean all incentives are ending: a separate Deposit and Trading Reward Incentive Program was filed with the CFTC on September 25, according to the regulatory docket. The newer framework allows promotions tied to deposits, trading activity or both. The filings do not describe the new program as a formal replacement for the existing one. The planned change comes as reported regulatory scrutiny focuses on repeated trades in Kalshi’s Ether perpetual markets. The Wall Street Journal reported that the CFTC was reviewing more than $5 billion in near-identical trades accumulated over roughly a month. The available reporting describes a review, not a confirmed formal enforcement investigation or finding.