Kalshi ends liquidity scheme, still hits $53bn record month

Kalshi denies wash trading as Reuters reports $40bn funding talks & scrutiny builds.

The hit

Kalshi is killing the trader reward scheme that paid out for boosting liquidity, ending it no earlier than 13 October, according to a filing with the Commodity Futures Trading Commission. The move comes as the CFTC reportedly examines trades on the platform following claims that repeated $5,500 trades inflated ether perpetual futures volume, per the Wall Street Journal. Kalshi has said it was not under investigation over the matter.

Why it matters

The exchange denies wash trading & says market makers’ fixed quotes explain the repeated prints, not manipulation. Scrapping the volume-reward programme comes as regulators reportedly circle & as Kalshi is reportedly in advanced talks, per Reuters, to raise about $1bn at a roughly $40bn valuation.

The record

Kalshi’s September volume	$52.98bn as of 29 September, an all-time high, with September data still incomplete (The Block)
August comparison	$38.67bn (The Block)
Flagged ETH perps trades	Over $5bn in volume from ~$5,500 repeated trades (Wall Street Journal)
X account allegation	$539m in 24-hour volume vs $3.1m open interest on ETH perps pair
Programme end date	No earlier than 13 October (CFTC filing)
Reported funding talks	~$1bn raise at a ~$40bn valuation (Reuters)

What happens next

Watch for the CFTC’s next move on the reported wash-trading scrutiny & whether Kalshi’s reported $1bn funding talks at a $40bn valuation conclude before scrutiny deepens.

Sources: Kalshi to end liquidity incentive program amid wash trading allegations

Named in this story? Reply to newsdesk@pollbet.com & we publish it.

18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.