Kalshi launches rewards program of up to $5,000 per customer

KalshiEX LLC has self-certified before the Commodity Futures Trading Commission (CFTC) a program called "Deposit and Trading Reward" that can be executed for two years starting no earlier than September 28, 2026, and that pays promotional credits for qualified deposits and trades. Each customer can receive up to $2,500 per limited promotion and $5,000 in total throughout the program via deposit matches or trading of up to 100% or fixed rewards; the exact percentages, minimums, and values are contained in a confidential appendix.

What the Kalshi rewards program offers

The self-certification document dated September 15 places the start of the initiative on or after September 28 and gives it a deadline of September 28, 2028. Kalshi invokes its Rule 3.13(f), which allows the exchange to create programs 'that provide incentives to Participants that encourage trading.' The company explains that the goal is 'to drive both deposit and trading activity, and strengthen liquidity and price discovery.'

The program is open to 'Self-Clearing Members who are natural persons' in good standing who have passed identity verification and are not under compliance investigation. There is no limit on participants. Each temporary promotion may be restricted to defined groups based on criteria in a confidential Appendix B: account age, inactivity lookback, funded or unfunded status, deposit or trading history, activity in contract categories, geographical location, and account status.

How bonuses and withdrawal conditions work

Rewards are executed as 'Time-Limited Promotions' lasting from three to 90 days. The operating rules are:

• A deposit reward is earned with a single deposit above a set minimum.

• A trading reward is earned when the collateral committed in eligible contracts meets a minimum, counting only executions with prices between $0.03 and $0.97.

• Kalshi may offer a percentage match or a fixed reward; the customer can receive, at most, one of each type per promotion, up to $2,500 per promotion and $5,000 total during the program.

• A fixed reward cannot exceed three times the minimum qualifying it, so to reach $2,500 would require a minimum of at least $833; if no minimum is set, the maximum reward is $25.

• The percentage match can reach a complete '100% match', capped at $2,500.

• Payments are delivered as 'Promotional Bonus Credits', in a single payment or installments between three to ten days.

• Credits expire between one and 30 days after issuance and can only be withdrawn after the participant has traded an amount equal to the value of the Bonus Credit.

Kalshi allows promotions to be limited to either the whole exchange or specific categories: sports, a specific sport or league, crypto, economy, finance, politics, climate, and entertainment; the category must be announced at least 24 hours before each promotion.

Safeguards and market abuse risks

The modified version published on the CFTC portal adds measures to exclude trades linked to self-matching, wash trading, or prior agreements; it prevents incentive accumulations in a single trade and reduces payments that would leave a trade with negative net commissions. The company states that 'it is not aware of any substantive opposing views.'

The filing comes after the Staff Letter 26-23 from the CFTC Market Oversight Division, dated August 12, which warned about procedurally or substantively deficient submissions for event contracts and indicated that threshold bonuses may encourage trading 'just to meet volume targets.' The letter also noted that a material change in an outstanding submission requires a new filing and another ten-day business review period.

Certified contracts and the sports context

On September 28, Kalshi certified contracts regarding whether the English Premier League will sanction Manchester City and a class covering any Premier League club; possible sanctions include stripping of titles, point deductions, a fine of at least £500,000, or registration bans, and the first official announcement counts even if later reduced on appeal. The submission came three days after reports from The Athletic and Reuters about an independent commission report with adverse findings for the club. No sanction has been announced, and the Premier League has not published a ruling.

Kalshi also certified contracts on how many regular-season MLB games will be played in 2027. MLB and players are negotiating a collective bargaining agreement that expires on December 1, 2026, according to ESPN. Kalshi has partnership agreements with five MLB clubs.

Railbird Exchange, operating as DKeX and launched by DraftKings in June, certified on September 25 swaps regarding whether Nikola Jokić will win the 2026-27 NBA MVP and who will score the first points in a specific game of the season; DKeX describes these offerings as swaps.

Regulatory and market implications for operators and regulators

Technically the submission is in the correct form and the program is limited and capped. In practice, it reproduces typical tools of welcome or reload offers by bookmakers: deposit matches up to 100%, short-expiry credits, targeting inactive customers, and league-specific promotions, albeit without responsible gaming measures or financial suitability criteria in the filing text.

The minimum age on Kalshi is 18 years; in Ohio and Tennessee, the age for sportsbook-type products is 21. Three days before the proposed start, a Sixth Circuit panel ruled that both states can apply their gambling laws to Kalshi's sports contracts, which will lead to concrete state arguments against promotions aimed at local markets.

The details that truly define the commercial scope—match percentages, minimum deposits, and reward values—are in Appendix B that Kalshi requested to keep confidential before the CFTC. This confidentiality prevents comparisons with conditions offered by licensed operators in state markets.

What operators and regulators should watch for

Operators and suppliers should observe two elements: first, how the CFTC interprets the modification and whether it requires a new review period that changes the effective date; second, the reaction of state regulators and courts to promotions intended solely for sports contract markets. The form and scope of safeguards against market abuse will be decisive for regulatory acceptance of incentives written in exchange language.

"This programme is designed to drive both deposit and trading activity, and strengthen liquidity and price discovery," Kalshi stated in its certification.

Kalshi also indicates that it 'is not aware of any substantive opposing views' regarding the initiative.