regulatory filing

Kalshi Files to End Volume Incentive Program

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ETH

Kalshi notified the CFTC that it will end its Volume Incentive Program no earlier than Oct. 13, 2026. The filing replaces a later end date that had been set for Oct. 1, 2027, and comes as the exchange’s ETH perpetual trading has drawn CFTC scrutiny.

Key claims & sources

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Kalshi’s September volume reached a record while the incentive program was being ended.
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Kalshi filed a notice with the CFTC to terminate its Volume Incentive Program.
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The shutdown takes effect no earlier than Oct. 13, 2026.
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KalshiEX LLC sent the notice to the CFTC on Sept. 28.
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The filing replaces a previous Oct. 1, 2027 end date for the rewards program.
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The CFTC is reviewing more than $5 billion in near-identical Ether perpetual trades on Kalshi.

What it means

Traders who used Kalshi’s Volume Incentive Program are the main group affected, because the rewards scheme is set to stop no earlier than Oct. 13, 2026. Anyone tracking the exchange’s activity will also notice that the notice was filed with the CFTC on Sept. 28, while the program had previously been scheduled to run until Oct. 1, 2027.

In practice, the filing changes the timetable for trader rewards: the program is being wound down earlier than the date that was already on file. What stays the same is that the termination is not immediate, because the end date in the notice is still no earlier than Oct. 13, 2026.

Market reaction i

Total crypto marketall crypto assets combined no single asset in the event: read against the whole market
first headline
-0.5% 2 h before
+0.8% 4 h after
$2.9Tmarket cap at publication
12data points

Coverage timeline

Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.

first
Sep 30 07:34
The Defiant scoop
Breaks the event
+21 min
Sep 30 07:55
+2 h 54 m
Sep 30 10:27
Unchained context
Its angle: allegations, incentivize, proportion; with quotes
+5 h 42 m
Sep 30 13:16
Crypto Economy context
Its angle: participants, introducing, terminating; with quotes
+7 h 5 m
Sep 30 14:39
CR Cryptopolitan echo
No new facts: participant, separately, registered; with quotes