Our Market Maker Program is now Live on Kalshi
Kalshi’s market includes designated market makers who agree to provide consistent, two-sided liquidity. In exchange for meeting defined quoting and volume requirements, market makers may receive reduced fees and certain adjusted position limits.
Market maker status is granted following a thorough review of financial resources, trading experience, and business reputation; and approval is based on the ability to meet ongoing liquidity obligations while ensuring a fair and orderly marketplace.
Market makers are also subject to the same core rules and oversight as other participants. Any fee reductions or other program benefits are conditional on maintaining sufficient liquidity and orderly markets, and they assume trading risk and may face losses like any other participant.
Market making exists in almost all markets!
Imagine a marketplace without market makers. You might want to sell a rare comic book, but there are no interested buyers at your asking price. Conversely, you might be eager to buy a specific antique chair, but no sellers are listing one. Market makers bridge this gap by continuously quoting buy and sell prices, willing to act as either buyer or seller to facilitate trades.
Stock Exchanges
Market makers play a crucial role in the smooth operation of financial markets, particularly in maintaining order books that list buy and sell orders for shares of publicly traded companies. Their primary function is to ensure liquidity in the market, which means that they make it easier for investors to buy or sell shares quickly, without having to wait for a matching buy or sell order to appear. This is done by the market maker acting as the counterparty to trades, thereby guaranteeing that there is almost always someone on the other side of your transaction.
Foreign Exchange
When traveling abroad and you find yourself needing to exchange your native currency for the local one, you're engaging with a critical player in the financial market known as a market maker. A market maker is an individual or institution that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread or turn. In the context of currency exchange, these entities take on the crucial role of setting the exchange rates - determining the price at which they're willing to buy and sell currencies - and facilitating transactions between parties.
Commodities Markets
The price of oil, wheat, or gold is influenced by market makers who buy and sell contracts based on future expectations, creating a liquid market for these essential commodities. The price changes in commodities like oil, wheat, or gold, influenced by market makers' buying and selling decisions, not only affect investors but also have a direct impact on everyday consumer prices, making it relevant to all.
Why are Market Makers Important?
By providing constant liquidity, market makers benefit both buyers and sellers. Buyers can find a seller for their desired asset at a transparent price. Sellers can offload their assets quickly without waiting for a matching buyer. Market makers help prevent price swings by absorbing temporary imbalances in supply and demand.
Which Markets are Market Makers Trading on?
Covered Products | Availability |
KXINX | 98% of each 1h increment |
KXINXU | 98% of each 1h increment |
KXINXY | 98% of each 1h increment |
KXNASDAQ100 | 98% of each 1h increment |
KXNASDAQ100U | 98% of each 1h increment |
KXNASDAQ100Y | 98% of each 1h increment |
KXBTC | 98% of each 1h increment |
KXBTCD | 98% of each 1h increment |
KXBTCMAX150 | 98% of each 1h increment |
KXETH | 98% of each 1h increment |
KXETHD | 98% of each 1h increment |
KXDOGE | 98% of each 1h increment |
KXDOGED | 98% of each 1h increment |
KXSHIBA | 98% of each 1h increment |
KXSHIBAD | 98% of each 1h increment |
KXNBA | 98% of each 1h increment |
KXNBAEAST | 98% of each 1h increment |
KXNBAWEST | 98% of each 1h increment |
KXNBASERIES | 98% of each 1h increment |
KXNBAGAME | 98% of each 1h increment |
KXNHL | 98% of each 1h increment |
KXNHLEAST | 98% of each 1h increment |
KXNHLWEST | 98% of each 1h increment |
KXNHLSERIES | 98% of each 1h increment |
KXNHLGAME | 98% of each 1h increment |
KXPGATOUR | 98% of each 1h increment |
KXFOMENSINGLES | 98% of each 1h increment |
KXFOWOMENSINGLES | 98% of each 1h increment |
KXINDY500 | 98% of each 1h increment |
KXHEISMAN | 98% of each 1h increment |
KXMLB | 98% of each 1h increment |
KXMLBAL | 98% of each 1h increment |
KXMLBNL | 98% of each 1h increment |
KXNBACOY | 98% of each 1h increment |
KXNBAMVP | 98% of each 1h increment |
KXNBAROY | 98% of each 1h increment |
KXEPLGAME | 98% of each 1h increment |
KXEPLTOP4 | 98% of each 1h increment |
KXUCL | 98% of each 1h increment |
KXUCLGAME | 98% of each 1h increment |
KXSERIEA | 98% of each 1h increment |
KXSERIEAGAME | 98% of each 1h increment |
KXBUNDESLIGA | 98% of each 1h increment |
KXBUNDESLIGAGAME | 98% of each 1h increment |
KXLALIGA | 98% of each 1h increment |
KXLALIGAGAME | 98% of each 1h increment |
KXLIGUE1 | 98% of each 1h increment |
KXLIGUE1GAME | 98% of each 1h increment |
KXCPI | 98% of each 1h increment |
KXCPIYOY | 98% of each 1h increment |
KXFED | 98% of each 1h increment |
KXFEDDECISION | 98% of each 1h increment |
KXU3 | 98% of each 1h increment |
KXIPO | 98% of each 1h increment |
KXLLM1 | 98% of each 1h increment |
KXMARMAD | 98% of each 1h increment |
KXNCAAMBGAME | 98% of each 1h increment |
KXATPMATCH | 98% of each 1h increment |
KXWTAMATCH | 98% of each 1h increment |
KXMENWORLDCUP | 98% of each 1h increment |
KXSB | 98% of each 1h increment |
KXNFLGAME | 98% of each 1h increment |
KXNFLAFCCHAMP | 98% of each 1h increment |
KXNFLNFCCHAMP | 98% of each 1h increment |
KXNFLMVP | 98% of each 1h increment |
KXNFLOPOTY | 98% of each 1h increment |
KXNFLDPOTY | 98% of each 1h increment |
KXNFLOROTY | 98% of each 1h increment |
KXNFLDROTY | 98% of each 1h increment |
KXNFLCPOTY | 98% of each 1h increment |
KXNFLANYTD | 98% of each 1h increment |
KXNFLFIRSTTD | 98% of each 1h increment |
KXNFL2TD | 98% of each 1h increment |
KXINXMAXY | 98% of each 1h increment |
KXINXMINY | 98% of each 1h increment |
KXINXPOS | 98% of each 1h increment |
KXAAAGASM | 98% of each 1h increment |
KXGDP | 98% of each 1h increment |
KXPAYROLLS | 98% of each 1h increment |
KXRATECUTCOUNT | 98% of each 1h increment |
KXFOMENSSINGLES | 98% of each 1h increment |
KXFOWOMENSSINGLES | 98% of each 1h increment |
KXUSOMENSSINGLES | 98% of each 1h increment |
KXUSOWOMENSSINGLES | 98% of each 1h increment |
KXWMENSINGLES | 98% of each 1h increment |
KXWWOMENSINGLES | 98% of each 1h increment |
KXNASCARRACE | 98% of each 1h increment |
KXUFCFIGHT | 98% of each 1h increment |
Note: The list of products above is subject to change. Kalshi reserves the right to update, add, or remove products that market makers are trading on at any time. Keep an eye out for the latest information in this document.
What FCMs is Kalshi partnered with?
Kalshi is partnered with Webull Financial LLC and Robinhood Derivatives LLC. We look forward to partnering with more great FCMs in the future!