Eligible Participants
All Kalshi members are Eligible Participants, except: (i) affiliates of Kalshi; and (ii) Introducing Brokers (IBs), Futures Commission Merchants (FCMs), and their customers when transacting via the IB or FCM.
There is no cap on the number of Eligible Participants, and no opt-in is required.
Definitions
Component Liquidity Incentive Fee Fraction (CLIFF): 25%. Applied to the total value of fees on Sports Prop Combo Markets to determine the incentive pool.
Eligible Component: A component of a Sports Prop Combo Market that is itself a Sports Prop.
Eligible Maker Volume: For a given Sports Prop Combo Market, the total maker volume traded in that market's Eligible Components. For Live Events, only maker volume traded after the scheduled start of the event is eligible.
Live Event: An event listed on Kalshi (such as a sports game) that is currently ongoing, i.e., has already started.
Minimum Individual Score: 0.01. An Eligible Participant must achieve this score in a market to receive an incentive payment for it.
Incentive Terms
Incentive pool per market
After all components of a Sports Prop Combo Market are determined, Kalshi calculates the total fees collected on that market. The total incentive distributed for that market is capped at total fees × CLIFF.
Example: A Sports Prop Combo Market generates $100 in fees. With a 25% CLIFF, $25 is distributed to Eligible Participants in the underlying Eligible Components.
Scaling for non-eligible components
If not all components of a Sports Prop Combo Market are Eligible Components, the incentive for that market is scaled by the fraction of components that are eligible.
Example: 4 of 5 legs are Eligible Components. The pool is scaled by 80%: $100 fees × 0.25 CLIFF × 4/5 = $20 distributed for that market.
Participant scoring
For a Sports Prop Combo Market with Eligible Component outcomes O₁, O₂, … Oₙ, each Eligible Participant L receives a score:
S_L = (1 + F₁) × (1 + F₂) × … × (1 + Fₙ) − 1
where F₁, F₂, … Fₙ are participant L's fractions of the total Eligible Maker Volume in each Eligible Component outcome of that market.
Participants with a score at or above the Minimum Individual Score receive an incentive payment in proportion to their score. Participants below the Minimum Individual Score receive no payment.
Worked example
A Sports Prop Combo Market generates $100 in fees, the CLIFF is 25%, all components are eligible, and there are two component outcomes (O₁, O₂) with three liquidity providers:
Participant | Share of O₁ Eligible Maker Volume | Share of O₂ Eligible Maker Volume | Score | Share of Pool | Payment |
L₁ | 90% | 50% | 1.9 × 1.5 − 1 = 1.85 | 1.85 / 2.45 = 75.5% | $18.88 |
L₂ | 0% | 50% | 1.0 × 1.5 − 1 = 0.50 | 0.50 / 2.45 = 20.4% | $5.10 |
L₃ | 10% | 0% | 1.1 × 1.0 − 1 = 0.10 | 0.10 / 2.45 = 4.1% | $1.02 |
Total pool: $100 × 25% = $25.
Components appearing in multiple Combo Markets
A single Eligible Component may be part of multiple Sports Prop Combo Markets. A participant's liquidity in that component is scored and compensated separately in each Sports Prop Combo Market in which it appears. Because each market's pool is independently capped at CLIFF × that market's fees, total incentives under the Program cannot exceed CLIFF × total fees collected across all Sports Prop Combo Markets.
Payment
Incentives are paid as a trade credit ("Bonus Credit") to each Eligible Participant's account. Bonus Credits are calculated and distributed monthly, covering transactions executed in the immediately preceding calendar month. Kalshi will make available to participants a breakdown of scores by market for markets in which they exceeded the Minimum Individual Score.
Excluded volume
Transactions resulting from, or under inquiry or investigation for, self-matching, wash trading, pre-arranged trading, or other abusive practices under Rule 5.17, as well as transactions cancelled or price-adjusted under Rule 5.11, are excluded from maker volume.
Eligible Components by Sport
Sport | Eligible Subcategories |
Baseball | Earned Runs, Hits, Hits + Runs + RBIs, Hits Allowed, Home Runs, Outs Recorded, RBIs, Stolen Bases, Strikeouts, Team Total, Total Bases, Walks, First 3 Innings Winner, First 5 Innings Winner, First 7 Innings Winner, Inning Winner, YRFI/NRFI, First 5 Innings Spread, First 5 Innings Total, Inning Total Runs, 500+ Foot HRs, Final Matchup, Finals Forecast, Highest Exit Velocity Home Run, Longest Home Run, Longest HR Distance, O/U Home Runs, Total Home Runs, Extra Innings |
Basketball | 1st Half Winner, 1st Quarter Winner, 2nd Half Winner, 2nd Quarter Winner, 3rd Quarter Winner, 4th Quarter Winner, Double Double, Player Assists, Player Blocks, Player Free Throws Made, Player Points, Player Rebounds, Player Steals, Player Threes, Team Total, Triple Double, Race to Points, 1st Half Spread, 1st Quarter Spread, 2nd Half Spread, 2nd Quarter Spread, 3rd Quarter Spread, 4th Quarter Spread, 1st Half Total, 1st Quarter Total, 2nd Half Total, 2nd Quarter Total, 3rd Quarter Total, 4th Quarter Total, Points Leader, First Round Player Points, Three Pointers Made, Overtime |
Boxing | Knockout, Method of Victory, Round of Victory, First Minute Finish, Go the Distance, Round of Finish |
Chess | Top Finishers |
Cricket | Team Total, Total Fours, Total Sixes |
Esports | Map, Map Winner, Total Maps |
Football | Overtime, 1st Half Team Total, 2-Point Conversion, Both Teams to Score, D/ST Touchdown, Defense, Field Goals, Game Props, Passing, Receiving, Rushing, Rushing + Receiving Yards, Passing Attempt, Team Total, Team Total Yards, Team Touchdowns, Total Touchdowns, Touchdown Specials, Touchdowns, 1st Half Winner, 1st Quarter Winner, 2nd Half Winner, 2nd Quarter Winner, 3rd Quarter Winner, 4th Quarter Winner, 1st Half Spread, 1st Quarter Spread, 2nd Half Spread, 2nd Quarter Spread, 3rd Quarter Spread, 4th Quarter Spread, Winning Margin, 1st Half Total, 1st Quarter Total, 2nd Half Total, 2nd Quarter Total, 3rd Quarter Total, 4th Quarter Total, First Team to Score a TD, Next Touchdown, Race to Points, Highest Scoring Quarter |
Golf | End of Round Leader, Golf Specials, Round 1 Leader, Round 2 Leader, Round 3 Leader, 3-Ball, Day Winner, Golfer Groups, Tournament 5-Ball, Winner Without Rory, Make the Cut, Golfer O/U Scores, Round Scores, Finishing Position, Round 1 Finishing Position, Round 2 Finishing Position, Round 3 Finishing Position, Matchups, 3-Hole Matchups, Eagles |
Hockey | Overtime, Goals, Player Assists, Player Points |
MMA | Method of Finish, Method of Victory, Round of Victory, Go the Distance, Round of Finish |
Motorsport | Driver Specials, Fastest Lap, Biggest Mover, Matchups, Finishing Position, Top Constructor, Top Team |
Soccer | To Advance, Play in Game, Halftime Show, Starters, Method of Finish, Method of Victory, Assists, Corners, Goalscorer, Team Total, Tournament Specials, 1st Half Correct Score, Correct Score, Score after Extra Time, 1st Half Winner, 2nd Half Winner, 1st Half Spread, 2nd Half Spread, 1st Half Total, 2nd Half Total, 1st Half BTTS, 2nd Half BTTS, BTTS, First Team to Score, Goals, Score or Assist |
Tennis | Aces, Set 1 Game Winner, Set 2 Game Winner, Set 3 Game Winner, Set 4 Game Winner, Exact Match Score, Set Winner, Total Sets |