Liquidity Incentive Program
What is it?
The Liquidity Incentive Program rewards you for placing resting orders that improve market liquidity. This program pays you for maintaining orders on the books that help other traders get better prices, even if your orders don't get filled.
Program Dates
Start: September 15, 2025 End: September 1, 2026
Eligibility
Who can participate: Most regular Kalshi members
Who cannot participate:
Kalshi affiliates and employees
Market makers with existing agreements
Introducing Brokers, FCMs, and their customers
How It Works
Earning Rewards
Place resting orders in eligible markets
Kalshi takes snapshots every second during trading hours
Your orders are scored based on size and proximity to best prices
Earn a share of the reward pool based on your liquidity contribution
Market Selection
All Kalshi markets are potentially eligible
Active reward periods are clearly marked on market pages
Each market shows its liquidity incentive schedule
Scoring System
Key Parameters (Set Per Time Period)
Target Size: 100-20,000 contracts (minimum liquidity threshold that must be met)
Discount Factor: Up to 1.00 (determines how much orders away from best price are penalized)
Reference Price: Best bid/ask prices used as baseline
How Your Score is Calculated
Step 1: Snapshot Scoring
Kalshi takes random snapshots every second during trading hours
Only orders that help reach the Target Size qualify for points
Each qualifying order gets scored based on:
Order size (larger = higher score)
Distance from best price (closer = higher score using Discount Factor)
Step 2: Distance Penalty
Orders at the best bid/ask get full credit (1.0x multiplier)
Orders further away get reduced credit based on the Discount Factor
Step 3: Size Weighting
Your score for each snapshot = Order Size × Distance Multiplier
Multiple orders at different price levels all contribute to your snapshot score
Step 4: Total Score
Your final score = Sum of all your snapshot scores during the time period
Your reward = (Your Score ÷ Total All Participants' Scores) × Reward Pool
Rewards Structure
Time periods: Up to 31 days each
Daily rewards: $10-$1,000 per day
Minimum payout: $1.00 (rounded down to nearest cent)
Payment timing: Programs that end by 10 AM ET will be paid out the same day by 3pm ET, while programs ending after 10 AM ET will be paid out the following day by 3pm ET.
Program Rules
Monitoring:
Kalshi monitors for abusive behavior and market manipulation
Participant status can be revoked for violations
Program may be terminated at any time
Transparency:
All schedules and parameters displayed publicly
Market pages show eligibility and reward information
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