Market Maker Program

Our Market Maker Program is now Live on Kalshi

Kalshi's market operates with the valuable support of a designated group of market makers. This program is highly selective and requires participants to meet stringent criteria.

To be considered, applicants undergo a thorough review process evaluating their financial resources, relevant experience, and overall business reputation. Only those demonstrating exceptional qualifications are granted market maker status.

Market makers play a vital role in ensuring market fairness and orderliness. This program offers them unique benefits in exchange for their commitment to upholding these principles. There are perks to being a market maker including but not limited to financial benefits, reduced fees, differing position limits, and enhanced access. In return, you'll need to agree to some things, like always trying to keep our markets fair and orderly. Some special position limits apply to market makers, but that's to make sure everything runs smoothly.

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 (from 8 am – 5 pm ET on stock market days)
INX	98% of each 1h increment
INXU	98% of each 1h increment
INXY	98% of each 1h increment
NASDAQ100	98% of each 1h increment
NASDAQ100U	98% of each 1h increment
NASDAQ100Y	98% of each 1h increment
BTC	98% of each 1h increment
BTCD	98% of each 1h increment
ETH	98% of each 1h increment
ETHD	98% of each 1h increment
DOGE	98% of each 1h increment
DOGED	98% of each 1h increment
SHIBA	98% of each 1h increment
SHIBAD	98% of each 1h increment
KXSB	98% of each 1h increment
KXNBA	98% of each 1h increment
KXNBAEAST	98% of each 1h increment
KXNBAWEST	98% of each 1h increment
KXNHL	98% of each 1h increment

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!

Still need help?

If you still need help, please contact Kalshi support here. We have a small but mighty team ready to help you out with any issues or questions you might have. All of the Kalshi support team is US-based and human.