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 (pre-game)

98% of each 1h increment

KXNBA (pre-game)

98% of each 1h increment

KXNBAEAST (pre-game)

98% of each 1h increment

KXNBAWEST (pre-game)

98% of each 1h increment

KXNBASERIES (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until the start of the underlying game

KXNBAGAME (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until the start of the underlying game

KXNHL (pre-game)

98% of each 1h increment

KXNHLEAST (pre-game)

98% of each 1h increment

KXNHLWEST (pre-game)

98% of each 1h increment

KXNHLSERIES (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until the start of the underlying game

KXNHLGAME (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until the start of the underlying game

KXPGA (pre-game)

98% of each 1h increment, every day from 8:00 AM ET until 12:00 midnight ET (excluding periods where golfers are actively playing)

KXFOMENSINGLES (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until 12:00 midnight ET, until the tournament is concluded

KXFOWOMENSINGLES (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until 12:00 midnight ET, until the tournament is concluded

KXINDY500 (pre-race)

98% of each 1h increment, every day, from 8:00 AM ET until 12:00 midnight ET, until the race is concluded

KXMLBGAME (pre-game)

98% of each 1h increment, every day, from 8:00 AM ET until the start of the underlying game

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.

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