Kalshi to End Volume Rewards as CFTC Probes $5B Trades

- Kalshi to wind down volume-based rewards program amid record trading and CFTC scrutiny - CFTC reviewing over $5 billion in ether perpetual trades for potential wash trading On September 30, 2026, Cryptopolitan reported that Kalshi, a derivatives and prediction market exchange, plans to end its Volume Incentive Program following scrutiny by the U.S. Commodity Futures Trading Commission (CFTC) of more than $5 billion in ether perpetual trades. The outlet reported that the company informed the CFTC it will terminate the trader rewards initiative no earlier than October 13, 2026. The program, which launched in March 2023, offered incentives to traders based on their share of market volume in order to boost liquidity and activity. According to Cryptopolitan on September 30, 2026, regulatory pressure increased as the CFTC began reviewing a series of large, near-identical ether perpetual trades on Kalshi’s platform. As a result, the review raised questions about potential wash trading. However, Kalshi has denied wrongdoing and maintains that the trading patterns represent legitimate market-making activity. During September 2026, Cryptopolitan reported that Kalshi’s total trading volumes reached all-time highs even as the regulatory inquiry intensified. In addition, sources cited by Cryptopolitan stated that Kalshi is in discussions to raise around $1 billion at a nearly $40 billion valuation. Meanwhile, Tokenpost separately reported that the latest CFTC filing sets a timeline for winding down the Volume Incentive Program but does not specify an explicit reason, and that some other incentive initiatives remain active or are under separate review. Kalshi has yet to comment publicly beyond regulatory filings.