challenge accepted

i thought more about it. beni, sorry for being a dick. i shouldn't have attacked you personally. it was cocky and unnecessary, and i should have stuck to the facts. i do want to clarify one thing: our incentives pay for liquidity, not wash trading. the claim that we’re incentivizing wash trading is incorrect, but i should have explained why instead of making it personal. this has made clear we need to do a better job explaining how our incentives work and the safeguards we have in place. we’ve laid out the full context here: news.kalshi.com/p/the-facts-…

Hey Beni, Seems like a bunch of wires got crossed here so I just wanted to set the record straight. Your original claim was that Kalshi’s crypto prediction market volume was fake. The chart from Artemis shows prediction market volume share, not perps. We don’t do rebates for crypto prediction markets. Also, the way that contracts <> notional $ is calculated is universal amongst prediction markets and same with poly so it’s apple-to-apples. Separately on perps you claimed that “Here SCM means market makers that are selected by Kalshi lmfao”. This isn’t true. Anyone can become a Self-Clearing Member of a CFTC regulated exchange as long as they meet the regulatory requirements. “Fair access” is a reg requirement for us. All exchanges run rebate and incentive programs to help provide better liquidity on the exchange for traders. CME does it. So does Hyperliquid and Binance (in fact they run NEGATIVE market maker rebates). I’m the first to admit that it’s early days for perps for us given we're building a new product in untrodden territory (US perps). But the core difference between Kalshi and offshore perp exchanges is that while other exchanges run deals in the dark, we need to file our incentive programs publicly and so what you see is truly what you get. hyperliquid.gitbook.io/hyper… binance.com/en/vip-portal/li…

Kalshi Perps are live on Insilico Terminal. Connect your @Kalshi account and trade perps from the same workspace you already execute in. Keep clicking.

I grew up in Brazil dreaming about what I might build one day. I came to the US for college, fell in love with this country, and eventually built Kalshi here. Today I had the honor to be on stage at the @USHCC conference where I met so many Latino entrepreneurs who took a chance on themselves and built something of their own. That’s why I’m so proud Kalshi is partnering with USHCC to help more business owners protect what they’ve worked so hard to build: whether they face inflation, seasonal swings, or fluctuating costs, they deserve access to financial tools to protect against the future. This one means a lot to me❤️ PS: I promise I had ironed my clothes :(

Taking the group chat to Singapore. Keep your hot takes. Drinks are on us. @Kalshi x Insilico Terminal present Asia Session @ TOKEN2049. Meet the handles. Argue your book. Settle it on the F1 sim. 8 Oct · 7–11 PM Request to join: luma.com/w931emv1

💥BREAKING: Kalshi went from 10% to 80% market share in the past 16 months. Regulated prediction markets are winning!

We just launched gold and silver perpetuals in the US. And commodity derivatives are now our fastest-growing product. Markets started with grain and metals, expanded into rates, indices, and other financial assets, and are now expanding into information itself, pricing not just assets but outcomes about the future. Prediction markets ask questions with defined resolution: What will GDP be this quarter? Who will win tonight? Perps ask continuous questions, with no expiration: Where is gold going? Prediction markets, traditional futures, and perps are built on the same idea: match buyers and sellers, let them compete in an open market, and discover a price. Traders bring different information and beliefs, and that competition produces a price the rest of us can use as a signal. It’s part of a centuries long evolution toward markets as a general-purpose technology for pricing and managing uncertainty. Prediction markets are one frontier of this evolution. Commodity perps are another.

Someone trained the fly to market make gold on kalshi perps Somehow it’s out trading the majority of crypto Twitter

Ahead of today’s US Open final, we took out full-page ads in The Wall Street Journal, The New York Times, and The Washington Post. The idea is simple: competition makes things better. Five-time US Open champion Pete Sampras didn’t become a legend competing alone. He needed someone on the other side of the net. Someone who saw the point differently. Who challenged every shot. Who made him earn every win. At 17, Sampras made his US Open debut and lost in the first round. Two years later, he beat Ivan Lendl, John McEnroe, and Andre Agassi to become the youngest men’s US Open champion ever. In 1992, he returned to the final and lost to Stefan Edberg. The loss made Sampras “obsessed with being the best.” He trained harder and won the US Open again the next year. At each step along the way, the competition got better, and Sampras had to get better with it. That’s what open competition does. It exposes weaknesses, rewards what works, and forces everyone to keep improving. Over time, the best rise to the top, and the level of the entire game gets better. But that only works when competition is truly open. Anyone can compete. Everyone plays by the same rules. Everyone can see the score and how the game is being played. And no one gets punished for being too successful. The strongest financial markets are built on the same principles of competition. Anyone can participate. Everyone trades under the same rules. Prices and activity are transparent for everyone to see. And no one is limited simply because they’re too successful. On a financial exchange, people bring different information, beliefs, and views of what something is worth, then put money behind those views. That competition drives price discovery. When traders are right, they’re rewarded with more resources to put behind their views. Positions get bigger. The stakes get higher. Better information is rewarded, worse information is punished, and thousands of competing views are distilled into a single market price. That price is useful to everyone, not just the people trading. It becomes a real-time signal of what the market collectively believes, helping us better understand what is happening and what is likely to happen next. Competition breeds legends. And better market prices.

Last week in crypto: we are so back

Kalshi Prime offers the lowest execution cost for ETH perps (all-in: slippage + fees) DM me if you want 0.01% taker / 0.0% maker fees (disclosures below)

Kalshi's X presence is growing at its fastest rate ever We're looking to add to the team if you are: - online 24/7 - Live on X - Into politics, finance, sports, culture - Experience building brand on social Dms are open

We’re looking to add to our social team at Kalshi: If you or someone you know: • Is chronically online • Is obsessed with sports • Good with narratives and framing • Hands-on-keys posting • On top of the biggest news • Has a strong design/social background Shoot me a DM.

Kalshi Perps at the US Open. The crypto bull market really is back.

Last week in crypto was plumber mode

Esports is growing rapidly on prediction markets. We’re building out Esports at Kalshi and hiring someone to lead GTM. You’re a good fit if you: -Know Esports inside and out: games, teams, leagues, creators, culture -Know what resonates and what can go viral -Can launch high-impact partnerships -Can build markets/products fans actually want -Can own marketing around the biggest moments Your job: make Kalshi the go-to prediction market for Esports. DM me if this sounds like you.

NEW EPISODE - "We Want to Be Bigger Than the CME" @Kalshi is moving far beyond prediction markets. @j0hnwang joins @TrustlessState to unpack its regulated crypto perps push, why regulation could be its biggest competitive advantage, and how event contracts could evolve into serious institutional hedging infrastructure. They also debate prediction markets’ insider trading problem, preview gold and silver perps, and address the rivalry with @Polymarket, including Kalshi’s claim that its crypto volume is now 10x larger. CHAPTERS --- 0:00 Is Kalshi a Crypto Company? 3:56 Global Expansion and the Regulated Edge 14:55 The Regulated Perps Bet 21:38 Combining Perps and Predictions 27:51 The Insider Trading Problem 38:50 Who Owns Market Information? 45:58 From Sportsbooks to the CME 55:24 Prediction Markets for Institutions 1:02:40 Kalshi Versus Polymarket

Shipping a 40 foot container cost $1,420 in 2019. Two years later it hit $10,377. James, CEO of Zest, lived through it. He asked us to list container freight, so he could hedge the thing that nearly took him out the first time. Big companies have had freight derivatives for decades. Now a tea company with 20 employees does too.

Kalshi is hiring someone to drive social + partnerships. If you: -Are chronically online -Good with narratives and framing -Hands-on-keys posting -Move fast -Can find and close partners -Live and breathe politics -Juggle a dozen threads DM me.