Kalshi told the Commodity Futures Trading Commission on Sept. 28 that it will terminate its Volume Incentive Program no earlier than Oct. 13, 2026, nearly a year before its previously scheduled Oct. 1, 2027 end date. The filing does not explain the decision or link it to scrutiny of repeated trading patterns in Kalshi's crypto perpetual-futures markets. The program was designed to increase activity on Kalshi's central limit order book by allocating fixed reward pools according to each participant's share of eligible volume. Event-contract rewards were capped at half a cent per contract, while perpetual futures were eligible and exempt from the program's usual 3-cent to 97-cent qualifying price range. Kalshi has submitted a separate Deposit and Trading Reward Incentive Program that can offer promotions tied to deposits, trading activity or both. Promotions may last three to 90 days, target users according to account and trading characteristics, and pay up to $2,500 per participant, with total rewards capped at $5,000 per person over the program's planned two-year life. The programs are not formally described as replacements and can overlap before the older program ends. The new framework excludes transactions under inquiry for potential self-matching, wash trading, prearranged trading or other prohibited practices. Kalshi said it is not under investigation and attributed recurring executions near fixed dollar amounts, including roughly $5,500 in Ether perpetuals, to market makers placing fixed-size quotes that other traders repeatedly execute against. The changes come as Kalshi reports record activity. DeFiRate recorded $3.24 billion in volume on Sept. 27 and $15.66 billion during the seven days through that date, with Kalshi accounting for near 80% of tracked prediction-market volume. Reuters reported that the company is in advanced discussions to raise about $1 billion at a valuation near $40 billion, potentially almost double its $22 billion valuation from a $1 billion May financing.