{
  "schemaVersion": "vultax-public-research-data-v1",
  "articleUrl": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards",
  "datasets": [
    {
      "title": "Polymarket rewards do not follow trading",
      "columns": [
        {
          "name": "Category",
          "unit": null
        },
        {
          "name": "Share of daily rewards",
          "unit": "%"
        },
        {
          "name": "Share of 24-hour volume",
          "unit": "%"
        }
      ],
      "rows": [
        [
          "Politics",
          28.4,
          40.3
        ],
        [
          "Sports",
          22.2,
          36.4
        ],
        [
          "Finance",
          13.8,
          2.4
        ],
        [
          "Weather",
          13.5,
          3.5
        ],
        [
          "Crypto",
          4.2,
          7
        ],
        [
          "Economy",
          4.1,
          1.2
        ],
        [
          "Tech",
          4,
          0.8
        ],
        [
          "Geopolitics",
          2.1,
          1.6
        ],
        [
          "Esports",
          0.6,
          5.5
        ]
      ],
      "measurementContext": "Share of daily liquidity rewards and share of 24-hour volume by category, open markets on 13–14 September 2026. Crypto excludes up-or-down markets; smaller categories are in the table.",
      "sources": [
        {
          "label": "Polymarket CLOB — current liquidity rewards",
          "url": "https://clob.polymarket.com/rewards/markets/current",
          "note": "Every rewarded market with daily rate, maximum spread and minimum size, 23:57 UTC 13 September 2026"
        },
        {
          "label": "Polymarket Gamma API — open events",
          "url": "https://gamma-api.polymarket.com/events/keyset?closed=false",
          "note": "Every open event and market with tags, 24-hour volume and spread, 00:01–00:03 UTC 14 September 2026"
        },
        {
          "label": "Polymarket documentation — Liquidity Rewards",
          "url": "https://docs.polymarket.com/programs/liquidity-rewards",
          "note": "Daily payout at midnight UTC, $1 minimum, scoring formula"
        },
        {
          "label": "Polymarket documentation — Maker Rebates Program",
          "url": "https://docs.polymarket.com/programs/maker-rebates",
          "note": "Share of taker fees returned to makers by category"
        },
        {
          "label": "Kalshi public trade API — incentive programs",
          "url": "https://api.elections.kalshi.com/trade-api/v2/incentive_programs",
          "note": "207,407 programs with market, dates, pool and paid-out status, 23:57 UTC 13 September 2026"
        },
        {
          "label": "Kalshi API reference — Get Incentives",
          "url": "https://docs.kalshi.com/api-reference/incentive-programs/get-incentives",
          "note": "Field definitions, including pools reported in centi-cents"
        },
        {
          "label": "Kalshi public trade API — series",
          "url": "https://api.elections.kalshi.com/trade-api/v2/series",
          "note": "Category for each of 14,018 series"
        },
        {
          "label": "Vultax: Where the money waits on Kalshi and Polymarket",
          "url": "https://vultax.com/research/kalshi-polymarket-open-interest-by-category",
          "note": "Open interest by category, 13 September 2026"
        },
        {
          "label": "Vultax: Esports and NFL order-book depth",
          "url": "https://vultax.com/research/polymarket-sports-and-esports-markets",
          "note": "Depth within 2 cents before start on both venues"
        }
      ],
      "measurement": {
        "kind": "observed",
        "temporalCoverage": "2026-09-13T23:57Z/2026-09-14T00:03Z",
        "population": "185,959 Polymarket markets open for trading, 17,860 of them with liquidity rewards",
        "methodology": "Daily reward rate from the current-rewards endpoint summed by category and divided by the total; 24-hour volume from the Gamma API for the same markets."
      },
      "id": "polymarket-chart",
      "kind": "published-chart",
      "description": "Vultax read every liquidity reward on Polymarket and Kalshi on 13 September 2026. Polymarket offered $149,859 a day across 17,866 markets, with finance and weather taking 27% of it on 6% of trading; Kalshi's programs paid out $2.95 million in 30 days, in pools with a median of $20.",
      "articleUrl": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards",
      "sectionUrl": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards#polymarket",
      "publishedAt": "2026-09-17",
      "modifiedAt": "2026-09-17",
      "version": "f5bb4ab120c65b57576cd8a7454d6566c688ced03a0cb551e460e496696f81bf",
      "isLive": false,
      "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Readings of both venues' public reward data on 13–14 September 2026. Polymarket posts daily reward amounts and Kalshi posts pools per program, so the two totals measure different things. Nothing here is a recommendation to trade or financial advice.",
      "downloads": {
        "json": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards/data.json?dataset=polymarket-chart",
        "csv": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards/data.csv?dataset=polymarket-chart"
      }
    }
  ]
}