{
  "schemaVersion": "vultax-public-research-data-v1",
  "articleUrl": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards",
  "datasets": [
    {
      "title": "How each venue pays",
      "columns": [
        {
          "name": "",
          "unit": null
        },
        {
          "name": "Polymarket",
          "unit": null
        },
        {
          "name": "Kalshi",
          "unit": null
        }
      ],
      "rows": [
        [
          "Posted as",
          "A daily reward amount per market: $149,859 a day across 17,866 markets",
          "A pool per market for a set period: 2,514 programs running with $383,337 in pools"
        ],
        [
          "Typical size",
          "Median $3 a day; 882 markets at $50 or more",
          "Median pool $20 over the 30 days; $100 on 1,538 of the running programs"
        ],
        [
          "Qualifying orders",
          "Resting orders within the market's maximum spread from the midpoint (4.5 cents on 74% of markets) and above its minimum order size (20 on 79%)",
          "Each program lists a target size (1,000 on 2,445 of 2,514 running programs) and a discount factor"
        ],
        [
          "Scoring",
          "Quadratic in distance from the size-adjusted midpoint; one-sided quotes score at a third when the midpoint is between 10 and 90 cents and not at all outside that range",
          "Not described in the API reference; programs are typed liquidity (2,509 running) or volume (5)"
        ],
        [
          "Paid",
          "Daily at midnight UTC; a day under $1 is not paid",
          "Per program; 187,690 marked paid out since September 2025"
        ],
        [
          "Also paid to makers",
          "Rebates from taker fees on filled maker orders: 15% of fees in sports, 20% in crypto, 25% in most other charging categories; geopolitics is fee-free",
          "Not measured in this study"
        ]
      ],
      "measurementContext": "Polymarket rules from its liquidity-rewards and maker-rebates documentation; counts from both venues' public APIs, 23:57 UTC on 13 September 2026.",
      "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": "reference",
        "temporalCoverage": "2026-09-13",
        "population": "Polymarket and Kalshi reward programs",
        "methodology": "Published program rules alongside counts from the rewards and incentive-programs endpoints."
      },
      "id": "rules-table",
      "kind": "published-table",
      "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#rules",
      "publishedAt": "2026-09-17",
      "modifiedAt": "2026-09-17",
      "version": "a52e08a5ff9fbaec93f99c0103837e86e264ce9fc08601fd708def30f99e9ce2",
      "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=rules-table",
        "csv": "https://vultax.com/research/polymarket-kalshi-liquidity-rewards/data.csv?dataset=rules-table"
      }
    }
  ]
}