Kalshi crypto perpetual fees and FCM rebates

What changed

Kalshi's October 19, 2026 filing specifies separate exchange fees for crypto perpetual trades cleared through FCMs. At tier 0, Kalshi lists a 0.1200% taker fee through FCMs and a 0.0400% taker fee for self-clearing members. Kalshi proposes the revised schedule on or after October 30, 2026. Its October 15 filing also proposes FCM rebates of 40% to 55% of net eligible fees by monthly volume tranche. Kalshi proposes those rebates no earlier than October 29, 2026.

Who it affects

• FCMs clearing customer crypto perpetual trades would pay the separate exchange fees and may receive rebates.
• Clients trading those contracts may face additional FCM commissions.

What is still open

• The filings do not confirm implementation or the fees each FCM will charge clients.
• Kalshi withheld part of the rebate calculation methodology under a confidentiality request.

What it means for an advisor

• Compare total client costs across FCMs, including commissions, exchange fees and funding.
• Ask the FCM whether it retains rebates and how it discloses the resulting compensation incentives.