# Kalshi crypto perpetual fees and FCM rebates

> Kalshi's October 19, 2026 filing specifies separate exchange fees for crypto perpetual trades cleared through FCMs.

- URL: https://riadefi.com/regulation/2026-10-19-kalshiex-crypto-perpetual-fcm-fees-rebates/
- Posture: Proposal · not in effect
- Authorities: KalshiEX LLC; Commodity Futures Trading Commission
- Event date: 2026-10-19
- Version: 1, published 2026-10-22 (first published 2026-10-22)
- Advisor-relevant: no

This entry records a proposal. It does not change the law unless it is adopted.

## 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.

## Sources

1. [KalshiEX LLC, Exchange Fee Schedule (Perpetual Futures Contracts) Update](https://www.cftc.gov/filings/orgrules/rules10182634487.pdf) · KalshiEX LLC · 2026-10-19
2. [KalshiEX LLC, FCM Perpetuals Fee Rebate Program](https://www.cftc.gov/filings/orgrules/rules10152634001.pdf) · KalshiEX LLC · 2026-10-15


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.