💧 Liquidity Rewards Calculator
Estimate what Kalshi's liquidity incentive pays for resting orders on a market, from the pool, discount factor, target size and order book.
Or enter them by hand: on Kalshi, open the market and click See all incentives.
The order book: resting bids at each price level, and where yours would sit. A lookup fills in everyone else's size; add yours in “Your size”.
YES bids
YES: your share 13.8% · reference price the best bid
NO: your share 13.8% · reference price the best bid
⚠️ Resting orders can fill. Rewards pay you for providing liquidity, but if your bid is hit you own the position, at whatever the market does next. This estimate assumes the book stays as entered for the whole period; in practice it changes every second, and Kalshi's own estimate on the market page is the one to trust.
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How Kalshi's liquidity rewards work
Many Kalshi markets carry a liquidity rewards pool: a fixed amount Kalshi pays out over a period to traders whose resting limit orders keep the book deep and close to the best price. Once per second Kalshi takes a snapshot of the order book and scores every qualifying resting order. Your share of the pool depends on how much size you rest, how close it is to the best price, and how much everyone else rests. This calculator applies Kalshi's published scoring to a book you enter.
Find the program
On the market's page on Kalshi, open "See all incentives" and copy the reward pool, discount factor and target size.
Enter the order book
Type the resting bid size at the best price and each cent behind it, and where your own orders would sit. Use the same book for NO, or enter it separately.
Read your share
The calculator finds the reference price, applies the discount factor to orders behind it, and shows your share of each side and of the pool.
Check the minimum
Kalshi pays nothing if your total for the period is under $1.00, and excludes snapshots where either side doesn't reach the target size.
Frequently asked questions
How does Kalshi score liquidity rewards?
Once per second Kalshi snapshots the book. On each side, resting bids qualify while they help reach the target size. The reference price is the first level where resting size reaches one fifth of the target size; orders at or better than it score their full size, and orders behind it score size × discount factor to the power of the cents behind. Your share of a side is your score divided by the total.
What is the discount factor?
A number up to 1.0 that sets how much an order loses for sitting behind the reference price. At 0.5, an order one cent behind scores half its size, two cents behind a quarter. At 1.0 there's no penalty for distance.
What is the target size?
The depth each side of the book must reach, in contracts, for a snapshot to count. Only orders that help reach it score, and if either side falls short the snapshot is excluded for everyone.
Why is my estimated payout $0?
Either a side doesn't reach the target size (so snapshots are excluded), your orders sit too far from the reference price to score much, or your total for the period is below Kalshi's $1.00 minimum payout.
Is liquidity providing risk-free?
No. Your resting orders can be filled, leaving you holding a position that can lose money. The rewards are payment for taking that risk.