Hey Beni, Seems like a bunch of wires got crossed here so I just wanted to set the record straight. Your original claim was that Kalshi’s crypto prediction market volume was fake. The chart from Artemis shows prediction market volume share, not perps. We don’t do rebates for crypto prediction markets. Also, the way that contracts <> notional $ is calculated is universal amongst prediction markets and same with poly so it’s apple-to-apples. Separately on perps you claimed that “Here SCM means market makers that are selected by Kalshi lmfao”. This isn’t true. Anyone can become a Self-Clearing Member of a CFTC regulated exchange as long as they meet the regulatory requirements. “Fair access” is a reg requirement for us. All exchanges run rebate and incentive programs to help provide better liquidity on the exchange for traders. CME does it. So does Hyperliquid and Binance (in fact they run NEGATIVE market maker rebates). I’m the first to admit that it’s early days for perps for us given we're building a new product in untrodden territory (US perps). But the core difference between Kalshi and offshore perp exchanges is that while other exchanges run deals in the dark, we need to file our incentive programs publicly and so what you see is truly what you get.

🚨 SOMETHING REALLY BAD IS HAPPENING AROUND THE WORLD, AND MOST PEOPLE HAVE NO IDEA. • Iran says it has intelligence that a major new U.S. or allied attack is being prepared and warns it would retaliate against U.S. bases and regional allies. • The Strait of Hormuz remains largely blocked, while Houthi advances now threaten shipping through Bab el-Mandeb too. • Houthis launched fresh missile and drone attacks, while also claiming attacks on oil infrastructure. • Houthis are now warning Turkey and Pakistan of a “decisive and painful response” if they militarily intervene alongside the Middle East. • France is calling for an emergency G7 discussion on the energy crisis, including possible releases from strategic reserves. • Ukraine struck one of Russia’s major oil refineries, forcing the 300,000-barrel-per-day Yaroslavl refinery to halt crude processing. • European leaders are warning about growing Russian hybrid attacks, while fears of a wider Russia-NATO confrontation are rising. Two major wars. Two critical shipping chokepoints under threat. Oil infrastructure being attacked. And more countries are getting pulled in. This looks like the beginning of something terrible.

Several key events next week could impact stocks, crypto, and global markets. Monday: • Markets reopen after further escalation in the Middle East and oil supply disruptions. • 🇺🇸 Chicago Fed President Goolsbee speaks after the first rate hike in over three years. Tuesday: • 🇺🇸 Several Fed officials speak on the policy outlook. Wednesday: • 🌍 Global Flash PMI data Thursday: • 🇺🇸🇨🇳 Trump and Xi meet in Washington. Friday: • 🇺🇸 US consumer sentiment data I will cover the developments that actually matter and break down what they mean for markets.

Everyone expected August to close red. It flipped green and we pumped. Everyone expects September to close red. It just flipped green and we are pumping. Are we seeing the same thing again?