Market Makers

Hyperliquid

2026-10-03 11:33:03

Hyperliquid to raise sub-account cap per account to 80 in next network upgrade

Hyperliquid said it will increase the maximum number of sub-accounts that can be created under a single account from 50 to 80 in its next network upgrade, following user feedback. The change represents an increase of about 60%. According to the company, the adjustment is meant to help market makers, quantitative trading teams, and institutional traders separate the management of different strategies, capital allocations, and risk exposures. The update focuses on account structure rather than introducing a new product, and Hyperliquid framed it as an operational improvement for users that run multiple trading setups under one account.

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CFTC

2026-10-02 14:01:13

CFTC probes prediction market incentives as Kalshi moves to end volume rewards early

The U.S. Commodity Futures Trading Commission is examining incentive programs used by prediction market platforms, with concern centered on whether rewards, rebates and promotional campaigns may encourage misleading solicitation, wash trading, fraud or market manipulation. A report published on Sept. 29 said the agency could respond with targeted reviews or formal enforcement inquiries, and that some form of action was expected before the end of the week, although CFTC Chairman Michael Selig had not finalized the approach. Kalshi has already moved to shut down its volume incentive program ahead of schedule, filing on Sept. 28 to change the end date from Oct. 1, 2027 to Oct. 13, 2026. The filing did not explain the reason. The report also pointed to user observations in mid-to-late September that ETH perpetual trading on Kalshi showed repeated $5,500 prints accounting for roughly 50% of notional volume over several days. Polymarket, which relies heavily on LP rewards, maker rebates, taker rebates, holding rewards and referrals, may face sharper scrutiny. According to the cited data, it has generated $229 million in trading fees since January 2026 while distributing $128 million in incentives, equal to 54.3% of fees. The article argued that these programs are now deeply tied to both liquidity and user growth on the platform.

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Hunter Biden

2026-10-01 02:21:47

Hunter Biden says LAPTOP was built with tokenomics opposite to Trump family memecoins

Hunter Biden said his LAPTOP memecoin was structured as the opposite of the Trump family’s memecoins, arguing that the project was designed to show a token launch could be done “the right way.” Speaking on the Unchained Podcast on Wednesday, Biden said insiders hold 30% of LAPTOP’s supply, versus what he described as 80% for the Trump tokens, and said half of LAPTOP’s allocation goes to the community. He also said the founder tokens have never moved and will not move, and that no money has left the foundation for insiders. Unchained reviewed Base blockchain data showing that two wallets were each funded with 300 million LAPTOP before launch, matching two allocations disclosed by the project: a founder share and a predictions pool whose tokens are burned when certain real-world predictions come true. One wallet has not moved any tokens, while the other sent 17.5 million tokens, or 1.75% of supply, to a burn address. The outlet said it could not confirm which wallet corresponds to which allocation or who controls them. Biden also addressed LAPTOP’s launch-day trading. The token has fallen more than 99% from its Sept. 9 peak on Base and was trading near $0.079 on Wednesday, above its planned $0.05 launch price. He said one of the project’s three market makers seeded the launch pool with about 29,000 tokens instead of 5 million, which he said briefly pushed the token from a $50 million fully diluted valuation to a $317 billion market cap within a minute.

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Kalshi

2026-09-30 08:16:21

Kalshi files to end trader liquidity incentive program

Prediction market platform Kalshi has filed to terminate its trading-volume incentive program, according to Odaily. The reward pool did not include members that had already signed market-making agreements. Kalshi had previously said concentrated activity in Ethereum perpetual trading was tied to other liquidity payment arrangements. The move comes as the platform faces allegations of wash trading. The filing marks a change to an incentive structure that had drawn attention because of how trading activity was distributed, especially in the Ethereum perpetual market. Kalshi’s explanation centered on separate payment arrangements for liquidity, while the latest step formally ends the volume-based incentive program referenced in the filing.

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Polymarket

2026-09-28 16:44:31

Polymarket to rebuild DeFi CLOB system, with end-to-end testing set for October

Polymarket is rebuilding the Rust-based central limit order book, or CLOB, used on its DeFi side, according to Josh Stevens, the company’s vice president. Stevens said the current CLOB is viewed internally as the main source of most of the platform’s technical issues. The upgrade plan sets October as the target for full order-lifecycle testing in a staging environment. That test scope will cover trading, settlement, on-chain interactions, the indexer, and the notification flow tied to the matching engine. In November, the team plans to mirror all production traffic to a new trading cluster for comparison. Polymarket also intends to open testing access to market makers during that phase. At the same time, the company will decide on the final migration cutover plan and run two full rehearsals before any switch is made.

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Polymarket

2026-09-28 13:29:33

Polymarket sets November start for production-mirror testing of new Rust CLOB

Polymarket is pushing ahead with a new Rust-based central limit order book, or CLOB, as part of its latest DeFi migration plan, according to Josh Stevens, the platform’s head of development. Stevens said the current CLOB sits at the center of many of the issues the team is dealing with, making the replacement a key technical priority. The roadmap starts in October, when Polymarket plans to run a full end-to-end order lifecycle in a test environment. That scope includes trading, settlement, onchain interactions, the indexer, and engine notifications. In November, the team plans to mirror all production traffic to the new trading cluster and compare the results with the existing system, while also opening test access to market makers. Stevens said Polymarket aims to finalize its cutover plan in November and complete two full rehearsals before the final switch. If development stays on track, the new system will then be released. He added that the migration is designed to minimize changes for market makers and developers: request and response interfaces are expected to stay the same, with only some additional fields and the deprecation of one field, and any deprecation will be announced in advance.

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Bitget

2026-09-28 08:13:32

Bitget launches companion program with 30% net fee bonus for non-institutional users

Bitget has introduced a new "Companion Program," according to CEO Gracy Chen, who outlined the initiative during a livestream reviewing a recent security incident. The program has two tracks and covers retail-facing users as well as institutional clients. For VIP and non-VIP users, Bitget said that over the next month it will return 30% of the actual retained net trading fees generated by non-institutional users as a dedicated bonus. The exchange is also rolling out related VIP benefits at the same time, and those benefits can run in parallel with the Companion Program. For Pro clients and market makers, Bitget is launching an institutional version of the program. That track includes incentives tied to trading fees and rebates. The company also said the protection period for Pro status has been extended through Nov. 30. The announcement was made by Chen during the "Security Incident Review" livestream.

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South Korea

2026-09-28 05:42:45

South Korea considers crypto market-making rules after JPYC jumped to 4x its peg on Upbit

South Korea’s Financial Services Commission is weighing whether to introduce a formal market-making system for digital assets after JPYC, a yen-backed stablecoin, briefly traded at more than four times its market value on Upbit. The token began trading on Sept. 17 at 12 won and climbed to 37.6 won within an hour, a move attributed to thin liquidity on the exchange. FSC digital finance policy director Yoo Young-joon said regulators will review whether market-making activity should be allowed to improve market efficiency and stability, adding that the JPYC spike drew criticism because users suffered losses after the listing. Under South Korea’s current Virtual Asset User Protection Act, market-making is not exempted from market manipulation rules, which in practice blocks market makers from supplying liquidity. The discussion comes as the country works on a broader Digital Asset Basic Act that would cover stablecoins, exchanges, disclosures and internal controls, though lawmakers still have not resolved several major issues, including rules for won-denominated stablecoin issuers.

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