Kalshi's referral program gives new users a bonus, usually in trading credits, for signing up and completing a few steps, and pays the person who referred them once those steps are done. The amounts change by offer, so any page promising a fixed number is guessing. What doesn't change: you have 72 hours after creating your account to add a code, the offer is for US users only, and bonus credits normally have to be traded before you can withdraw anything.
How the program works
There are two sides:
- You're new. Sign up, apply a code if you have one, verify your identity, meet the location requirement, and complete the qualifying activity (typically a first trade of a set amount) before the deadline. Your bonus progress shows under Explore → bonus card → See all steps. When the steps are done, you tap "Unlock bonus".
- You're referring. Share your code or link. When your friend qualifies, you claim your reward under Your rewards → Offers → Invited friends → Unlock bonus. Some offers cap how many referrals pay out or your total earnings.
How to apply a code
- If a code field appears during sign-up, enter it there.
- Otherwise, after signing up: Explore → menu icon → Your rewards → "Have a code?" → enter it → Apply.
- Do it within 72 hours of creating the account. Logging in again or reopening the link doesn't reset the clock. Depositing or trading doesn't close the window; only the 72 hours does.
- Only one code per account. If one is already attached, another won't apply.
The strings attached
- US only. Referral offers are available only to eligible US users.
- Credits, not cash. Rewards are usually trading credits. Most offers require you to trade the credited amount on an eligible product before any balance from it can be withdrawn. Credits may not move between products (for example from event contracts to another product).
- "Up to" is a ceiling. If the offer says up to $500, the amount depends on the steps and your trading volume. Nobody gets the ceiling for a $10 trade.
- Holds still apply. Standard withdrawal holds on deposited funds don't disappear because a bonus was involved.
- Credits can expire. Unused credits lapse under the offer's terms.
Is it worth it?
Yes, if you were going to trade anyway. The credits are free money with a trading requirement, and Kalshi's fees are low enough that trading through a requirement doesn't cost much (see fees). It's not worth opening an account and trading things you don't understand just to unlock a credit; a 50¢ contract bought to meet a requirement is still a coin flip with your money.
Referral vs affiliate promo codes
Referral codes come from existing users. Promo codes from media sites (you've seen "trade $25, get up to $500") are affiliate offers with their own terms set by Kalshi for that partner. Both go in the same field and both are subject to the 72-hour rule and the US-only rule. Whichever you use, the terms shown in your Explore tab after applying are the ones that count, not the headline on the page you came from.
Source: Kalshi Help Center, Referral Program FAQ, checked October 15, 2026. Terms vary by offer; the terms linked under Your rewards → Offers in your account govern.