Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_0210)

Last Saturday, Mustafa, a member of the Polymarket official team, posted on the X platform indicating that major news would be announced next Monday.

Update from Polymarket official team member last weekend

As expected, Polymarket’s official team has released multiple significant updates from last night to today. Next, Odaily Planet Daily will analyze them one by one as they occur.

Update Market Integrity Rules, Anti-Insider Trading, Anti-Manipulation

Last night, Polymarket announced updates to its DeFi platform and CFTC-regulated U.S. exchange market integrity rules, further clarifying regulatory requirements for insider trading and market manipulation. Polymarket Chief Legal Officer Neal Kumar stated: "Market prosperity relies on transparency. These refined rules clarify our expectations for all participants on both platforms and highlight the compliance infrastructure we have established. As Polymarket continues to evolve, we will strengthen our existing foundation to ensure that our markets reveal the truth to their fullest potential through clear communication with users."

The new rules specify three types of prohibited behaviors, including:

• Trading using undisclosed information: Participants may not trade any contracts if they possess confidential information regarding the outcome or possible outcomes of underlying events, and using that information would violate any prior trust or confidentiality obligations owed to others or entities.
• Building positions based on illegal information sources: Participants may not trade utilizing confidential information provided by others if that information comes from individuals who are subject to prior trust or confidentiality obligations to others and the participant knows or has reason to know that the provider of that information is themselves prohibited from trading using that information;
• Parties capable of influencing event outcomes participating in trading: If participants have sufficient authority or influence to affect the outcomes of underlying events, they must not participate in any trading contracts.

Additionally, the platform explicitly prohibits false trading, wash trading, and price manipulation, and has launched a dedicated page for rule explanations and reporting channels for abnormal behavior. Furthermore, Polymarket stated that its DeFi platform utilizes on-chain transparency mechanisms and multi-layer monitoring systems for risk identification, while the U.S. platform combines technical monitoring with industry regulatory collaboration to investigate and penalize violations.

This round of rule updates essentially redefines Polymarket’s market boundaries: which information can be traded and which behaviors are directly excluded. Regarding insider information, information sources, and the ability to influence event outcomes, the platform clarifies the previously vague gray areas into “non-participation” red lines, while also introducing monitoring and reporting mechanisms to integrate trading behavior into a more traceable framework.

More importantly, this points to a shift in the platform's positioning. Polymarket will transition from the external impression of a “high-risk gambling arena” to an emphasis on information pricing and transparency in market infrastructure, striving for trust at the regulatory and public level by actively reinforcing compliance and expression of rules, laying the groundwork for broader future expansion.

The "Great Fee Era" has arrived: Transaction fees charged for all categories except geopolitical events

According to the latest official documents from Polymarket, the platform will adjust its fee structure starting March 30, 2026, adding several new market categories including Finance, Politics, Economics, Culture, and Weather to the taker fee charged on existing Crypto and Sports categories.

The new fee rates will be calculated using a dynamic formula, directly related to the price range. Overall, the new fee structure will display a “higher middle, lower ends” distribution: when prices approach the 50% probability mark, actual rates peak, while in extreme ranges approaching 0% or 100%, fees significantly decrease and may even be rounded down to 0 in very small trades.

Under the current fee structure, the peak effective fee rate for the Crypto market is about 1.56%, while for Sports it is about 0.44%. In the upcoming new fee structure, differences between categories will widen further, for example, peak rates for Crypto will be about 1.80%, while Finance and Politics will be around 1.00%, and Economics can reach up to 1.50%. At the same time, corresponding market-making rebate ratios are also set, with Finance reaching as high as 50% and most other categories around 25%.

Fee calculation is based on a unified formula, dynamically taking into account trading volume, price, and various market parameters. Fees are denominated in USDC but collected as “shares” on buys, and deducted in USDC on sells.

New fee standards for each market

Not related to financing or token airdrop, but the launch of the referral program

This morning, Polymarket announced on the X platform that the referral program has expanded from internal testing to all traders with a trading volume exceeding $10,000. Eligible users can earn rewards proportional to the trading volume of the new users they refer, with specific invitation details as follows:

• 30% of the fee rebate comes from direct referrals, 10% from secondary referrals (rewards will be valid within 180 days of user registration on Polymarket; this period may change without notice);
• Fee rebate rewards are issued daily (UTC);
• Rewards have no upper limit; the more users referred trade on the platform, the more earnings accrued.

Polymarket invitation interface

Launch of Market-Making Rebate Program

In addition to launching the referral program, aimed at encouraging continuous and competitive pricing, thus providing all traders with a better trading experience, Polymarket has introduced a market-making rebate program. This mechanism reallocates a portion of taker fees to liquidity-providing market makers, redistributing trading costs among market participants.

Rebates are settled daily in USDC, and only liquidity from successfully placed and executed orders will participate in the distribution. Overall earnings are not fixed but calculated based on the proportion of liquidity contributed to actual transactions; the more transactions executed and the higher the contribution, the more rebate received.

In the distribution logic, the system computes "commission equivalent value" for each transaction, aggregating transaction quantity, price, and different market fee parameters, and summarizes it within the same market. The final rebate is distributed according to the contribution ratio of each market maker, meaning that competition is reflected not only in whether a quote is executed but also in the price range of the quote and its fee contribution. Overall, this portion of rebates comes from the fees paid by takers, with varying rebate ratios across different markets, for example, 20% for Crypto, up to 50% for Finance, and around 25% for most categories.

Rebate ratio for different markets

No token airdrop related information, but community sentiment remains overall optimistic

Although the community previously speculated that the “major news” might indicate tokens or airdrops, what ultimately materialized was a combination of updates to fees, rebates, and the referral system. In terms of results, this mechanism leans more towards a long-term incentive design rather than a one-time release expectation. However, sentiment has not cooled; rather, after the actual participation pathways were clarified, the trading community responded positively overall.

Many users have already regarded the referral program as a "de facto airdrop entry," especially influencers with traffic or community resources, who have noticeably increased their sharing efforts or even considered it as a long-term income stream; following the launch of the market-making rebate, feedback from LP sides has been direct, with more people reassessing market-making strategies, and their willingness to participate has visibly increased.

In contrast, arbitrage traders and closing position users are relatively calmer. With the new fee rules, some previously viable arbitrage spaces will be compressed, strategies need to be recalculated, and trading rhythms will converge, becoming more reliant on fine execution and cost control.

However, with Polymarket and Kalshi under regulatory scrutiny, the valuations in the upcoming period will be affected and eroded by policy. (Related news: U.S. lawmakers will propose a bipartisan bill to ban sports predictions in prediction markets like Polymarket)

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