Kalshi faces ‘fake crypto volume’ allegations as critic flags identical $5,500 trades
Kalshi’s new crypto perpetual futures are under scrutiny after analyst Beni flagged $539 million in 24-hour ether-perp volume against $3.1 million in open interest, plus repeated $5,500 trades and a filed maker rebate that could reduce some members’ fees to zero. He said the figures suggest wash trading. Kalshi product lead IcoBeast.eth disputed the claims, saying a cited chart measured prediction-market share, not perp volume, and that contract volume can reflect maximum payout rather than traders’ cash outlay. He also said self-clearing membership is open to firms meeting CFTC requirements and that Kalshi does not rebate crypto event contracts. Kalshi’s perps are new, and its incentive programs are publicly filed under its regulated status.
