Kalshi Defends $5,500 Ether Perp Trades as Wash Trading Claims Mount

Kalshi is pushing back against claims that repeated $5,500 trades in its ether perpetual futures market indicate wash trading.

The exchange said the activity is linked to its market-making programs, which reward liquidity providers for placing orders rather than generating volume. Similar-sized trades can occur when users take fixed orders during price moves.

Analyst Beni questioned the explanation, saying identical trades represented a large share of activity. His analysis put ETH perpetual volume at about $539 million, compared with $3.1 million in open interest.

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