- Reports said wash trading allegations were raised over Kalshi’s crypto trading volume.
- Questions were raised after ETH-PERP posted about $539 million in 24-hour trading volume while open interest (OI) stood at only about $3.1 million.
- Kalshi rejected the allegations, citing the absence of rebates and the structure of its market-making incentives, while the person who raised the claims said he would release additional information after legal review.
Kalshi Crypto Volume Faces Wash-Trading Questions After $539 Million Turnover, $3.1 Million Open Interest
Wash-trading allegations have emerged over crypto trading volume on prediction-market platform Kalshi, though the company said the claims stem from a misunderstanding of its market structure.
en.bloomingbit.io
Publisher
Sep 21, 2026 at 4:34 AM UTC · 1 dk okuma
Key Signal
$539M ETH-PERP 24-hour volume
Market Impact
ETH-0.19%$2,681
Last Updated
8 gün önce
Çevriliyor…
Forecast Trend Report by Period
Wash-trading allegations have emerged over crypto trading volume on prediction-market platform Kalshi, though the company said the claims stem from a misunderstanding of its market structure.
Wu Blockchain reported on Sept. 21 that Beni, co-founder of Stealth Neolab and a former quant trader, questioned Kalshi’s volume figures after its Ethereum perpetual futures contract, ETH-PERP, recorded about $539 million in 24-hour trading volume while open interest was only about $3.1 million.
Beni also took issue with the way Kalshi calculates and displays trading volume.
Ethereum moved from $2,416.95 to $2,680.72 over the last 30-day period, a gain of 10.9 percent.
Source: Kraken · NewsLayer Markets · Updated birkaç saniye önce
Kalshi’s head of crypto, IcoBeast, pushed back, saying Beni was confusing crypto prediction markets with perpetual futures markets.
IcoBeast said Kalshi does not offer rebates in its crypto prediction markets. He added that market-making incentives for its perpetual futures product are similar to those used by CME Group, Hyperliquid and Binance. He also denied claims that Kalshi directly selects its own clearing members.
Beni later said he had obtained additional information that has not been made public and would disclose more after receiving legal advice.
Sourced by
Originally reported by en.bloomingbit.io
NewsLayer coverage based on externally reported material.
The Daily Brief
The onchain economy, before your day starts.
Curated markets, onchain insights, and key headlines — delivered every weekday morning.
Weekdays · Free · ~5 minute read
0
Applause
Was this article helpful?
Market Context
Ethereum
ETH
$2,682
-0.15% (24H)
Market Cap
$327.6B
Circulating Supply
122.1M ETH
24H Volume
$17.2B
24H High
$2,719
Article Intelligence
Sponsored
Ad
NewsLayerLearn more
NewsLayer Premium
Unlock deeper intelligence.
Ad-free reading, exclusive research, and real-time onchain insights.
Go Premium
