Crypto
Kalshi Accused of Wash-Trading in $ETH-PERP Market
A controversy has erupted over Kalshi's crypto perpetual futures volume after trader Beni accused the exchange of wash-trading.
Beni pointed out that the reported $ETH-PERP turnover was unusually high, with a ratio of approximately 174 times compared to open interest, amounting to around $538.6 million in 24 hours versus roughly $3.1 million in open interest.
Kalshi's crypto lead IcoBeast disputed Beni's claims, arguing that the two products were conflated: prediction markets and perpetual futures are separate offerings with different structures.