Kalshi Faces Scrutiny Over Reported Crypto Trading Volumes

Kalshi has come under scrutiny for its reported crypto trading volumes.

A former quant trader, Beni, questioned Kalshi's numbers, pointing to a $539 million 24-hour ETH-PERP volume against approximately $3.1 million in open interest.

Kalshi's crypto lead, IcoBeast, responded by stating that Beni had confused prediction markets with perpetual futures and noted that rebates are not offered for crypto prediction markets on the platform.

IcoBeast also defended Kalshi's market-making incentives and denied claims that the platform selects its self-clearing members. In a separate statement, Beni said he received new non-public information and plans to disclose more after consulting lawyers.