Kalshi Faces Wash-Trading Allegations Over Ethereum Futures Trading Volume
Kalshi, a prediction-market platform, is facing questions over its crypto trading volume after its Ethereum perpetual futures contract, ETH-PERP, posted $539 million in 24-hour trading volume with only $3.1 million open interest.
The allegations were raised by Beni, co-founder of Stealth Neolab and a former quant trader, who said he would release additional information after receiving legal advice.
Kalshi's head of crypto, IcoBeast, pushed back against the claims, saying that Beni was confusing crypto prediction markets with perpetual futures markets.
IcoBeast noted that Kalshi does not offer rebates in its crypto prediction markets and that market-making incentives for its perpetual futures product are similar to those used by CME Group, Hyperliquid, and Binance.