Kalshi Trading Volumes Questioned Amid Discrepancy Between Traded Volume and Open Interest

Kalshi's reported crypto trading volumes have come under scrutiny from former quant trader Beni, who questioned the accuracy of $539 million in 24-hour ETH-PERP volume against roughly $3.1 million in open interest.

Beni pointed out the discrepancy between the traded volume and open interest, suggesting that something may be amiss on the platform.

Kalshi's crypto lead IcoBeast responded to Beni's claims, stating that he had confused prediction markets with perpetual futures. He also noted that rebates are not offered for crypto prediction markets, which could have contributed to the reported volumes appearing inflated.

IcoBeast further defended Kalshi's market-making incentives and denied any claims that the platform selects its self-clearing members. Beni has since stated that he received new non-public information and plans to disclose more after consulting lawyers.