Kalshi faces wash-trading claims over crypto volume
Kalshi has faced fresh wash-trading allegations after trader Beni cited roughly $538.6 million in 24-hour ETH-PERP volume against approximately $3.1 million in open interest, while the exchanges crypto lead disputed the claims and pointed to differences between prediction markets and perpetual futures. SummaryKalshis September filing sets crypto perpetual takers at 0.3 basis points after applicable rebate adjustments.The same program rebates makers so eligible participants net 0.3 basis points on crypto perps.Kalshi excludes suspected wash trades, self-matching, and pre-arranged trades from receiving rebates under the program.Beni cited $538.6 million ETH perpetual volume against roughly $3.1 million open interest during questioning.Kalshis crypto lead denied fake-volume claims and said prediction markets have no crypto-specific rebate program. Benis Sept. 20 thread on X argued that the reported ETH perpetual turnover appeared unusually large compared with open interest. He calculated the ratio at roughly 174 times and cited a Kalshi position leaderboard that he said showed its largest position at $17,598 at the time of his screenshots. The figures in Beni‘s screenshots could not be independently reconstructed from Kalshi’s current public pages because trading data changes continuously. No CFTC enforcement action reviewed as of Sept. 21 has accused Kalshi of wash trading in its crypto perpetual markets. The









