Why is Kalshi facing wash-trading claims?

Kalshi is facing wash-trading claims after its Ethereum (CRYPTO:ETH) perpetual market recorded about $538.6 million in 24-hour volume against roughly $3.1 million in open interest.

What are Kalshi's Ethereum trading volumes?

Kalshi's Ethereum (CRYPTO:ETH) perpetual market has recorded about $538.6 million in 24-hour volume, roughly 174 times its reported $3.1 million in open interest.

How is Kalshi responding to the wash-trading claims?

Kalshi has rejected the wash-trading claims involving Ethereum (CRYPTO:ETH) volume and has said prediction-market activity and perpetual-futures trading have been mixed together.

What does Kalshi's trading policy mean for wash trading?

Kalshi's Ethereum (CRYPTO:ETH) perpetual-futures rebate programme excludes suspected self-matching, wash trading, pre-arranged trading and other abusive transactions from rebate eligibility.

What are the CFTC rules on wash trading?

The CFTC's rules require platforms handling Ethereum (CRYPTO:ETH) trading to maintain surveillance controls against abusive practices, including wash trading and pre-arranged transactions.

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Kalshi faces claims over $539M ETH volume

Written by Liezl GambePublished Sep 21, 2026, 6:08 AM

Kalshi has faced claims over roughly $538.6 million in 24-hour Ethereum perpetual volume.
The volume has reached about 174 times Kalshi's roughly $3.1 million in open interest.
Kalshi has rejected the claims and said separate trading products have been mixed together.

Kalshi has faced wash-trading claims after about $538.6 million in 24-hour Ethereum (CRYPTO:ETH) perpetual volume was recorded.

The volume has stood at roughly 174 times Kalshi's approximately $3.1 million in open interest.

Trader Beni has alleged that Kalshi has faked crypto volume, but no regulator has established the claim as fact.

Kalshi's crypto lead IcoBeast has rejected the allegation, saying prediction-market and perpetual-futures activity have been combined in the analysis.

Kalshi's September filing has introduced a temporary perpetual-futures rebate programme, reducing eligible crypto taker fees to 0.3 basis points while offering maker rebates.

The filing has excluded suspected self-matching, wash trading, pre-arranged trading and other abusive transactions from rebate eligibility.

The CFTC has warned that trading incentives can increase wash-trading risks, while Kalshi has established surveillance arrangements with Nasdaq Market Surveillance covering event contracts and perpetual futures.