Kalshi Denies Fake Volume Claims Amid Crypto Trading Controversy

Prediction market platform Kalshi is facing questions over its crypto perpetual futures after a quantitative analyst raised concerns about unusual trading patterns.

Analyst Flags Volume Mismatch

A researcher IcoBeast.eth,  pointed out that Kalshi’s ether perpetual contract showed $539 million in daily trading volume compared to just $3.1 million in open interest. Repeated $5,500 trades reportedly made up more than half of the total volume on several days, which the analyst called a sign of artificial activity. He also cited a CFTC-filed fee structure that could allow certain members to trade at no net cost.

Company Pushes Back

A Kalshi product official responded by explaining that the platform’s volume figures follow standard industry practice, counting the full payout value of contracts rather than actual money spent. He also stated that membership is open to any qualified firm under fair access rules, and that no rebates apply to crypto event contracts. He added that, unlike offshore platforms, Kalshi must publicly disclose all incentive programs to regulators.