Kalshi faces fake volume allegations over identical $5,500 trades
Analyst says a run of identical trades dominated ether perpetual volume across four days.
The hit
Kalshi’s crypto product lead denied wash-trading allegations after a quantitative analyst flagged repetitive trades on the exchange’s ether perpetual futures, according to a CoinDesk report published on 21 September. The analyst, known as Beni of Stealth Neolab, said the pattern signalled fake volume. IcoBeast.eth, who oversees Kalshi’s crypto product, said the claims stemmed from a misunderstanding of platform mechanics.
Why it matters
For bettors on regulated prediction markets, the row raises questions about how exchanges report volume & whether fee structures can mask manipulation. Beni says a CFTC-filed rebate schedule can leave some market makers trading at net-zero cost. IcoBeast.eth says Kalshi must file all incentive programmes publicly, unlike offshore rivals. Kalshi did not respond immediately to CoinDesk’s request for comment.
The record
| Ether perp volume vs open interest | $539m volume vs $3.1m open interest (Beni, Stealth Neolab) |
|---|---|
| Repetitive $5,500 trades | up to 58% of daily ether perp volume across 4 separate days (Beni) |
| CFTC fee filing | 0.3bp maker rebate offset by 0.3bp taker fee, which Beni says can leave certain Self-Clearing Members at net zero cost |
| Kalshi’s response | Volume reflects maximum potential payout, same convention as Polymarket (IcoBeast.eth) |
What happens next
Kalshi did not give CoinDesk an immediate comment; its crypto lead answered on X. Watch for a formal Kalshi statement or CFTC scrutiny addressing the rebate structure for Self-Clearing Members trading ether perpetual futures.
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