Kalshi accused of wash trading: single $5,500 order drove up to 58% of ETH futures volume
- —A single $5,500 order made up 48–58% of Kalshi's ETH perpetual volume over four days
- —24-hour ETH futures turnover hit $539 million against just $3.1 million in open interest
- —Kalshi denies wash trading, citing a CFTC-certified rebate program filed on Sept. 16
- —CFTC warned in August that volume-based rebates can incentivize churn; no enforcement action against Kalshi yet
Why it matters: The dispute casts doubt on the reliability of reported volumes on CFTC-regulated crypto derivatives venues and could sharpen scrutiny of exchange rebate programs.
Source: BeInCrypto JP