Quant trader accuses Kalshi of wash trading $11.5B in volumes

• —$5,500 orders drove 59% of Kalshi's ETH futures volume; $5,000 and $2,500 orders drove 57% of BTC volume
• —On Aug. 24 order sizes switched from $4,500 to $5,500 and from $4,000/$2,100 to $5,000/$2,500 within about 10 seconds
• —Kalshi's daily ETH perpetual volume is 60x its open interest, versus 1–2x at Binance
• —Fixed ETH orders correlate with Binance volume at 0.19, versus 0.72 for other Kalshi trades