Kalshi Ends Volume Incentive Program Amid CFTC Probe Into Ethereum Perpetual Futures

Prediction market platform Kalshi has submitted regulatory documentation to the CFTC announcing the termination of its Volume Incentive Program, effective no earlier than October 13. The decision follows a CFTC examination into more than $5 billion in recurring Ether perpetual futures trades that exhibited uniform $5,500 trade sizes generating approximately $539 million in daily volume against $3.1 million in open interest. Kalshi denied wash trading allegations, citing algorithmic high-frequency activity, and noted its market-maker quoting incentives remain unaffected.