Kalshi Faces Scrutiny as Ether Perpetual Volume Clusters Around Fixed Trade Sizes

Kalshi is facing scrutiny over allegations of volume inflation and wash trading in its ether perpetual futures contracts. An analysis revealed that 47.2% of sampled trades clustered around a single dollar value, representing $307.6 million, or 62.75%, of the sampled volume. The market posted up to $612.5 million in 24-hour notional volume against just $9.7 million in open interest, following earlier reports of $539 million in volume against $3.1 million in open interest. Kalshi denied illicit manipulation, attributing clustering to standard rebate programs, while analysts noted the patterns distort perceived liquidity.