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Nearly Identical $5,500 Trades on Kalshi Draw CFTC Scrutiny

A million trades in one market spark wash trading accusations against the crypto futures exchange.

newest coverage 1d agosummary written 1d ago5 pieces1 likes & upvotes NewswiresMastodon

What to know

  • Nearly one million almost-identical $5,500 trades in a single Kalshi ether market since August total roughly $5 billion and comprised 48–58% of daily ETH perpetual volume on separate days, raising wash trading concerns.
  • Kalshi, a CFTC-regulated exchange, denies improper activity and says the trades reflect normal participation under standard rebate incentive programs offered by major exchanges.
  • Federal regulators and traders are scrutinizing the pattern; the CFTC warned in August that volume-based rewards can incentivize artificial trading, and Kalshi's rebate program explicitly excludes fees on trades under investigation for wash trading.

“Thousands of identical $5,500 trades on Kalshi's ether futures market have triggered accusations that the exchange inflates its crypto volume. Kalshi denies wash trading.”

Yahoo Finance, Publication · Yahoo Finance ↗

Beni Researcher, former quantitative traderIcoBeast Kalshi head of cryptoKalshi CFTC-regulated crypto futures and prediction market exchangeCFTC US Commodity Futures Trading Commission regulator

Nearly Identical $5,500 Trades on Kalshi Draw CFTC Scrutiny
Yahoo Finance

How it unfolded 2 developments, newest first · click a bar or a number to jump articlesposts

Peak 2 pieces in one hour at Sep 22, 8 PM; 5 pieces over 3 days (2 articles · 3 posts) Sep 21, 6 AM — 1 piece · 1 article — Newswires 1Sep 21, 7 AM — quietSep 21, 8 AM — quietSep 21, 9 AM — quietSep 21, 10 AM — quietSep 21, 11 AM — quietSep 21, 12 PM — quietSep 21, 1 PM — quietSep 21, 2 PM — quietSep 21, 3 PM — quietSep 21, 4 PM — quietSep 21, 5 PM — quietSep 21, 6 PM — quietSep 21, 7 PM — quietSep 21, 8 PM — quietSep 21, 9 PM — quietSep 21, 10 PM — quietSep 21, 11 PM — quietSep 22, 12 AM — quietSep 22, 1 AM — quietSep 22, 2 AM — quietSep 22, 3 AM — quietSep 22, 4 AM — quietSep 22, 5 AM — quietSep 22, 6 AM — quietSep 22, 7 AM — quietSep 22, 8 AM — quietSep 22, 9 AM — quietSep 22, 10 AM — quietSep 22, 11 AM — quietSep 22, 12 PM — quietSep 22, 1 PM — quietSep 22, 2 PM — quietSep 22, 3 PM — quietSep 22, 4 PM — quietSep 22, 5 PM — quietSep 22, 6 PM — 1 piece · 1 article — Newswires 1Sep 22, 7 PM — 1 piece · 1 post — Mastodon 1Sep 22, 8 PM — 2 pieces · 2 posts — Mastodon 2Sep 22, 9 PM — quietSep 22, 10 PM — quietSep 22, 11 PM — quietYesterday, 12 AM — quietYesterday, 1 AM — quietYesterday, 2 AM — quietYesterday, 3 AM — quietYesterday, 4 AM — quietYesterday, 5 AM — quietYesterday, 6 AM — quietYesterday, 7 AM — quietYesterday, 8 AM — quietYesterday, 9 AM — quietYesterday, 10 AM — quietYesterday, 11 AM — quietYesterday, 12 PM — quietYesterday, 1 PM — quietYesterday, 2 PM — quietYesterday, 3 PM — quietYesterday, 4 PM — quietYesterday, 5 PM — quietYesterday, 6 PM — quietYesterday, 7 PM — quietYesterday, 8 PM — quietYesterday, 9 PM — quietYesterday, 10 PM — quietYesterday, 11 PM — quietToday, 12 AM — quietToday, 1 AM — quietToday, 2 AM — quiet 12
Sep 22yesterdaynow · 3:47 AM ET
  1. 2

    WSJ reports nearly identical trades total $5 billion

    The Wall Street Journal reports that almost one million trades at nearly $5,500 in a single Kalshi market have drawn scrutiny from federal regulators and traders, with Kalshi defending the trades as normal activity.

    1. 1 outlet first by WSJ Markets, 1d ago · read ↗

    2. 1 outlet Why Thousands of Identical $5,500 Trades Put Kalshi in the Spotlight

      first by Yahoo Finance, 2d ago

    • newsguyusa@flipboard.social

      WSJ - Traders on the prediction market Kalshi have made almost one million trades in a single market since August that were in nearly identical amounts, unusual activity that has caught the eyes of federal regulators and traders. https://www. wsj.com/finance/currencies/5-b…

      newsguyusa@flipboard.socialMastodon1d ago1▲view on Mastodon ↗
    2 posts in this stretch →
  2. 1

    Kalshi denies wash trading, defends rebate programs

    Kalshi's head of crypto, IcoBeast, disputes Beni's analysis by saying he confused prediction markets with crypto perpetual futures, and defends the rebate program as standard industry practice used by CME, Hyperliquid, and Binance.

    “All exchanges run rebate and incentive programs to help provide better liquidity on the exchange for traders. CME does it. So does Hyperliquid and Binance…”
    — IcoBeast
  3. background

    Researcher Beni publishes detailed analysis of suspicious trade patterns — Beni, a former quantitative trader and co-founder of Stealth Neolab, pulls Kalshi's public trade records and finds roughly $539 million of 24-hour volume against $3.1 million of open interest, with one $5,500 order size dominating the tape and comprising 48–58% of ETH perpetual volume on separate days.

  4. background

    Kalshi updates perpetual rebate program in CFTC filing — Kalshi files a certified update to its temporary perpetual rebate program, rebating crypto perp taker fees to 0.003% for self-clearing members. The filing excludes fees on trades under investigation for wash trading or self-matching.

  5. background

    Nearly identical $5,500 trades proliferate on Kalshi ether market — Almost one million trades in nearly identical amounts begin appearing in Kalshi's single ether perpetual market, drawing the attention of federal regulators and traders.

  6. background

    Kalshi launches crypto futures contracts — The CFTC-regulated prediction market platform launches futures contracts tied to crypto prices, expanding beyond its prediction markets business.

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