Why Thousands of Identical $5,500 Trades Put Kalshi in the Spotlight

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. Kalshi is a US exchange regulated by the Commodity Futures Trading Commission (CFTC).

It runs prediction markets and, since June, futures contracts tied to crypto prices. Kalshi Wash Trading Claims Center on One Order Size Beni, a former quantitative trader and co-founder of research firm Stealth Neolab, pulled trade records from Kalshi’s public data feed.

One order size dominated the tape.

uh guysI’ve been made aware that if @Kalshi itself participated in, directed, or knowingly incentivized the kind of activity described in my post below, it could potentially amount to fraud or market manipulationCongratulations We did it (I am still not done tho) https://t.co/SC4OcbLN30— Beni (@beniduboss) September 21, 2026 He counted roughly $539 million of 24-hour volume in the ether perpetual market against about $3.1 million of open interest.