Kalshi is pushing back against claims that repeated $5,500 trades in its ether perpetual futures market indicate wash trading.
The exchange said the activity is linked to its market-making programs, which reward liquidity providers for placing orders rather than generating volume. Similar-sized trades can occur when users take fixed orders during price moves.
Analyst Beni questioned the explanation, saying identical trades represented a large share of activity. His analysis put ETH perpetual volume at about $539 million, compared with $3.1 million in open interest.
Kalshi said hundreds of traders were taking orders from a market maker posting fixed-size contracts. It said this can produce repeated trades without the same parties trading back and forth.
The exchange also cited a temporary fee-rebate program for members clearing their own trades. Rebates are capped at fees paid, while its systems are designed to prevent self-trading and flag coordinated activity.
Kalshi’s public API does not identify traders on either side of transactions, meaning its claim about hundreds of participants cannot be independently verified through public data.
Beni found that $5,500 trades accounted for 48% to 58% of ETH perpetual volume over four days. Kalshi said its internal review found no evidence of wash trading or collusion.
The dispute comes as Kalshi expands its crypto derivatives offering.
