Kalshi’s crypto trading activity has come under scrutiny after Stealth Neolab co-founder Beni questioned the platform’s reported volume figures. He pointed to roughly $539 million in 24-hour trading volume for ETH-PERP against only about $3.1 million in open interest, and said the platform’s method of calculating and displaying volume deserved closer examination. Kalshi crypto lead IcoBeast pushed back, saying Beni was conflating crypto prediction markets with perpetual futures. According to IcoBeast, Kalshi does not offer rebates for its crypto prediction markets, while the market-making incentives used for its perpetual futures are similar to those seen on CME, Hyperliquid, and Binance. He also rejected the claim that Kalshi selects its self-clearing members. Beni later said he had obtained new non-public information and would share more after consulting legal counsel.
Kalshi’s crypto trading volume is being questioned by Stealth Neolab co-founder Beni, who pointed to a gap between the platform’s reported ETH-PERP activity and its open interest.
According to the details cited in the report, ETH-PERP posted about $539 million in 24-hour trading volume, while open interest stood at only about $3.1 million. Beni also challenged how the platform calculates and displays trading volume.
Kalshi crypto business lead IcoBeast responded by saying Beni was mixing up crypto prediction markets and perpetual futures. He said Kalshi does not provide rebates for crypto prediction markets, and that the market-making incentives for its perpetual futures are similar to those used by CME, Hyperliquid, and Binance.
IcoBeast also denied that Kalshi chooses its self-clearing members.
Beni later said he had obtained new non-public information and would disclose more after consulting legal counsel.
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