【Kalshi Questioned “Inflating Trading Volume”? Repeat Trades of $5,500 Spark Controversy🔥】
💬预测市场动态，进群聊
Kalshi has recently been accused of “artificially increasing” its crypto trading volume.
The reason is simple: a quantitative analyst found that Kalshi’s ETH perpetual contract 24-hour trading volume at one point reached $539 million, but its open interest was only $3.1 million—more than a 170x difference.
What’s even stranger is that many trades show per-transaction amounts extremely close to $5,500, leading the analyst to suspect that trading volume may have been manually generated.
But Kalshi denies the volume-inflation allegations.
The负责人 of Kalshi’s crypto business said that there is a misunderstanding of how trading volume is interpreted in the market, and that some of the platform’s volume statistics use the “maximum potential payout amount,” which does not equal the cash actually put in by users.
In short: seeing “$539 million in trading volume” does not mean that $539 million in cash is truly circulating repeatedly in the market.
The question is: what is this matter really about?
In fact, it comes down to a core issue—how should trading volume in the crypto market be viewed?
📌 There is currently a clear disagreement between the two sides over how to interpret the trading data, and the volume-inflation claims have not yet been confirmed. Next, it will be important to see whether Kalshi can further disclose data and mechanisms so the market can judge how much of this trading reflects genuine demand.
#Kalshi
💬预测市场动态，进群聊
Kalshi has recently been accused of “artificially increasing” its crypto trading volume.
The reason is simple: a quantitative analyst found that Kalshi’s ETH perpetual contract 24-hour trading volume at one point reached $539 million, but its open interest was only $3.1 million—more than a 170x difference.
What’s even stranger is that many trades show per-transaction amounts extremely close to $5,500, leading the analyst to suspect that trading volume may have been manually generated.
But Kalshi denies the volume-inflation allegations.
The负责人 of Kalshi’s crypto business said that there is a misunderstanding of how trading volume is interpreted in the market, and that some of the platform’s volume statistics use the “maximum potential payout amount,” which does not equal the cash actually put in by users.
In short: seeing “$539 million in trading volume” does not mean that $539 million in cash is truly circulating repeatedly in the market.
The question is: what is this matter really about?
In fact, it comes down to a core issue—how should trading volume in the crypto market be viewed?
📌 There is currently a clear disagreement between the two sides over how to interpret the trading data, and the volume-inflation claims have not yet been confirmed. Next, it will be important to see whether Kalshi can further disclose data and mechanisms so the market can judge how much of this trading reflects genuine demand.
#Kalshi
