WuBlockchain
Stealth Neolab co-founder and former quant trader Beni questioned Kalshi’s crypto trading volumes after ETH-PERP 24-hour volume reached approximately $539 million while open interest stood at around $3.1 million. He also challenged how Kalshi calculates and displays volume.
Why it matters
The dispute puts Kalshi’s volume metrics and market structure under scrutiny. Kalshi crypto lead IcoBeast said Beni had conflated crypto prediction markets with perpetual futures, arguing that the platform does not offer rebates for crypto prediction markets.
IcoBeast said Kalshi’s perpetual futures market-making incentives resemble those used by CME, Hyperliquid and Binance. He also denied that Kalshi selects its self-clearing members.
Market impact
The exchange is now facing questions about how its reported activity should be interpreted, particularly when volume is compared with open interest. No final resolution has been presented. Beni later said he had received new non-public information and would disclose more after consulting legal counsel.
Frequently asked questions
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Why did Beni question Kalshi’s ETH-PERP activity?
He pointed to approximately $539 million in 24-hour ETH-PERP volume versus around $3.1 million in open interest, and questioned Kalshi’s volume calculations and display.
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How did Kalshi respond to the volume questions?
Kalshi crypto lead IcoBeast said Beni had conflated crypto prediction markets with perpetual futures and defended the platform’s market-making incentives.
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Does Kalshi offer rebates for crypto prediction markets?
IcoBeast said Kalshi does not offer rebates for crypto prediction markets.
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Which platforms did Kalshi compare its incentives with?
IcoBeast said Kalshi’s perpetual futures market-making incentives are similar to those used by CME, Hyperliquid and Binance.
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What further disclosure did Beni indicate?
Beni said he had received new non-public information and would disclose more after consulting legal counsel.
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