Overview
- Public analyses in late September found a large share of KXETHPERP volume made up of repetitive, fixed‑size trades clustered around $5,499–$5,500 and later about $5,425, with roughly 120,000 trades flagged.
- Those analyses also showed extremely high turnover versus open interest, with volume‑to‑open‑interest ratios reported between about 61x and 174x.
- Kalshi rejects wash‑trading claims and says the patterns come from a market‑maker liquidity program that posts uniform resting orders, and the exchange says internal records show hundreds of distinct takers.
- The company confirmed a temporary fee rebate for self‑clearing members that is documented in CFTC filings and said it has surveillance tools that block self‑trading, but its internal data cannot be verified from public APIs.
- What to watch next: whether the CFTC moves from review to formal action, how exchanges alter rebate and surveillance rules, and how regulators decide to oversee the growing onshore market for perpetual futures.