[Community Users Question Kalshi's Fabrication of Crypto Trading Volume, Claiming ETH-PERP Daily Trading Volume is 174 Times Open Interest] BlockBeats News, September 21: Quantitative analyst Beni published a post questioning the prediction market platform Kalshi for allegedly artificially inflating crypto trading volumes, citing multiple data points as evidence. Beni stated that Kalshi's ETH-PERP current open interest is approximately $3.1 million, but its 24-hour trading volume reached $538.6 million, which equates to all open positions being traded about 174 times per day, or an average turnover every 8 minutes and 18 seconds. Beni also pointed out that Kalshi's position leaderboard shows the largest single ETH-PERP position is only about $17,600, which is significantly inconsistent with the reported trading volume. He further mentioned that documents previously submitted by Kalshi to the CFTC indicate that eligible self-clearing members (SCMs) acting as market makers can receive a rebate of 0.3 basis points, while takers pay 0.3 basis points, resulting in a combined transaction cost of 0 basis points. Additionally, Beni claimed that Kalshi had previously reached a liquidity-for-equity arrangement with Jump Trading, raising suspicions about whether such transactions were motivated by a desire to boost platform trading volume metrics. Beni also questioned Kalshi's method of calculating trading volume, stating that the platform uses "contract quantity traded" as the volume metric and displays it with a dollar sign on the interface, potentially misleading users about the actual transaction amounts. The above claims are based solely on Beni's personal posts and currently represent his doubts regarding Kalshi's trading data and business model. These do not equate to confirmed evidence of Kalshi engaging in wash trading or volume manipulation. [Original Link]