Former quantitative analyst Beni is calling out Kalshi for allegedly inflating trading volumes on its crypto products. He points to the trading stats for Ethereum perpetual futures as his main example of what he calls artificial volume.

What happened

Beni went public with accusations that Kalshi is manipulating trading activity in the crypto market. His main gripe is with the derivatives data, which he says doesn’t match up with real demand. The snippet doesn’t include specific numbers or details about his methodology.

Main argument: Ethereum perpetuals

To back up his claims, Beni references metrics from the Ethereum perpetual futures contract. He says this product is a clear case where Kalshi’s reported volumes look pumped compared to actual trading interest.

Market context

So far, these are just allegations from one analyst—there’s no independent confirmation or denial in the available statements. For market participants, it’s a good reminder that debates about reported volumes and liquidity on exchanges pop up regularly. Always weigh the risks based on your own criteria and the data you trust.