# CFTC Examines $5 Billion Trading Pattern in Kalshi ETH Perpetuals

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/23432
Published: 2026-09-23T23:46:11.000Z
Updated: 2026-09-23T23:46:11.000Z

The Commodity Futures Trading Commission is examining an unusual trading pattern in Kalshi’s Ethereum perpetual futures market involving nearly $5 billion in reported volume, raising questions about whether repeated trades served a genuine market purpose.

Nearly 1 million trades since August clustered around $5,500 order sizes. More than one-third of recent trades in the market fell near that figure, while Kalshi’s public data does not identify the traders behind individual transactions.

The pattern has prompted wash-trading concerns. Kalshi denies the allegations, saying hundreds of separate traders took part and that market makers maintained fixed resting orders that were repeatedly matched by faster traders.

Kalshi also said its platform mechanically prevents self-trading and monitors prohibited activity. Its liquidity programs compensate market makers for maintaining orders at specified sizes and spreads rather than for generating raw volume.

The scrutiny comes as Kalshi expands its perpetual futures business, which entered crypto markets in May, and seeks to add contracts tied to individual U.S. stocks.