CFTC Reviews Kalshi Activity as One Ether Market Tops $5 Billion
Nearly 1 million similarly sized trades have appeared since August in Kalshi’s Ether perpetual contract market, with the CFTC weighing whether to open an investigation.
The Commodity Futures Trading Commission is reviewing activity tied to a Kalshi Ether (ETH) perpetual contract market after its estimated nominal trading volume exceeded $5 billion over the past month, while the agency considers whether to open an investigation.
Nearly 1 million trades of almost identical amounts have appeared in the market since August. In the 24 hours ending Wednesday at 8:17 a.m. ET (12:17 p.m. UTC), the market recorded 136,474 trades worth about $584 million.
More than 73,200 of those trades were concentrated around $5,426, representing 54% of all transactions and 68% of total volume. Open interest stood at $6.6 million, while one-day trading volume was about 88 times larger.
Kalshi said the repeated amounts came from fixed-size orders placed by market makers and involved hundreds of different traders. The platform also said its system blocks self-trading and that the activity is monitored. No enforcement action has been announced, and the CFTC has not decided whether to pursue a formal investigation.
