# CFTC Reviews Kalshi Activity as One Ether Market Tops $5 Billion

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/23580
Published: 2026-09-24T05:39:14.000Z
Updated: 2026-09-24T05:39:14.000Z

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.