New YorkKalshi’s ether contract traded 174 times its open interest.

Quantitative analyst Beni says $539 million in 24-hour volume against $3.1 million open interest is a textbook sign of wash trading.

Wash trading inflates volume through fake buying and selling while the money actually at stake stays small.

Kalshi’s product chief says its volume counts maximum potential payout, not cash spent, an industry-wide convention.

Kalshi had not answered a request for further comment by publication.

How each outlet framed it
CoinDesk
distinguishes headline volume from actual open interest, cites net-zero fee schedule as wash-trade incentive

Sources: CoinDesk