CFTC Scrutinises Kalshi Over $5B in Near-Identical Ether Perpetual Trades

The CFTC is scrutinising Kalshi's ether perpetual futures after roughly $5 billion in near-identical trades, per the Wall Street Journal as cited in coverage. CoinDesk's own data analysis found Bitcoin and ether perp volumes on the platform dominated by an unusual, repetitive single-size order pattern. The wash-trading characterisation is attributed to market observers; no formal regulatory finding exists. The review lands days after Kalshi filed with the same agency for US stock perpetual futures.