Former quant trader Beni questioned Kalshi’s reported crypto trading volumes, citing about $539 million in 24-hour ETH-PERP volume against roughly $3.1 million in open interest. Kalshi’s crypto lead IcoBeast said Beni had confused prediction markets with perpetual futures and noted that rebates are not offered for crypto prediction markets. He also defended the platform’s market-making incentives and denied claims that Kalshi selects its self-clearing members. Beni said he received new non-public information and plans to disclose more after consulting lawyers.
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