Kalshi defends volume figures as CoinDesk flags repeating trade sizes

CoinDesk found that a single repeating trade size drove 57% of Kalshi's ETH perpetual volume over four days, deepening questions about whether the platform's reported crypto volume figures are genuine. The finding follows a critic's report flagging identical $5,500 trades on Kalshi and accusing the exchange of inflating activity.

Kalshi has defended the numbers, saying its headline volume follows an industry-wide convention that tracks maximum potential payouts rather than actual cash spent, and arguing its public regulatory filings ensure transparency on true trading activity. Critics continue to question whether the reported volumes reflect genuine market participation.