Kalshi says CFTC has not opened investigation into its perps

Kalshi said the CFTC has not contacted it and it does not believe it is under a formal investigation, pushing back on a WSJ report that the regulator was reviewing nearly one million similarly sized trades in its ether perpetual market before deciding whether to open an enforcement probe. Spokesperson Elisabeth Diana said the patterns — including ether perp trades clustered around $5,500 — reflect its liquidity incentive program and are "common in financial markets."

• CoinDesk earlier found a single repeating trade size drove 57% of Kalshi's ETH perpetual volume over four days; Kalshi says it sends trading data to the CFTC daily and runs a "full surveillance team" against wash trading.
• Diana dismissed speculation on social media as "rumors seeded by competitors." The CFTC declined to comment on Tuesday's report.