Kalshi stated that the CFTC is not investigating him for his trading practices.

Kalshi Ethereum perpetual futures trading volume Data concerns, CFTC or periodically reviewing the trading platform

The co-founder of Stealth Neolab, Beni had previously noticed anomalies related to the Kalshi platform. He noted that Ethereum 's perpetual futures recorded about $539 million in 24 hours but only $3.1 million in outstanding contracts - a huge difference between the two.

Kalshi explained the trading model as being derived from the platform's liquidity incentive program, which is designed to reward participants who provide marketplace liquidity.

Kalshi executive Diana said in an interview: "We submit data to the Commodity Futures Trading Commission (CFTC) every day, and it's not uncommon for them to review our data on a regular basis".

As of Tuesday, the CFTC had not responded to media requests for comment.

This review is taking place against a backdrop of growing external attention to the rapid expansion of prediction markets in recent years, how platforms measure and disclose trading volume , and how they regulate transactions between participants. Liquidity incentive schemes typically reward market participants who have placed orders that help create an environment where other users can buy and sell.

According to Kalshi, it is this type of incentive that explains some of the trades that have attracted attention from outside, including several similar sized deals over a short period.

When asked about the measures to prevent scalping and automated trading, Diana said that Kalshi has a large number of toolboxes and is equipped with a full monitoring team. The so-called "scalping" refers to transactions where there are no real changes in the actual economic outlet by creating an illusion of transaction activity.