Beni: Doubts Kalshi for artificially exaggerating cryptocurrency trading volume

Quantitative analyst Beni questioned the practice of artificially exaggerating cryptocurrency trading volume on prediction market platform Kalshi. Beni pointed out that the open interest volume of Kalshi ETH-PERP is about 3.1 million US dollars, but the 24-hour trading volume reaches 538.6 million US dollars, which is equivalent to about 174 daily turnover. Beni stated that Kalshi's ETH-PERP maximum single position is only about $17600, which differs from the trading volume size. Beni mentioned that the documents submitted by Kalshi to the CFTC show that the trading cost for market makers is 0 basis points, and Kalshi and Jump Trading have reached a cooperation agreement to exchange liquidity for equity. Beni questioned Kalshi's use of the trading contract quantity as a volume and displaying it in US dollar symbols, which may lead to misunderstandings among users about the actual transaction amount.