A fomer quant accuses Kalshi of wash trading

Their ETH perpetual market printed about $539m against only $3.1m of OI, and argued fee rebates plus a contract-count volume metric make activity look larger than it is

In a follow-up, he said the same $5,500 trade size made up 48% to 58% of all ETH perpetual volume on four separate days, claimed market makers are pushed into that pattern by volume deals