CFTC Reviews Kalshi Ether Perpetual Futures Over Trading Patterns

The Commodity Futures Trading Commission is investigating trading activity on Kalshi's ether perpetual futures market following reports of nearly 1 million trades of identical size, with a significant portion clustered around $5,500. The regulator is assessing whether to launch a formal enforcement probe. Kalshi stated that these trades involve a market maker providing liquidity and denied allegations of wash trading, noting that self-trading is blocked and liquidity programs incentivize resting orders rather than volume.