Kalshi Denies Wash-Trading After Analyst Flags $5,500 Ether Perp Trades

The dispute hinges less on the $5,500 trade itself than on which dataset is authoritative for a platform that now spans prediction markets and perpetual futures. Kalshi's defense is definitional — a data-classification error — which leaves the underlying question of how much reported perp volume reflects genuine two-sided interest unresolved. That matters for anyone using venue-level volume as a credibility signal, and for the broader convergence of event contracts and perps. Whether Kalshi publishes a fuller breakdown, or the analyst rebuts the classification claim, is the open question.