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Following
ETH Kalshi denied rumors of the CFTC investigation that trading data were caused by market makers 'incentive mechanisms.
Kalshi, a forecast market operator, said it had not received contact from the Commodity Futures Trading Commission (CFTC) so far and did not believe it had been formally reviewed by regulators. It has been reported that the CFTC is reviewing a series of fast-track trading activities in its Ethereum perpetual contract market.
On Tuesday, the Wall Street Journal quoted people familiar with the matter as saying that the CFTC is investigating the rapid trading pattern that has intensified around the $5,500 price point. This trading model has sparked allegations of "Wash Trading."
The review comes as Kalshi announced rapid growth in its perpetual contract business. A week after the company launched the perpetual contract market in May, it told CNBC that its trading volume had exceeded the US$1 billion mark.
Responding to rumors from competitors
Elisabeth Diana, director of public relations at Kalshi, described the discussions as "rumors spread by competitors." She told Cointelegraph: "We have not been notified by the CFTC and do not believe there is any formal investigation. As we said before, these data patterns are typical of liquidity incentive plans and are common in financial markets. Don't trust all information on social media."
Transaction clustering phenomenon in Ethereum perpetual contracts
These transactions occur in an Ethereum perpetual contract market in Kalshi. In this market, users can speculate on asset prices without purchasing the assets themselves; in this case, the underlying asset is Ethereum.
据《华尔街日报》报道，每笔约5,500美元的交易在过去一个月内占以太坊永续合约总成交量的50多亿美元。
该报还援引知情人士的消息称，如果交易者达到交易量目标，Kalshi会向他们提供购买公司股票的机会。报道还指出，为了鼓励大型交易者提供流动性，该公司免除了交易费用，并向他们提供月度现金支付。
Kalshi在周三的一篇博客文章中将这些重复的交易规模归因于支付给做市商的计划，目的是让做市商在指定价格和范围内保持买卖订单的可用性。公司强调，这些支付奖励的是订单的可得性，而非实际执行的交易量。
值得注意的是，这篇博文并未直接回应《华尔街日报》关于与交易量目标挂钩的股票购买机会的报道。
Kalshi否认对敲交易指控
做市商通过持续报价愿意买入和卖出的资产价格，帮助金融市场运作，为其他交易者提供即时的交易对手方。做市商可以通过买卖价差获利，但如果价格朝不利方向变动，也会面临亏损风险。接受做市商报价的交易者被称为“吃单方”（Takers）。
Kalshi表示，当其他交易所的价格发生变化时，交易者可以通过以做市商过时价格买入或卖出而获利。
Kalshi指出：“固定大小的交易完全符合单一做市商挂出固定数量的限价单，并被众多吃单方成交的情况。”
该公司表示，这些交易涉及数百名不同的交易者执行做市商的订单，其中吃单方“相当一致地正确”，而做市商“相当一致地错误”。Kalshi补充道：“这是真实经济活动的迹象，而非对敲交易（在对敲交易中，你预期交易量会增加，但双方都不会产生利润或亏损）。”
