This thread is 100% gonna blow up and I am gonna look like a salty c****again but @icobeast pissed me off so now it's gonna get ugly
Kalshi fakes their crypto volume and I can prove it
NOTHING pisses me off more than watching a company treat its own customers like complete fucking idiots
Grab some popcorn cause I dissected every piece of evidence one by one until there’s basically no way for him to respond without making this look even worse
Oh and FYI, I left every source at the end so y’all can check the receipts yourselves 😘
1/x
cope. seethe. rage
why the fuck would anyone try to wash trade when we have trading fees
incredible intellect on display
Sep 19, 2026 · 11:50 PM UTC
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"why the fuck would anyone try to wash trade when we have trading fees"
idk maybe because 3 weeks ago your employer filed with the CFTC to extend a rebate program where eligible SCM makers get +0.3 bp and takers pay 0.3 bp
+0.3
-0.3
= zero bps
@icobeast literally replied “incredible intellect on display” to me in the tweet above
Balsy for someone who can't do kindergarten-level additions on his own
Funny detail:
Here SCM means market makers that are selected by Kalshi lmfao
It's literally rigged for who they pick too but I digress
Proof below, let's keep going shall, we we're just getting started
nitter.net/icobeast/status/210140…
cope. seethe. rage
why the fuck would anyone try to wash trade when we have trading fees
incredible intellect on display
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Let’s look at the most egregious evidence, shall we?
ETH-PERP on Kalshi:
OI: $3.1M
24h volume: $538.6M
... yeah, no no, nothing to see here keep it movin'
FYI that means an amount equal to the ENTIRE outstanding ETH position base changes hands 174x every 24h
That’s once every 8 minutes and 18 seconds
Hey @icobeast
I really, reaaaally hate to be that guy
But that’s so fucking absurd I don’t even know how to explain the scale of it without sounding like I’m exaggerating
I can't wait for you and your incredible intellect to try though!
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And even if I have to pretend that's it’s perfectly normal
In that case you’d expect to see some absolutely massive positions getting whipped back and forth by some lunatics
Luckily, Kalshi has a position leaderboard !
Omg it reminds me of the good old days of crypto, how many M$ is 1st place holding?
$17,598
Yeah I don't really know what to say at this point, gonna be tough to explain that one
Can't wait to hear your conclusion!
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But wait hold on Beni
"Why would any market mak- sorry self clearing member, trade against itself for 0bps?"
They still have no incentive
See Beni, it doesn't make any sense, ur talking shit again for no reason, COPE. -wait what's that sorry?
You have a bloomberg article that announces a partnership between Jump Trading and Kalshi?
WOW BENI big fucking deal every exchange pays for liquidity you clueless moron hahaha!"
Because Kalshi made a deal with Jump Trading exchanging liquidity for equity, meaning that they're directly incentivized to make the "numbers" look good
"Wha-wait-no-nonono-but that's just a coincidence I am cert-..."
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I could really keep going for hours, I didn't even mention what they're doing on their contracts or 15 min markets LMFAO
ah fuck it I am having too much fun
Did you know that Kalshi knowingly plays an accounting trick for their contracts volume metric?
Kalshi’s glossary says that volume = the number of contracts traded instead of the dollars paid for them
But then, due to some mistake I am sure, their UI then displays that contract count with a $ sign next to it
So say 100000 contracts traded at 0.30$, then:
The YES side paid: 30'000$
But Kalshi displays: 100'000$
Isn't it fascinating how those types of mistakes never seem to be noticed when it benefits those who made the mistake in the first place?
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Unlike @icobeast I was talented enough to be able to make a living through the OB
Which is why I noticed all those things in sub 3 fucking seconds while he had to get a job
And imo, genuinely not saying this to bully him btw, his role is to be a bullish charlatan
@Kalshi hired an incompetent moron on purpose so that he'd be unable to spot the gigantic red flags and be gullible enough to use said red flags to boast about how great they are without spotting the sweet, sweet irony of the situation
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Here is how it prob goes down behind the scenes:
"Uga Bouga numbers up, Kalshi best, me make crypto markets on kalshi, me so great"
Kalshi Corporate:
"Awwn great job beast, just keep pumping those metri- I mean keep showing how much better than polymarket we are and we might just give you some more bananas next month!"
"OUGH OUGH me want bananas, me want all bananas"
"Isn't he just the sweetest? Couldn't have found a better candidate!"
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I gave him the chance to think about it and delete the tweet because I knew he wasn't mean, just a little slow
But he refused, and decided to insult me instead
Bold fucking choice.
So remember this: if Kalshi decides your behavior is embarrassing enough to fire your ass over, you chose this outcome yourself
I literally shat on polymarket < than a week ago, all you had to do what shut the fuck up
Every day I mourn the fact that @AugurProject was too early, now we’re stuck using products ran by VCs who couldn't give a shit about the product as long as growth continues
Make a market on your dogshit sites where I can bet on wether your investors would sell their moms for a bit more growth, I'll promise I'll do so much volume you won't even need to cheat
Thanks, if you enjoyed, make sure this gets the reach it deserves
I want this to serve as a fucking lesson: if you’re going to publicly talk down to people, and me out of all people, you better be certain of what you bring forward, otherwise this happens
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sources:
CFTC filling:
02/09/2026:
cftc.gov/filings/orgrules/ru…
04/07/2026:
cftc.gov/filings/orgrules/ru…
Bloomberg article JUMP/KALSHI:
bloomberg.com/news/articles/…
Kalshi's own website for:
eth-perp, leaderboard etc:
kalshi.com/perps/kxethperp
Glossary:
alpha.kalshi.com/pro/help/gl…
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Watching you pretend you didn’t see this my thread is somehow more embarrassing than the thread itself
Nothing I could say about you is as humiliating as watching you publicly demonstrate that you have absolutely fuck all to say back
But pls take your time tho
I understand, it’s hard writing around something you can’t defend
What did you have the audacity to tell me again?
Oh yeah
"Ur doing the meme buddy 😂"
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Update: Journalists from major sources are reaching out
Something something
Consequences
Something something
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Update:
Part 1.5
Felt bad leaving you guys with nothing tonight
So here is the undeniable proof that Kalshi is faking their PERP volume
FYI in case the data was to vanish over night, I have downloaded it and it's encrypted on 3 diff clouds
jus in case u know
Anyhow, here is an example
On ETH the exact same $5500 trade size keeps appearing over and over again
By over and over again, I mean it literally made up 48%–58% of ALL ETH PERP volume on 4 separate days
Also rumor, by rumor I mean person who told me wants to stay anonymous so I can't share proof, is that Kalshi has volume deals so MMs are forced to fuck around and do things like this
Literally incentivized to cheat
What I don't understand is why they are so bad at it kek
pro tip: if you guys want to fake volume one day, don't use the same lot size to do it over and over again
sincerely,
beni
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