IcoBeast first highlighted a key error in Beni’s original post, noting that the cited Artemis chart measured prediction-market share rather than perpetual-contract trading volume.
He also explained why Kalshi’s reported volume can appear unusually high. Like Polymarket, Kalshi calculates volume based on the maximum potential payout rather than the cash initially paid to enter a position.
Because each event contract pays $1 to the winner, platforms count the total value of those potential payouts as volume. For example, purchasing 100,000 contracts at $0.30 each requires $30,000 in upfront capital, but the trade is recorded as $100,000 in volume. While this reporting method produces larger headline figures, IcoBeast argued that it reflects genuine market demand rather than fabricated wash trading.
Addressing the perpetual-contract market, IcoBeast rejected the claim that Kalshi selects a closed group of Self-Clearing Members. Under CFTC fair-access rules, firms that satisfy the required capital, operational and regulatory standards are eligible to participate.
“Anyone can become a Self-Clearing Member of a CFTC-regulated exchange if they meet the regulatory requirements,” IcoBeast.eth said. “Fair access is a regulatory obligation for us.”
