The exchange says the repeating trade size that drew wash-trading accusations over the weekend came from one market maker it pays to keep orders on the book, and that the maker was losing money to faster traders.

Most of the dollar volume in the exchange's ether perpetual futures comes from trades of a single repeating size, data from Kalshi's own public API shows. The exchange says its incentive programs are filed publicly.

The panel affirmed the dissolution of Kalshi’s Nevada injunction after finding no likely federal preemption, reaching the opposite preliminary conclusion from the Third Circuit.

Kalshi's Sept. 1 contract now trades at 2 cents, while the price on enactment before Jan. 1, 2028 ticked up, moving the implied probability out of this year and into the next.

The regulator stayed a Kalshi rule change and invoked emergency authority, calling the first state attempt to void executed derivatives trades unprecedented.

Prediction-market operator Kalshi is in talks to raise fresh capital at a roughly $40 billion valuation, the Financial Times reported, nearly double the price tag from a $1 billion round that closed seven weeks ago at $22 billion.

After generating $5.5 billion in trading volume in two weeks, Kalshi is pushing to extend its CFTC-regulated perpetual futures beyond crypto into a wider range of asset classes.

Kalshi flagged the trades, froze the account, and referred the case to federal authorities — the first known criminal-and-civil enforcement track against a named individual on a CFTC-regulated US prediction market.

Kalshi's co-founder said the new capital will be used to accelerate that institutional adoption.

Polymarket announced early access for perpetual futures trading, while The Information reported that Kalshi is planning a similar product launch.