Polymarket Group Member Accuses Kalshi of Inflating Esports Buying and selling Quantity

The publish got here only a week after Paradigm led a funding spherical of $1 billion in Kalshi, valuing the corporate at $11 billion. 

Primo Information, an X account devoted to knowledge reporting at Polymarket, responded that the claims are inaccurate. The account mentioned that Polymarket doesn’t double-count knowledge, however makes use of the identical reporting strategies as Kalshi. 

In a publish on X, they defined, “The first dashboards that present each Polymarket & Kalshi present notional quantity from the taker — which is in step with each other and, once more, no double counting.”

Slivkoff emphasised the difficulty impacts third-party analytics fairly than Polymarket’s inside reporting, replying, “This publish isn’t about Polymarket’s web site, it’s in regards to the frequent dashboards that folks use for monitoring Polymarket quantity.” 

Researchers Additionally Declare Quantity Is Inflated

Final 12 months, researchers at Columbia College revealed a paper titled “Community-Based mostly Detection of Wash Buying and selling”. 

The authors additionally didn’t recommend that Polymarket itself was chargeable for artificially inflating numbers, however mentioned parts of the alternate’s crypto-based construction made it attainable.

The researchers estimated that “transaction patterns indicative of wash buying and selling started to development upward in July 2024, peaking at practically 60 % of quantity in December 2024.” This fell to round 5% in April final 12 months, earlier than rising once more to twenty% by early October 2025. 

In whole, Polymarket experiences buying and selling quantity of $22.2 billion, with $16.2 billion of that within the final 12 months. Kalshi, in the meantime, experiences over $41 billion in all-time quantity, with over $39 billion of that within the final twelve months. 

Nick Preszler of Melee Markets argues that a greater system of monitoring quantity is required. In a publish on X, he gave an instance of the issue, stating, “(I)f a consumer buys $10 price of contracts at .1c every, they’re risking $10, however get credited for $10,000 of quantity as a result of they’ve bought 10,000 contracts.”

Whereas most which have claimed volumes are inflated say the businesses aren’t intentionally manipulating the figures, the Polymarket crew member claims Kalshi is mendacity on function in the case of its esports markets. Kalshi has not responded to the accusations.