Kalshi's ETH perp did half a billion in volume on $3 million in open interest. Kain and Taylor lay out why that isn't necessarily wash trading. Plus, Austin joins as co-host.
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Kalshi's ETH perpetual futures market logged half a billion dollars in 24-hour volume on just $3 million in open interest, and after its crypto hires picked a fight on the timeline, an analyst pulled the public data and alleged wash trading.
Kain Warwick and Taylor Monahan argue that paid market makers are a likelier explanation than a back room of bots. Austin Griffith, in his first episode as a regular co-host, asks whether all that liquidity actually helps a prediction market find the truth.
The hosts also cover Treasury Secretary Scott Bessent's warning that AI labs answer for their agents, Taylor's Tornado Cash parallel, Anthropic's new wet lab, Amazon blocking Meta's Muse assistant, and Jev, a classifier model that decides in 200 milliseconds.
Plus, Zcash around $1,500 and why NEAR suddenly has people paying attention. As Kain puts it, a new model is dropping nearly every day, and keeping up now takes agents of its own.

Hosts:
<ul>
 <li><a href="https://x.com/kaiynne">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> - Host of Uneasy Money and Founder of Infinex and Synthetix
</li>
 <li><a href="https://x.com/tayvano_">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> - Co-host of Uneasy Money and Security Expert
</li>
 <li><a href="https://x.com/tayvano_">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/austingriffith">Austin Griffith</a> - Co-host of Uneasy Money and Builder Enablement at Ethereum Foundation
</li>
</ul>
Timestamps
🎲 02:32 How Kalshi's crypto hires started a timeline war over its perp volume
🤝 07:28 Why Kain suspects paid market makers, not wash trading, are behind the volume
🔎 09:59 Austin asks whether any of this liquidity helps markets find the truth
📚 21:41 What the price of Google teaches about liquidity and trusting a market
💧 28:14 1inch Aqua: Back multiple liquidity positions with one wallet balance at<a href="http://unchainedcrypto.com/go/1inch-yt"> http://unchainedcrypto.com/go/1inch-yt</a>
🏛️ 30:59 Scott Bessent told AI labs they're responsible for what their agents do
⚖️ 34:20 Taylor on the Tornado Cash parallel: which humans answer for autonomous code?
🛒 42:48 Why Amazon blocked Meta's Muse assistant from shopping on its site
⚡ 47:29 Jev: the model that makes decisions in 200 milliseconds without talking
🔒 1:00:33 Zcash around $1,500 and why NEAR has people paying attention again Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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