Kalshi's bitcoin, ether perpetual volume is dominated by repeating trade sizes, data shows
Summary
CoinDesk’s analysis of Kalshi’s public trade records found that recurring fixed-dollar trade sizes made up a large share of bitcoin and ether perpetual-futures volume. In a Sept. 17–20 sample, a roughly $5,499 trade size accounted for 57% of sampled ether value, while two bitcoin trade sizes represented 54%. The pattern appeared across months and is consistent with automated fixed-size orders. Kalshi later said one market maker generated the repeated orders under a program, with hundreds of traders taking the other side; it said monitoring found no self-matching, collusion or wash trading. Public data lacks account identifiers, so those claims cannot be independently verified, and the records alone do not establish improper activity.
