CoinDesk: Repeating fixed-dollar trades drive most BTC and ETH perpetual volume on Kalshi
- —Trades within $2 of $5,499 accounted for $7.7 million, or 57%, of the $13.5 million in ether-perpetual volume sampled Sept. 17–20
- —On bitcoin, two recurring sizes near $2,500 and $5,000 made up 54% of the $8.5 million sampled over the same period
- —Recurring fixed-dollar trades appeared in 43 of 46 one-hour samples between June 19 and Sept. 20
- —Kalshi's ether perpetual showed a volume-to-open-interest ratio of 61, versus a median of about 8 across 20 perpetual markets
Why it matters: The pattern suggests a small number of participants or automated programs may be generating much of the reported activity, complicating how traders judge real liquidity.
Source: CoinDesk