Kalshi Bitcoin, Ether Perpetual Volume Dominated by Repetitive Trades

Activity on prediction market Kalshi’s cryptocurrency perpetual futures contracts appears to be heavily concentrated in a small number of identical, repeating order sizes, data analyzed by CoinDesk shows.

For ether (ETH) perpetuals, a single trade size of $5,499 accounted for $7.7 million, or 57 percent, of sampled volume between September 17 and September 20, 2026. For bitcoin (BTC) perpetuals, fixed-dollar trades at $2,500 and $5,000 made up 54 percent of sampled volume during the same period.

Recurring fixed-dollar trades have been identified on 43 of 46 sampled dates going back to June, strongly suggesting automated trading activity. This pattern raises questions about whether a limited number of participants is responsible for a disproportionate share of the platform’s reported market activity.

Kalshi’s public data does not identify the traders behind these orders or suggest any wrongdoing. The exchange has not commented on who is responsible for the repetitive trades or why the specific dollar-target values have changed over time. The unusual concentration highlights potential quirks in how volume is generated on some newer, regulated crypto derivatives venues.