Kalshi Ethereum Perpetual Futures: Over Half of Volume Comes from Fixed-Amount Orders

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Kalshi's Ethereum perpetual futures saw a $5,499 order generate $7.7 million in trading volume, accounting for 57% of total volume between September 17 and 20. Fixed-amount orders occurred on 43 out of 46 days since June. The trader’s identity and motivations remain undisclosed. Quantitative analyst Beni previously raised concerns about potential volume manipulation on Kalshi.

BlockBeats news: On September 22, Kalshi reported that during Ethereum perpetual futures trading from September 17 to 20, a single order of approximately $5,499 accounted for $7.7 million in trading volume, representing 57% of the analyzed volume.


Of the 46 sampled days since June, 43 days featured repeated fixed-amount transactions. Kalshi’s public data does not disclose trader identities, and the exchange has not explained the source of the repeated transactions or the reasons for changes in the target amounts.


Previously, quantitative analyst Beni published a post questioning Kalshi, a prediction market platform, for artificially inflating cryptocurrency trading volumes, citing multiple data points as evidence. (CoinDesk)

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