TREE NEWS reports: Most of the dollar volume in Kalshi’s ether perpetual futures comes from trades of one repeating size. Kalshi said its incentive programs are filed publicly. The concentration suggests a single participant or strategy accounts for a large share of activity in the contract.
Single Trade Size Dominates Kalshi ETH Perpetual Volume, API Data Shows
The concentration of dollar volume in a single repeating trade size points to a market where headline activity may overstate genuine two-way interest. Kalshi's public filing of incentive programs offers a transparency counterpoint, but it does not resolve whether the flow reflects a market-making arrangement, a points-farming strategy, or organic demand. For a venue building out crypto perpetuals, the open question is whether volume broadens beyond this single footprint or remains a thin, incentive-shaped base.
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