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Door Remote - 22 Sep 2026
However, those numbers alone don’t reveal how many different traders generated such activity. In this case, a large share of Kalshi’s volume came from the same set of recurring trade sizes, making it important to understand what was driving the pattern.
One trade size drove 57% of Kalshi's ether perp volume. (Shaurya Malwa/CoinDesk)The pattern predates that four-day sample.
In 43 of 46 one-hour samples CoinDesk examined between June 19 and Sept. 20, ether trades repeatedly clustered around recurring specific dollar targets. The prevailing trade size accounted for about 45% of the value across those samples and more than half of the value on 15 dates.
The number of contracts involved changed as ether's price moved, while the dollar value of the trades remained nearly fixed. That pattern is consistent with one or more automated trading programs executing predetermined dollar amounts, known among traders as ‘clips.’
Kalshi is a U.S. derivatives exchange regulated by the Commodity Futures Trading Commission and best known for its prediction markets. It added bitcoin perpetual futures, or contracts that track the asset without expiring, in late May.
What the data showsKalshi divides the exposure into small contracts, which traded near $2.70 apiece on Monday. CoinDesk analyzed 3,450 ether-perpetual trades across 23 one-hour samples during the four-day period using the exchange’s public API datasets. Of those, 1,406 landed within $2 of $5,499.
One trade size drove 57% of Kalshi's ether perp volume. (Shaurya Malwa/CoinDesk)The pattern predates that four-day sample.
In 43 of 46 one-hour samples CoinDesk examined between June 19 and Sept. 20, ether trades repeatedly clustered around recurring specific dollar targets. The prevailing trade size accounted for about 45% of the value across those samples and more than half of the value on 15 dates.
The number of contracts involved changed as ether's price moved, while the dollar value of the trades remained nearly fixed. That pattern is consistent with one or more automated trading programs executing predetermined dollar amounts, known among traders as ‘clips.’
Kalshi is a U.S. derivatives exchange regulated by the Commodity Futures Trading Commission and best known for its prediction markets. It added bitcoin perpetual futures, or contracts that track the asset without expiring, in late May.
What the data showsKalshi divides the exposure into small contracts, which traded near $2.70 apiece on Monday. CoinDesk analyzed 3,450 ether-perpetual trades across 23 one-hour samples during the four-day period using the exchange’s public API datasets. Of those, 1,406 landed within $2 of $5,499.