One Size Dominates Kalshi's ETH Perp Volume

Data pulled from Kalshi's public application programming interface indicates that a single, repeated trade size accounts for the bulk of dollar volume in the exchange's ether perpetual futures market. The pattern emerges from trade records accessible through the platform's own API rather than from third-party data vendors. Observers flagged the concentration after examining transaction sizes and identifying one size that recurs far more often than others and contributes disproportionately to total traded dollars. The finding does not by itself identify the participants behind the trades or their motives, only that the pattern is visible in on-chain trade reporting made available by Kalshi. In response to the observation, Kalshi told reporters that its incentive programs are publicly filed. The exchange framed the filings as a transparency measure that provides information on programs that could influence trading activity; the underlying filings themselves were not reproduced in the cited material. The pattern raises questions about how much of reported volume reflects diverse market activity versus concentrated, mechanically repeated trades tied to incentives or other programmatic behavior. Because the data cited comes from Kalshi's API and the exchange has directed attention to its public filings, those documents and the raw trade feed are the immediate sources for anyone seeking to verify or further analyze the volume concentration.