Bitcoin perpetual futures on Kalshi are dominated by a strange repeat trade

Bitcoin perpetual futures on Kalshi are showing a pattern that is hard to miss: the same dollar amounts keep appearing, again and again.A CoinDesk analysis of the exchange’s public trade records found that a handful of repeating trade sizes represented more than half of the sampled value on both bitcoin and ether perpetual markets. In ether, trades clustered around $5,499 accounted for 57% of the $13.5 million analyzed between Sept. 17 and Sept. 20. On bitcoin, recurring trades of roughly