Kalshi's Perpetual Contracts See Widespread Repetitive Trades Amid Market Manipulation Fears

On September 17-20, Kalshi's Ethereum perpetual contract saw over 4,350 trades, with 1,406 of them having a maximum deviation of $2 from the spot price. This accounts for 57% of the total $13.5 million in trading volume.

The phenomenon was also observed in Bitcoin, albeit with different numbers: around 54% of the $8.5 million in trading volume on those days came from trades at prices between $2500 and $5000.

This has sparked debate over whether these repetitive trades are a sign of market manipulation or simply a result of Kalshi's incentivization programs.