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More than half of the Bitcoin and Ethereum perpetual futures volume on Kalshi, a derivatives exchange regulated by the U.S. CFTC, appears to have come from repetitive trades by an automated algorithm targeting fixed dollar amounts, CoinDesk reported.
CoinDesk said identical $5,499 Ethereum futures trades recently accounted for 57% of volume, or $7.7 million. In Bitcoin futures, paired trades worth $2,500 and $5,000 in a one-to-two ratio made up 54% of total volume. CoinDesk said the pattern matches a typical high-frequency trading algorithm that automatically adjusts contract counts based on price moves to fill fixed dollar-value clips. The ratio of Ethereum futures volume to open interest reached 61 times, pointing to severe overheating.