An analysis of 120,000 consecutive trades from Kalshi’s public API found that 47% of ether perpetual futures transactions occur at a single dollar size of approximately $5,425. These uniform trades account for 63% of the contract's total volume, raising questions about the authenticity of reported activity on the exchange. The data review followed allegations made on Sept. 19 that Kalshi inflates its crypto trading volume through repeated transactions of roughly $5,500. The findings confirm that a significant majority of dollar volume in ETH perps derives from this specific repeating trade size rather than diverse market participation.