A CoinDesk analysis of Kalshi's public trade records revealed that a small number of repeating trade sizes accounted for more than half the value traded on the exchange's bitcoin and ether perpetual-futures markets. Specifically, trades valued within $2 of $5,499 made up 57% of sampled ether-perpetual volume ($7.7 million out of $13.5 million) from Sept. 17 through Sept. 20. For bitcoin, recurring trade sizes of approximately $2,500 and $5,000 accounted for 54% of sampled volume ($8.5 million) over the same period. This pattern is consistent with automated trading programs executing predetermined dollar amounts, or 'clips,' and raises questions about what the reported volume truly represents.