SSRNTrading, Microstructure & Execution
Incentives at Play: Fee-Induced Volume on a Regulated Perpetual Futures Venue
Analysis of Kalshi's regulated Bitcoin and Ethereum futures reveals that 39-48% of notional trades are mechanical fixed-size orders that vanish when fees are charged, indicating costless artificial volume rather than legitimate trading.
Featured in No. 132 on 25 Sep 2026 · 2 days after release
- Released
- 23 Sep 2026
- First featured
- No. 132 · 25 Sep 2026
- Published in
- Not yet, as far as Semantic Scholar knows
- Fanfare
- 3 of 5
- Identifier
- SSRN 7512338
- Authors
- Andre Guettler
Citations and venue from Semantic Scholar (ODC-BY), refreshed weekly. Summary: Quant Letter (CC BY 4.0).