---
title: Incentives at Play: Fee-Induced Volume on a Regulated Perpetual Futures Venue
url: https://www.ml-quant.com/papers/ssrn/7512338/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7512338
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7512338
featured: 2026-09-25
citations: unknown
topic: Trading, 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.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7512338
- Identifier: SSRN 7512338
- Released: 2026-09-23
- First featured: Quant Letter No. 132 (2026-09-25): https://www.ml-quant.com/issues/2026-09-25/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Trading, Microstructure & Execution
- Authors: Andre Guettler

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