Trader @retardmode said about 61% of Kalshi's reported volume comes from multi-event combination bets. According to Odaily, the trader estimated that Kalshi's actual trading volume yesterday was about $136 million, compared with the $1.91 billion figure disclosed publicly.

Kalshi crypto business head IcoBeast said perpetual contracts should be viewed separately from crypto prediction markets and that prediction markets do not have the same market-maker rebate structure. Polymarket trader @CarOnPolymarket estimated that the actual trading volume for the related combination bets may have been only about 7.1% of the disclosed amount.