Kalshi’s reported $1.91 billion in daily volume is facing scrutiny from traders who cite both a possible 14-fold difference between real and book volume and the impact of multi-event combination bets. Prediction-market trader @retardmode estimated that roughly 61% came from combination bets and said Kalshi records a $1 stake that can pay $14.1 if every outcome is correct as $14.1 in volume; using a different calculation, the trader estimated actual turnover at about $136 million for the previous day. Polymarket trader @CarOnPolymarket estimated that turnover from the relevant combination bets could represent only about 7.1% of the disclosed figure. The reported gap has not been independently verified against Kalshi’s definitions, its cause remains unestablished, and Kalshi has not publicly explained the discrepancy. Kalshi crypto business head IcoBeast separately said perpetual contracts and crypto prediction markets should be evaluated separately, noting that prediction markets do not have comparable market-maker rebates.