Kalshi transaction statistics are facing scrutiny after reports described a 14-fold difference between real volume and book volume on the regulated prediction market platform. Real volume generally counts executed trades, while book volume can include resting orders, quote changes and amendments that never lead to a transaction. The reported gap has not been independently verified against Kalshi’s own definitions, and no cause has been established. Kalshi has not publicly attributed or explained the discrepancy. The issue matters because traders use volume to assess liquidity, estimate slippage, evaluate price discovery and compare market efficiency across venues. Kalshi operates as a federally regulated event-contract market under CFTC (U.S. derivatives regulator) oversight, and it recently launched Bitcoin perpetual contracts while also moving to use Solana infrastructure for high-speed data feeds. Traders and analysts are seeking disclosures on the definitions, treatment of cancelled orders and partial fills, aggregation periods and whether the gap is concentrated in particular contract types. The discrepancy remains unresolved and is not a finding of irregularity.