Kalshi交易量争议：做市商返佣与名义价值统计机制解析
To somewhat defend Kalshi:
To somewhat defend Kalshi:
为 Kalshi 做一点辩护：
As seen in the fee schedule. Maker rebate + taker fee net to 0 for eligible participants. It’s more likely to be another trader who wants to pump their own volume than Kalshi themselves.
如费用表所示。对于符合条件的参与者，Maker 返佣加上 Taker 手续费后净值为 0。这更可能是其他交易者想推高自己的交易量，而非 Kalshi 自身所为。
Regarding the 1 cent bet being counted as a whole dollar - using notional volume is very common in options. Usually you just count premium traded and notional traded as different numbers. This doesn’t feel so bad to me, they just picked the prettier number and haven’t done anything very uncommon in the options world.
关于将 1 美分的投注计为整美元——在期权交易中，使用名义本金（notional volume）是非常常见的做法。通常你只需分别计算交易的权利金和名义本金，它们是两个不同的数值。在我看来这并不过分，他们只是选择了更美观的数字，这在期权领域并不算什么不寻常的做法。
This said they probably should be banning people who wash trade and adding an asterisk to the volume number. I think it’s gone a bit far to imply they are wash trading themselves which is much less likely and very different than failing to ban / detect those who do it.
话虽如此，他们可能应该禁止那些进行对倒交易（wash trade）的人，并在交易量数字旁加注星号。暗示他们自己进行对倒交易就有些过头了，这种情况可能性要小得多，而且与未能禁止/检测到他人进行对倒交易有着本质的不同。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力