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The radio channels between nodes of an indoor peer-to-peer network show specific fast fading characteristics. Depending on the mobility and on the scattering properties of the environment, different kinds of fading distributions can occur: Ricean fading between static nodes, but also Rayleigh or even double-Rayleigh fading between mobile nodes. We investigate fast fading in indoor peer-to-peer networks based on radio channel measurements. It turns out that the fading statistics change over time. While the predominant fading mechanism is a combination of Rayleigh and double-Rayleigh fading, Ricean fading also occasionally occurs. On top of that, indoors, the statistics of the fast fading change over time even for small-motions of the nodes, since the propagation environment is inhomogeneous. We comprehensively model these effects using a hidden Markov model, parameterized from our measurements. The model is validated, revealing a convincing fit between the model and the measurements.