Kalshi and the DoubleZero Foundation announced this Wednesday (12) that trading firms will be able to access real-time order book data from the prediction platform over the DoubleZero Edge fiber network.
According to the companies, the initial feed covers sports event contracts and cryptocurrency perpetuals. The service includes level 1 data, with the best prices and completed trades, and level 2 data, with buy and sell orders at multiple price levels.
Executives
For Andy Ross, head of institutional at Kalshi, the integration meets a demand for institutional infrastructure. "The firms that participate in Kalshi today are increasingly the same top-tier names from traditional markets. They seek institutional-grade infrastructure everywhere they trade," he said in a statement. "By making our market data available through DoubleZero Edge, we are going where they are."
Austin Federa, CEO of DoubleZero, said the practical difference is who needs to build the infrastructure. "Before, a firm that wanted a professional-level view of the order book had to build it. Now it's a subscription: buy access, run an installation command, and the data arrives in a format that software can consume directly," he said.
DoubleZero Edge uses a multicast system that sends the same machine-readable data simultaneously to connected traders. The new feed offers data formatted for use in pricing, hedging and automated trading.
Fees and competition
Kalshi said it will waive its share of subscription fees during the first year of the feed. According to the companies, the amounts charged will cover delivery over the network, not Kalshi's data licensing costs. The companies did not disclose subscription prices.
Federa said the integration gives prediction market traders access to the kind of data infrastructure used in traditional finance. "Traditional finance got exactly this concept right: data access is a critical part of market structure. Kalshi coming in shows that Edge optimizes market data for any platform, onchain or off," he said.
Regarding concerns that the service might benefit professional traders over ordinary users, Federa argued that broader access to faster data would increase competition and improve prices. "Professional traders compete in speed with one another, but not necessarily with ordinary users. It is that competition that produces tighter spreads and better prices for everyone participating in an exchange," he said.
