Kalshi is now distributing its real-time order book data through DoubleZero Edge, giving trading firms access to the prediction market’s live feed over DoubleZero’s fiber network, according to a Wednesday announcement from the DoubleZero Foundation and Kalshi.
Initial rollout covers sports contracts and crypto perpetual futures
The subscription feed initially includes Kalshi’s sports event contracts and crypto perpetual futures. It carries both Level 1 and Level 2 market data.
Level 1 shows the best available prices and completed trades. Level 2 shows buy and sell orders across multiple price levels.
Kalshi says institutional firms want institutional-grade connectivity
Kalshi said the arrangement with DoubleZero is built on the idea that stronger markets depend on stronger connectivity.
“The firms participating on Kalshi today are increasingly the same top-tier names as those in traditional markets. They're looking for institutional-grade infrastructure everywhere they trade,” Andy Ross, head of institutional at Kalshi, said in a statement. “By making our market data available over DoubleZero Edge, we're meeting them where they are.”
DoubleZero says the key change is in delivery
DoubleZero CEO Austin Federa told Decrypt that the main difference lies in how firms receive the data.
“The practical difference is who has to build things. Previously, a firm wanting a production-grade view of the book built it,” Federa said. “Now it’s a subscription: buy access, run one install command, and the data arrives in a format software can consume directly.”
DoubleZero Edge uses a multicast system that sends the same machine-readable data to connected traders at the same time. The new feed provides formatted data that firms can use for pricing, hedging, and automated trading.
Kalshi waives its share of fees in year one
Kalshi said it will waive its share of subscription fees during the feed’s first year. That means the fees will cover network delivery rather than Kalshi’s data-licensing costs, though the companies did not disclose subscription pricing.
DoubleZero addresses concerns about an edge for professional traders
Federa said the integration gives prediction-market traders access to the kind of data infrastructure long used in traditional finance.
“Traditional finance got this concept exactly right: data access is a critical part of market structure,” he said. “Kalshi coming online shows that Edge optimizes market data for any venue, onchain or off.”
Responding to concerns that the service could favor professional traders over regular users, Federa said wider access to faster data should increase competition and improve prices.
“Professional traders compete on speed with each other, but not necessarily with regular users,” he added. “It’s that competition that produces tighter spreads and better prices for everyone participating on an exchange.”