Kalshi Debuts Institutional-Grade Market Data Through DoubleZero Partnership
Prediction market platform Kalshi has launched real-time order book distribution via DoubleZero Edge, giving trading firms access to sports and crypto derivative pricing data over high-speed fiber infrastructure.
Bridging Prediction Markets and Institutional Finance
Kalshi has partnered with DoubleZero to distribute its live order book data to institutional trading firms, expanding access to pricing information from the prediction market’s sports event contracts and crypto perpetual futures. The service leverages DoubleZero’s fiber network and multicast technology to deliver market data in machine-readable format that traders can consume directly for pricing, hedging, and algorithmic execution.
Data-First Infrastructure for Modern Markets
The feed provides both Level 1 and Level 2 market data—showing best-available prices, completed trades, and multi-tiered buy-sell orders respectively. According to the DoubleZero Foundation and Kalshi announcement, the offering mirrors data infrastructure long standard in traditional financial markets, now adapted for crypto and prediction markets. Kalshi will absorb its licensing fees during the feed’s first year, with subscription costs covering network delivery only. The companies did not disclose ongoing pricing.
Andy Ross, head of institutional operations at Kalshi, framed the move as a response to institutional demand. The top-tier trading firms now active on Kalshi’s platform expect the same infrastructure grade they access in conventional markets, he noted in the announcement. DoubleZero CEO Austin Federa emphasized the technical simplification the subscription model provides: firms no longer need to build production-grade market data systems themselves, but instead subscribe and execute a single installation command to receive formatted data streams.
Competitive Benefits and Market Structure
Federa addressed concerns that faster data access could advantage professional traders over retail participants by arguing that speed-based competition among professionals typically improves overall market quality. The institutional competition for data latency drives tighter spreads and better execution prices across the board, he contended, since professional traders compete with each other rather than with casual users—and that inter-professional competition is what creates the pricing improvements everyone benefits from.
The integration reflects a broader trend of prediction markets adopting infrastructure patterns established in regulated financial markets. Kalshi’s decision to distribute order book data through a third-party connectivity provider signals maturation in how crypto trading platforms approach institutional participation and market microstructure.
Source: DoubleZero Foundation and Kalshi, via Decrypt. Not financial advice.
Why it matters for crypto: Institutional-grade infrastructure for prediction markets and crypto derivatives strengthens the ecosystem’s credibility with professional traders, potentially attracting larger capital flows to on-chain and decentralized trading venues.