Summary
- Kalshi has introduced a live order book through DoubleZero Edge.
- The initial data feed focuses on sports contracts and crypto perpetual futures.
- Kalshi will not charge its portion of subscription fees for the first year.
Kalshi has begun sharing its real-time order book data through DoubleZero Edge, enabling trading firms to access the live data from the prediction market via DoubleZero’s fiber-optic network, as announced on Wednesday.
The subscription feed initially includes Kalshi’s sports event contracts and crypto perpetual futures. It features Level 1 data, which displays the best available prices and completed trades, alongside Level 2 data, which shows buy and sell orders at various price points.
Kalshi's partnership with DoubleZero is founded on the belief that superior markets arise from enhanced connectivity.
Andy Ross, Head of Institutional at Kalshi, remarked, “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. By making our market data available over DoubleZero Edge, we're meeting them where they are.”
DoubleZero CEO Austin Federa highlighted that the method of data delivery is what sets this service apart.
“The practical difference is who has to build things. Previously, a firm wanting a production-grade view of the book built it,” Federa explained to Decrypt. “Now it’s a subscription: buy access, run one install command, and the data arrives in a format software can consume directly.”
DoubleZero Edge employs a multicast system that delivers the same machine-readable data to connected traders at once. This new feed offers formatted data suitable for pricing, hedging, and automated trading purposes.
Kalshi will forgo its share of subscription fees for the first year of the feed. The companies noted that fees would cover network delivery costs rather than Kalshi’s data-licensing fees, though they did not reveal specific subscription pricing.
Federa emphasized that this integration allows prediction-market traders to utilize data infrastructure commonly found in traditional finance.
“Traditional finance got this concept exactly right: data access is a critical part of market structure,” Federa stated. “Kalshi coming online shows that Edge optimizes market data for any venue, onchain or off.”
Addressing potential concerns that this service might give professional traders an edge over average users, Federa contended that wider access to expedited data would foster competition and enhance pricing.
“Professional traders compete on speed with each other, but not necessarily with regular users,” he noted. “It’s that competition that produces tighter spreads and better prices for everyone participating on an exchange.”