Kalshi Adds Real-Time Market Data Feed Through DoubleZero
Kalshi distributes real-time order book data via DoubleZero Edge, covering sports and crypto perpetual futures. The feed offers Level 1 and Level 2 data, with Kalshi waiving its fees for the first year. It aims to provide institutional-grade infrastructure for trading firms.
Quick Take
Kalshi’s real-time order book available through DoubleZero Edge subscription feed.
Data includes Level 1 (best prices/trades) and Level 2 (full order book depth).
Kalshi waives its share of subscription fees for the feed’s first year.
DoubleZero uses multicast to deliver identical data simultaneously to connected traders.
Market Impact Analysis
BullishInstitutional-grade data feed may attract more trading firms, increasing liquidity and potentially boosting trading volumes in crypto perpetual contracts on Kalshi.
Speculation Analysis
Key Takeaways
- Kalshi now offers a real-time order book data feed through DoubleZero Edge, covering sports contracts and crypto perpetual futures.
- Trading firms can access Level 1 and Level 2 data with a single install command, eliminating the need to build proprietary infrastructure.
- Kalshi waives its share of subscription fees for the first year, lowering the barrier to entry for institutional participants.
What Happened
Kalshi, the regulated prediction market, is now distributing its live order book through DoubleZero Edge. The move gives trading firms direct access to real-time market data for sports event contracts and crypto perpetual futures. Instead of building their own data pipelines, traders can subscribe and receive formatted data with a single command. The feed includes both Level 1 data (best prices and executed trades) and Level 2 data (full depth of buy and sell orders). Kalshi is waiving its portion of the subscription fees for the first year to accelerate adoption.
The Numbers
The subscription covers two major asset classes: sports contracts and crypto perpetual futures. The feed streams Level 1 and Level 2 data, delivered via DoubleZero's multicast network. By waiving its fee share for year one, Kalshi essentially makes the data cost solely cover network delivery. Although exact pricing wasn't disclosed, the structure lowers entry costs for firms that previously had to engineer their own data consumption tools. DoubleZero's infrastructure mirrors that of traditional finance, sending identical machine-readable data to all connected subscribers simultaneously.
Why It Happened
Institutional traders demand the same infrastructure quality on prediction markets as they get in equities or FX. Kalshi's user base increasingly includes top-tier trading firms that expect robust data feeds. By integrating with DoubleZero, Kalshi meets these firms where they already operate—on high-speed fiber networks designed for low-latency trading. The partnership also signals Kalshi's push to grow liquidity. More sophisticated market participants mean tighter spreads and deeper order books, which benefits all traders.
Broader Impact
This integration blurs the line between traditional finance and crypto-native platforms. By offering institutional-grade data delivery, Kalshi positions itself as a serious venue for crypto perpetuals—a market dominated by offshore exchanges. If successful, it could pressure other regulated platforms to upgrade their market data infrastructure. For crypto perps, increased institutional access often leads to higher volumes and more efficient price discovery.
What to Watch Next
- Adoption uptake: Monitor whether major trading firms begin routing order flow through Kalshi now that data feeds are standardized.
- Fee structure post-year one: Kalshi's fee waiver expires after 12 months. Pricing details will reveal how committed it is to institutional growth.
- Market impact on crypto perps: Watch for changes in open interest and trading volume on Kalshi's crypto perpetual contracts relative to offshore competitors.
This article is for informational purposes only and does not constitute financial advice.
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