TheBlock
Kalshi became the first prediction market to stream real-time full-depth order book data on DoubleZero Edge, the low-latency market-data delivery service running over dedicated fiber, according to a Wednesday announcement. The feed will launch with full book depth for Kalshi's most actively traded contracts in sports events and crypto perpetual futures, available to Edge subscribers. DoubleZero Edge publishes machine-readable data once via multicast and delivers it simultaneously to all connected traders, the same model NYSE, NASDAQ, and CME already use. Until now, firms trading Kalshi contracts had to reconstruct book state themselves from API responses.
Why it matters
Firms active on Kalshi increasingly overlap with top-tier names from traditional markets, and they expect institutional-grade infrastructure everywhere they trade, Kalshi head of institutional Andy Ross said. The integration reframes prediction markets as part of the same market-structure conversation as regulated futures exchanges: latency, multicast delivery, and depth-of-book access become table stakes rather than aftermarket reconstructions. DoubleZero co-founder Austin Federa, previously the Solana Foundation's comms lead, framed it as "New Finance" finally adopting what "Traditional Finance got exactly right." Federa noted that trading firms have historically "built dedicated networks to move data that are fast and reliable, but only for themselves."
Market impact
Kalshi is waiving its revenue share for the first year to lower entry costs for high-frequency liquidity providers who already pay for institutional-grade feeds. DoubleZero Foundation raised $28 million in March 2025 to build out its global fiber network, and secured an SEC no-action letter late last year confirming its 2Z token would not be treated as equity. The combined signal: prediction markets are now competing on infrastructure, not just contract volume, and the gap to traditional derivatives plumbing just got shorter.
Frequently asked questions
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What is DoubleZero Edge and how does it deliver market data?
DoubleZero Edge is a low-latency market-data delivery service that runs over dedicated fiber. It uses multicast to publish machine-readable data once and deliver it simultaneously to every connected trader, the same model NYSE, NASDAQ, and CME already use.
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Why is Kalshi's integration with DoubleZero significant for prediction markets?
Kalshi becomes the first prediction market to stream full real-time depth-of-book data to institutional traders over dedicated fiber. Until now, firms had to reconstruct Kalshi book state themselves from API responses.
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What data will Kalshi publish on DoubleZero Edge?
Kalshi will start with full order book depth for its most actively traded contracts in sports events and crypto perpetual futures. The feed includes Level 1 top-of-book and trades plus Level 2 depth-of-book, powered by Kalshi Research, with historical data planned for a future release.
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How is Kalshi lowering the cost of entry for new participants?
Kalshi is waiving its revenue share for the first year, a concession aimed at attracting high-frequency liquidity providers who already pay for institutional-grade market data feeds on other venues.
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What is the broader context around DoubleZero's infrastructure build-out?
DoubleZero Foundation raised $28 million in March 2025 to build out a global fiber network. It also secured an SEC no-action letter late last year confirming its 2Z token would not be treated as equity, removing a key legal overhang on the project's fundraising.
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