Kalshi Partners with DoubleZero to Stream Real-Time Order Book Data

Kalshi is distributing its real-time order book data through DoubleZero Edge, allowing trading firms to access the prediction market’s live data over DoubleZero’s fiber network, the companies announced Wednesday.

According to the announcement by the DoubleZero Foundation and Kalshi, the subscription feed initially covers Kalshi’s sports event contracts and crypto perpetual futures. It includes Level 1 data, which shows the best available prices and completed trades, and Level 2 data, which shows buy and sell orders across multiple price levels.

For Kalshi, the deal with DoubleZero is based on the notion that better markets are built on better 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,” Head of Institutional at Kalshi, Andy Ross, said in a statement. “By making our market data available over DoubleZero Edge, we're meeting them where they are."

DoubleZero CEO Austin Federa said the difference comes down to how the data is delivered.

“The practical difference is who has to build things. Previously, a firm wanting a production-grade view of the book built it,” Federa told 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 uses a multicast system that sends the same machine-readable data to connected traders simultaneously. The new feed provides formatted data that firms can use for pricing, hedging and automated trading.

Kalshi said it will waive its share of subscription fees during the feed’s first year. The companies said fees will therefore cover network delivery rather than Kalshi’s data-licensing costs, but they did not disclose subscription prices.

Federa said the integration gives prediction-market traders access to the type of data infrastructure long used in traditional finance.

“Traditional finance got this concept exactly right: data access is a critical part of market structure,” Federa said. “Kalshi coming online shows that Edge optimizes market data for any venue, onchain or off.”

Addressing concerns that the service could give professional traders an advantage over regular users, Federa argued that broader access to faster data would 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.”