Kalshi has opened its live order book to DoubleZero Edge subscribers, providing Level 1 and Level 2 data for sports contracts and crypto perpetual futures through a dedicated fiber network.
Summary
- Kalshi has become the first prediction market to publish real-time order book data through DoubleZero Edge.
- The feed covers Level 1 and Level 2 data across sports and crypto perpetual markets.
- Kalshi will waive its publisher revenue share for one year, though subscribers must still pay network fees.
- DoubleZero plans to add historical Kalshi data in a later release without a stated launch date.
Kalshi feed provides full order book depth
DoubleZero Foundation and Kalshi said in an Aug. 12 announcement that the exchange’s live order book is now available through DoubleZero Edge, starting with its most actively traded sports and crypto perpetual futures contracts.
Under the rollout, subscribers can receive Top of Book and Trades information, known as Level 1 data, alongside Depth of Book information, or Level 2 data. Level 1 shows the best available bid and ask prices as well as completed trades, while Level 2 displays orders across several price levels.
Full book depth can give quantitative firms and market makers a more detailed view of liquidity than a basic price feed. According to the companies, subscribers receive the information in a sequenced, machine-readable format that can be integrated into automated pricing, hedging and trading systems.
Before the new feed, DoubleZero said firms often had to gather individual responses from Kalshi’s application programming interfaces and rebuild the order book on their own servers. Edge packages the data into a subscription product, removing part of that internal processing work.
The launch covers every Kalshi sports event and crypto perpetual futures market included in the initial categories, according to the release. Kalshi Research supplies the published information, while DoubleZero handles its delivery to connected subscribers.
Neither company disclosed the subscription price, number of initial customers or measured latency for the Kalshi feed. DoubleZero described the connection as low-latency but did not release independent tests comparing its performance with direct API access or other market-data services.
Historical data is also absent from the first version. DoubleZero said it intends to offer historical Kalshi information in a future release, although the company provided no schedule or pricing details.
DoubleZero applies its fiber network to prediction markets
Rather than sending each subscriber a separate copy of the feed, DoubleZero Edge uses multicast distribution. Under that model, a data publisher sends the information once before the network delivers it simultaneously to connected users.
DoubleZero said its system carries exchange and blockchain data over dedicated fiber instead of relying only on the public internet. Traditional exchanges, including the New York Stock Exchange, Nasdaq and CME, have used similar distribution models to supply trading firms with real-time information.
Austin Federa, co-founder of DoubleZero, said established financial firms have spent years building private networks that move data quickly and consistently. Crypto markets, perpetual futures venues and prediction platforms, he added, developed without the same shared infrastructure.
“Traditional finance got this concept exactly right: data access is a critical part of market structure,” Federa said.
The Kalshi rollout extends a service that first focused on blockchain data. In April, crypto.news reported that DoubleZero had launched its Edge public beta with 379 Solana validators publishing transaction data through the network.
At launch, those validators represented about 43% of Solana’s staked supply. The April service sent raw Solana packets over private fiber and recorded an average delivery improvement of six milliseconds compared with conventional routing, according to DoubleZero data cited in the earlier report.
Subscription prices for the Solana beta ranged from $30 to $100 in USDC per device and per epoch, depending on location. DoubleZero has not said whether the same pricing structure applies to the Kalshi product.
Andy Ross, Kalshi’s head of institutional, said firms using the exchange increasingly overlap with participants in traditional markets. Making the order book available through Edge, Ross said, gives those companies another data connection for markets traded on Kalshi.
Kalshi waives its data revenue share for one year
As part of the commercial arrangement, Kalshi will not collect its normal share of Edge subscription revenue during the feed’s first year.
DoubleZero said data publishers usually receive a percentage of subscription fees after the protocol burn. With Kalshi waiving that share, the initial price will be based on network delivery rather than an added data-licensing charge from the exchange.
The waiver does not provide free access. Trading firms must subscribe to DoubleZero Edge and meet its connection requirements before receiving the feed, while the companies have not disclosed the network fee charged for this specific product.
Once the first year expires, Kalshi could begin receiving part of the subscription revenue under DoubleZero’s standard publisher model. The announcement did not disclose the prospective percentage or confirm whether customer prices will change when the waiver ends.
Demand for a more structured feed comes after trading activity across prediction markets climbed during the summer. Data covered on Aug. 3 showed that combined July prediction-market volume reached $50.59 billion, up 7.8% from the revised June total of $46.95 billion.
Kalshi accounted for $37.7 billion, or about 74.5%, of the combined July figure for Kalshi, Polymarket and Polymarket US. The data measured taker notional volume, meaning the total did not represent exchange revenue or new customer deposits.
U.S. traders gain another route to regulated crypto data
Kalshi’s crypto feed includes contracts introduced during its expansion from event markets into regulated perpetual futures. In June, the exchange launched Bitcoin perpetual futures after receiving approval from the Commodity Futures Trading Commission.
The BTCPERP contract follows Bitcoin’s spot price and remains open without a fixed expiration date. According to the CFTC’s May 29 order, Kalshi must list and maintain the product under the Commodity Exchange Act and the rules that apply to designated contract markets.
Kalshi later added other crypto-linked perpetual contracts. The products gave eligible U.S. traders domestic access to derivatives that had largely been offered by offshore exchanges, while their order book data can now be delivered through the DoubleZero connection.
Kalshi has held CFTC designated contract market status since November 2020. In January 2025, the regulator modified its designation to permit intermediated futures trading, according to the CFTC’s registry.
Federal registration has not settled every legal question surrounding the sports markets included in the new feed. Several states argue that Kalshi’s sports event contracts fall under local gambling laws, while Kalshi maintains that the CFTC has exclusive authority over contracts traded on its federally regulated exchange.
A Washington court blocked Kalshi from offering sports contracts to residents in July after rejecting the company’s federal preemption argument. A Michigan judge had also temporarily restricted the exchange’s sports contracts in June over allegations that Kalshi operated without licenses required under state gambling law.
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