Kalshi has replaced the workaround that systematic trading firms used to reconstruct its order book, and now offers them a direct real-time feed built for pricing models and order execution.
The platform has launched a machine-readable, real-time order book data feed for institutional market makers and systematic trading firms, developed with low-latency network provider DoubleZero Edge.
The service, offered through Kalshi Research, delivers Level 1 (top-of-book) and Level 2 (full-depth) data for sports contracts and crypto perpetual futures, which together account for nearly 60% of Kalshi's weekly notional volume.
From APIs to Real-Time Order Book Data
Firms trading systematically on Kalshi previously relied on REST APIs to reconstruct order book depth, adding latency and technical overhead.
The new multicast feed provides direct access to full order book depth, allowing firms to model slippage, monitor pricing across related markets and manage order execution using real-time data.
"Better connectivity makes better markets," said Andy Roth, Kalshi's head of institutional business. "Firms currently active on Kalshi are demanding institutional-grade infrastructure across all trading environments."
Kalshi is waiving its share of data revenue for the first year as it seeks to expand adoption among professional trading firms. The launch adds another institutional component to Kalshi's trading infrastructure as professional firms take a larger role in its markets.
The exchange has also expanded access through third-party trading systems, including an integration with Talos that allows market makers and hedge funds to trade Kalshi contracts through existing execution and risk-management workflows.
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Kalshi Expands Institutional Connectivity
The DoubleZero partnership focuses on a different part of that infrastructure. Rather than providing another execution channel, it gives quantitative firms the market data required to build pricing models, monitor liquidity and route orders systematically.
That distinguishes the launch from Kalshi's consumer-facing distribution partnerships, which make prediction-market probabilities available through external products and interfaces. The Level 2 feed is aimed directly at firms providing or trading against liquidity on the exchange.
For brokers, market makers and data vendors, the development makes Kalshi's market structure more comparable with established electronic trading venues, where direct market data and full order book depth are standard requirements for systematic trading.
Whether the new feed attracts additional institutional liquidity will depend on adoption. For now, it gives professional firms a more direct way to consume Kalshi's order book data as the exchange expands beyond its original retail-facing interfaces.
