What happened
Kalshi, the CFTC-regulated event-contract exchange, is now streaming full order-book data to institutional traders over DoubleZero, according to a report from Crypto Briefing on Tuesday. DoubleZero is a low-latency market-data network that stitches together fiber and wireless routes between major trading centers, the kind of pipe that high-frequency firms use to shave microseconds off feeds from CME, ICE, and Nasdaq.
Kalshi hasn't previously exposed this level of book depth outside its own API in a form that slots directly into professional trading stacks. The DoubleZero integration changes that. Instead of pulling snapshots or top-of-book quotes, subscribing firms can now consume every resting order at every price level, updated as it changes.
That's the same feed shape that market makers on Coinbase, Binance, and Deribit have taken for granted for years.
Why it matters
Prediction markets spent most of the last cycle as a novelty. That's over. Kalshi and Polymarket ran double-digit-billion-dollar notional through the 2024 US election, and volumes on macro and crypto-adjacent contracts have stayed sticky since.
Institutional flow doesn't show up without institutional plumbing, and full-depth order books over a latency-optimized network is a piece of that plumbing. It matters for pricing. A market maker who can see the full stack of resting size can quote tighter, because they know how much they'd have to lift or hit to move the mid.