Kalshi’s live order book is now available on DoubleZero Edge, bringing real-time sports and crypto perpetual futures market data to subscribers over a private fiber network. What’s new - On Aug. 12, DoubleZero Foundation and Kalshi announced that Kalshi’s live order book — starting with its most actively traded sports markets and crypto perpetual futures — is being delivered via DoubleZero Edge. - Subscribers gain both Level 1 (Top of Book and Trades) and Level 2 (Depth of Book) feeds. Level 1 shows best bid/ask and completed trades; Level 2 reveals orders across multiple price levels, enabling a fuller view of liquidity for market makers and quantitative traders. - Data is published by Kalshi Research and distributed by DoubleZero in a sequenced, machine-readable form suitable for automated pricing, hedging and trading systems. Why it matters Full depth (Level 2) data is critical for firms that reconstruct order books or run high-frequency strategies. Before this feed, customers had to stitch together order book state from Kalshi’s APIs on their own servers. DoubleZero Edge packages the stream as a subscription product, reducing that integration burden and offering multicast distribution so a single publisher send is delivered simultaneously to all connected users — a model longtime used by traditional exchanges. Technical and commercial details - DoubleZero calls the connection “low-latency” and delivers data over dedicated fiber instead of relying solely on the public internet, a setup used by venues such as the NYSE, Nasdaq and CME. The companies did not disclose measured latency or any independent tests comparing Edge with direct API access or other market-data services. - Historical Kalshi data is not included in this initial release; DoubleZero said it plans to offer historical information in the future but gave no timeline or pricing. - Neither firm disclosed subscription pricing, the number of launch customers, nor the specific network fee for this Kalshi product. - As part of the commercial arrangement, Kalshi is waiving its usual share of Edge subscription revenue for the feed’s first year. DoubleZero typically pays a percentage of subscription fees to data publishers after protocol burn; with Kalshi’s waiver, initial pricing will be driven by network delivery rather than an added data-licensing charge. Kalshi may begin receiving revenue under DoubleZero’s standard publisher model after the first year, but terms and any future price changes were not disclosed. Background and prior Edge work The rollout extends DoubleZero Edge beyond blockchain-only data. In April, DoubleZero launched a public beta that carried raw Solana transaction packets from 379 validators (about 43% of Solana’s staking supply) over private fiber; the company reported an average delivery improvement of roughly six milliseconds versus conventional routing. The Solana beta’s per-device, per-epoch subscription ranged from $30 to $100 in USDC depending on location, though DoubleZero has not said whether that pricing model applies to the Kalshi feed. Industry voices Austin Federa, DoubleZero co-founder, framed the move as bringing crypto and prediction markets closer to the market-data infrastructure traditional finance has used for years: “Traditional finance got this concept exactly right: data access is a critical part of market structure,” he said, noting legacy firms have long invested in private networks to move data quickly and consistently. Andy Ross, Kalshi’s head of institutional, emphasized that Kalshi’s user base increasingly overlaps with traditional market participants and that availability on Edge gives those firms another low-latency connection to Kalshi’s markets. Product scope The launch covers every Kalshi sports event and crypto perpetual futures market included in the initial categories. Kalshi’s crypto feed includes contracts introduced after the exchange expanded from event markets into regulated perpetual futures; notably, Kalshi launched a Bitcoin perpetual futures contract (BTCPERP) in June after receiving Commodity Futures Trading Commission approval. BTCPERP tracks Bitcoin’s spot price and has no fixed expiration; CFTC orders require listing and maintenance under the Commodity Exchange Act and designated contract market rules. Kalshi has been a CFTC-designated contract market since November 2020, and the regulator updated that designation in January 2025 to permit intermediated futures trading. Regulatory headwinds for sports contracts Federal designation hasn’t removed all legal uncertainty for Kalshi’s sports markets. Several states argue the sports event contracts fall under state gambling laws; Kalshi contends the CFTC has exclusive authority over federally regulated exchange contracts. A Washington court blocked Kalshi from offering sports contracts to state residents in July after rejecting Kalshi’s federal preemption argument, and a Michigan judge temporarily restricted the exchange’s sports contracts in June over licensing allegations. Market context Demand for structured, low-latency feeds has grown alongside rising activity in prediction markets. Data cited in the announcement shows combined prediction-market taker notional volume for July reached $50.59 billion, up 7.8% from June’s $46.95 billion. Kalshi accounted for about $37.7 billion of that July total, roughly 74.5% of the combined figure for Kalshi, Polymarket and Polymarket US. Bottom line The Kalshi–DoubleZero Edge tie-up packages live, sequenced order book data for sports and crypto perpetuals into a private-fiber subscription product aimed at market makers and quant shops that need low-latency, full-depth feeds. Key commercial and performance details — price, measured latency, historical data availability and post-waiver revenue sharing — remain undisclosed, leaving some big questions for prospective subscribers. Read more AI-generated news on: undefined/news