Kalshi first prediction market to stream full order books via DoubleZero

Kalshi has become the first prediction market to distribute real-time order book data on DoubleZero Edge, the low-latency market-data feed delivery service running over dedicated fiber, according to an announcement on Wednesday.

The data, being made available for Edge subscribers, will start with full order book depth for the most actively traded contracts in sports events and crypto perpetual futures.

DoubleZero Edge is a transport layer that uses multicast to publish machine-readable data once and deliver it simultaneously to connected traders, an approach also employed by traditional exchanges such as the NYSE, NASDAQ, and CME.

Previously, the announcement claims, firms often had to reconstruct Kalshi book state themselves from API responses.

"Traditional finance got this concept exactly right: data access is a critical part of market structure," Austin Federa, co-founder of DoubleZero and former comms lead for the Solana Foundation, said. "New Finance, like crypto, perps, and prediction markets, has been built without this infrastructure.” 

Federa notes that trading firms have "built dedicated networks to move data that are fast and reliable, but only for themselves."

DoubleZero’s feeds include both Level 1, top of book and trades, and Level 2, depth of book, data, powered by Kalshi Research, with historical data planned for a future release. Kalshi is waiving its revenue share for the first year to lower entry costs, according to the announcement.

“Better markets are built on better connectivity,” Kalshi head of institutional Andy Ross said. “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.”

DoubleZero Foundation raised $28 million in March 2025 to build its “global fiber network.” Part of the firm’s aim is to increase bandwidth and reduce latency for high-performance blockchains requiring data served over the internet.

The firm was previously under the scrutiny of the Securities and Exchange Commission after raising funds through its 2Z token. Late last year, the SEC’s Division of Corporation Finance issued a no-action letter stating it would not recommend enforcement action because 2Z tokens were not equity.