Kalshi has started distributing real-time order book data through DoubleZero Edge, giving eligible trading firms a low-latency multicast feed for both top-of-book prices and deeper market depth, according to a Wednesday announcement. The rollout makes Kalshi the first prediction market to offer a full-depth market-data stream over a dedicated global fiber network, the companies said.
The service initially covers Kalshi’s most actively traded sports-event contracts and crypto perpetual futures markets. It supplies Level 1 information, such as the best available bid and offer and completed trades, alongside Level 2 data showing resting orders at multiple price levels. Access is restricted to DoubleZero Edge subscribers.
For prediction-market traders running automated strategies, the addition changes how quickly they can see shifts in liquidity. Rather than querying an application programming interface and reconstructing the order book from separate responses, firms can receive a continuous machine-readable stream of updates as the market changes.
Multicast feed targets faster market-data delivery
DoubleZero Edge uses multicast distribution, a system that publishes each market-data update once and sends it simultaneously to all connected participants. Major traditional venues, including the New York Stock Exchange, Nasdaq and CME Group, use comparable feed architecture for professional market-data distribution.
The model is designed to avoid the repeated one-to-one data requests that can create uneven delivery times when many users attempt to access a fast-moving market. In a prediction market, where a court ruling, election update, sports injury or macroeconomic release can rapidly reshape contract probabilities, delays in receiving market information can materially affect which prices a trader is able to act on.
Kalshi said firms previously needed to rebuild its market state from API responses. A direct depth feed would give quant desks and other high-frequency users a more standardized view of bids, offers and executed trades, reducing the processing work required before a trading algorithm can assess available liquidity.
The announcement did not describe any changes to Kalshi’s public-facing trading interface. The initial product is aimed at firms able to connect to DoubleZero Edge and build systems that can consume a persistent real-time data feed.
Early coverage centers on sports and crypto perpetuals
The first set of markets reflects where Kalshi expects the greatest demand for fast data. Sports contracts are often sensitive to live events and breaking team information, while crypto perpetual futures can react rapidly to price moves in underlying digital assets and broader market news.
Level 2 data is particularly useful in those settings because it provides more than the latest trade or displayed best price. It shows how much buying and selling interest sits beyond the top level of the book. That can help traders judge whether a quoted price has meaningful liquidity behind it or could move sharply after a relatively small order.
A full-depth feed does not eliminate trading risk or guarantee that a displayed order will remain available. Orders can be cancelled, replaced or executed in fractions of a second. It does, though, give connected firms a more immediate record of those changes than a system built around periodic API requests.
The launch also places Kalshi’s market-data setup closer to the infrastructure used by established electronic trading venues. Prediction markets have typically been associated with retail participation and event-based speculation, but the addition of institutional-style data distribution could make Kalshi’s busiest contracts easier to integrate into professional trading workflows.
DoubleZero network provides the distribution layer
The feeds are powered by Kalshi Research, while DoubleZero Edge supplies the network layer, according to the announcement. Historical market data is planned for a future release, which would give firms a way to test strategies against past order-book behavior rather than relying solely on live trading data.
Kalshi is waiving its revenue share from the service during the first year, the announcement said. That decision lowers the immediate commercial hurdle for DoubleZero as it seeks to bring subscribers onto the network, though users would still need to meet Edge’s access requirements and bear their own connectivity and technology costs.
DoubleZero Foundation raised $28 million in March 2025 to expand its global fiber network. The organization has described the network as infrastructure intended to improve bandwidth and reduce latency for high-performance blockchain systems that depend on internet data delivery.
The Kalshi integration extends that thesis beyond blockchain-node communication into financial market data. Dedicated fiber routes and multicast distribution can be attractive to firms that need predictable data delivery, although the gains available to any individual participant will depend on its physical connection, software design and distance from network access points.
Regulatory backdrop for DoubleZero
DoubleZero’s infrastructure expansion has taken place under scrutiny of its 2Z token model. The Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter late last year stating that it would not recommend enforcement action based on the facts presented, because the 2Z tokens described in the request were not equity, according to the supplied materials.
A no-action letter reflects the division’s enforcement position on a specific set of facts rather than a broad approval of a project or token structure. In this case, it gave DoubleZero a clearer regulatory footing for its token-related arrangements while the network continued to pursue commercial uses such as the Kalshi feed.
The immediate test will be whether trading firms see enough value in the speed and depth of the new data to justify integrating another specialized network connection. Firms that rely on automated execution would need systems capable of processing frequent order-book updates, handling multicast traffic and reconciling their internal view of the market with Kalshi’s live state.
Kalshi’s move creates a more direct route between its busiest markets and latency-sensitive participants, bringing prediction-market infrastructure closer to the technical standards long associated with major electronic exchanges.
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