Kalshi has launched a real-time market data feed delivering sports and crypto order book information to trading firms over DoubleZero's fiber network infrastructure, according to an announcement on August 12.
The service provides direct access to Kalshi's order books without intermediaries, a standard offering in equities and derivatives markets where professional traders pay for low-latency feeds to execute strategies at microsecond speeds. DoubleZero operates fiber-optic networks designed for high-frequency trading infrastructure, connecting exchanges and trading venues with latency-sensitive connectivity.
Kalshi operates as a federally regulated derivatives exchange under CFTC oversight, listing binary options on sports events, political outcomes, and crypto price movements. The exchange has grown to handle significant volume in event-based derivatives; the company announced in May 2024 that it had processed over 100 million contracts. Its sports book, in particular, has drawn institutional trading attention as legal sports betting has expanded across U.S. states.
The real-time feed integration extends Kalshi's infrastructure beyond its proprietary trading platform, allowing external firms to build trading algorithms and risk management systems that consume Kalshi order book data directly. Firms using DoubleZero's network gain the speed advantage of dedicated fiber rather than public internet routing, a practice common in equity markets where microseconds determine execution advantage.
Data feeds are a significant revenue stream for exchanges. Nasdaq and the Intercontinental Exchange each generate billions annually from market data subscriptions across equities, options, and futures. Kalshi has adopted the operational model of established derivatives exchanges, which standardize external access through specialized data vendors and network providers.
Neither Kalshi nor DoubleZero disclosed pricing, subscription terms, or the number of firms currently using the feed. The announcement does not specify latency guarantees or data refresh rates.
The CFTC approved Kalshi's applications to list binary options contracts on the VIX and Treasury yields in 2024. Offering institutional-grade data feeds is a prerequisite for competing with traditional derivatives venues for professional flow.
