Kalshi Launches Real-Time Level 2 Data Feed for Institutional Traders

Weekly Notional Volume Contribution

60%

Percentage of Kalshi's weekly notional volume accounted for by sports contracts and crypto perpetual futures.

Data Revenue Waiver Period

1 year

Duration for which Kalshi is waiving its share of data revenue to promote adoption of the new data feed.

§ 01 Executive Snapshot

What: Kalshi has launched a real-time Level 2 data feed for institutional traders.
Who: Kalshi, DoubleZero Edge, institutional market makers, systematic trading firms.
Why it matters: This development enhances Kalshi's trading infrastructure, potentially increasing institutional liquidity and competitive positioning against established trading venues.

Kalshi has introduced a machine-readable, real-time order book data feed for sports contracts and crypto perpetual futures.
The Level 2 data feed accounts for nearly 60% of Kalshi's weekly notional volume.
Kalshi is waiving its share of data revenue for the first year to encourage adoption among professional trading firms.

The need for direct market data and full order book depth is a standard requirement for systematic trading, which Kalshi is now meeting with its new feed.
This launch marks a significant shift as Kalshi expands its infrastructure to cater to institutional traders, moving beyond its initial focus on retail markets.

The introduction of the Level 2 data feed could attract more institutional liquidity, enhancing the overall market depth on Kalshi.
In the long term, this could solidify Kalshi's competitiveness against established electronic trading venues by providing institutional-grade infrastructure.

The success of the new feed in attracting institutional liquidity remains uncertain and depends on its adoption by professional firms.
Kalshi faces competition from established trading venues that already offer comprehensive market data and execution solutions.

Monitoring the adoption rate of the new data feed among institutional traders will be crucial in assessing its impact.
Future developments in Kalshi's partnerships and integrations with trading systems could signal increased engagement from institutional clients.

§ 07

What is the new product launched by Kalshi?

Kalshi has launched a real-time Level 2 data feed for institutional traders.

Why is the Level 2 data feed important for Kalshi?

The Level 2 data feed enhances Kalshi's trading infrastructure, potentially increasing institutional liquidity and its competitive positioning.

How does the Level 2 data feed impact Kalshi's trading volume?

The Level 2 data feed accounts for nearly 60% of Kalshi's weekly notional volume.

Who is the target audience for Kalshi's new data feed?

The target audience for the new data feed includes institutional market makers and systematic trading firms.