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Kalshi just opened up its live order book to DoubleZero Edge subscribers. Level 1 and Level 2 data — covering sports and crypto perpetual futures — now flows directly to users through a dedicated fiber network, in machine-readable format ready to plug straight into trading systems.
Level 1 gives you the best bid and ask prices at any moment. Level 2 goes deeper, showing a fuller picture of orders sitting in the book — the kind of granular liquidity data that quantitative firms and market makers have been hungry for. Before this, firms wanting that order book depth had to pull it manually through Kalshi’s APIs, stitching together data on their own. DoubleZero bundles it all as a subscription product instead. The rollout covers all sports and crypto perpetual futures markets on Kalshi’s platform, pushed out through a multicast distribution model — meaning one transmission hits every subscriber at once through the same fiber line, rather than each user getting a separate stream.
No latency numbers published. No subscription fee disclosed either.
How the Fiber Network Actually Works
DoubleZero’s infrastructure runs on dedicated fiber connections, the same basic approach that NYSE and Nasdaq have used for years to move exchange data fast. Multicast delivery matters here because it cuts down on the inefficiency of individual data streams — one signal goes out, everyone on the network gets it simultaneously. That’s a meaningful edge for traders where milliseconds count, though DoubleZero hasn’t put hard latency figures on the table yet for this specific Kalshi feed.
On pricing, the structure is a bit unusual. During the first year, Kalshi won’t take its standard cut of subscription revenue. Pricing instead focuses on what it costs to run the network delivery itself — not data licensing fees. After year one, Kalshi could start collecting a portion of subscription revenue, but the exact numbers and structure for that shift haven’t been spelled out. Unclear when or how that transition gets communicated to subscribers.
Kalshi’s $37.7 Billion Slice of a Growing Market
The timing isn’t random. Prediction market volumes climbed to $50.59 billion in July, a 7.8% jump from June. Kalshi pulled in $37.7 billion of that. It’s a big number, and it’s probably why firms are suddenly a lot more interested in having clean, fast access to Kalshi’s order book rather than scraping it together themselves.
The crypto side of Kalshi’s business is expanding fast. Bitcoin perpetual futures — contracts that track Bitcoin’s spot price with no set expiration date — got approved by the Commodity Futures Trading Commission and launched on the platform. More crypto-linked perpetual contracts followed. For U.S. traders, that’s actually a pretty significant shift. Perpetual futures have been common on offshore platforms for years, but domestic access to CFTC-regulated versions is newer territory. Kalshi operates under the Commodity Exchange Act, and it’s leaning hard into that regulatory standing as a selling point.
The order book data for all those crypto contracts is now part of what flows through DoubleZero Edge.
Legal Trouble on the Sports Side
Not everything is clean. Kalshi’s sports event contracts are running into resistance in some states. Washington and Michigan have seen court rulings block Kalshi from offering certain sports contracts, with those states arguing the products fall under local gambling laws. Kalshi’s position is that the CFTC holds exclusive authority here — that federal regulation preempts state gambling rules. Courts haven’t fully agreed, at least not yet.
It’s a tension that probably won’t resolve quickly. The CFTC angle gives Kalshi legal footing at the federal level, but state-by-state challenges can still create real operational headaches. Sports contract availability may stay patchy depending on jurisdiction for a while.
One thing the initial DoubleZero rollout doesn’t include: historical data. That’s an obvious gap for any firm trying to backtest strategies or build models off past order book behavior. No word on when or whether historical feeds get added. The service is live, it’s new, and some pieces are still missing.
DoubleZero’s multicast model and Kalshi’s $37.7 billion July volume are probably the two numbers that matter most to anyone evaluating whether to subscribe.
Frequently Asked Questions
What data does Kalshi provide through DoubleZero Edge?
Kalshi provides Level 1 and Level 2 order book data on sports and crypto perpetual futures, delivered via DoubleZero’s dedicated fiber network using a multicast distribution model.
Does Kalshi earn revenue from the DoubleZero subscription in the first year?
No — during the first year, Kalshi foregoes its standard share of subscription revenue, with pricing focused on network delivery costs rather than data licensing fees.
Which states have blocked Kalshi’s sports contracts?
Court rulings in Washington and Michigan have restricted Kalshi from offering certain sports event contracts, citing conflicts with local gambling laws.
