Kalshi, a regulated exchange that specializes in event‑driven contracts, has announced that its election‑related market data will be streamed live on the DoubleZero platform in the weeks leading up to the United States midterm elections. This development marks a significant step forward for market participants who rely on granular, real‑time information to shape their trading strategies, especially those operating at the institutional level or employing automated, algorithmic systems. ## Why the Integration Matters The political prediction‑market space has traditionally been fragmented, with data often scattered across multiple venues, each offering only a partial view of the order book. By feeding Kalshi’s full‑depth order book data into DoubleZero, traders now gain a consolidated, high‑resolution snapshot of supply and demand for a wide array of election‑related contracts.

This includes binary outcomes such as which party will control the Senate, the House of Representatives, or specific swing states, as well as more nuanced contracts that track individual candidate performance, voter turnout percentages, and even the likelihood of certain legislative actions post‑election. For institutional investors, the ability to monitor depth-of‑market (DOM) metrics—such as bid‑ask spreads, order size distribution, and hidden liquidity—enables more precise risk assessment and execution planning.

Automated trading desks can ingest the feed via APIs, calibrate their models in near‑real‑time, and adjust positions with millisecond latency. In short, the integration reduces information asymmetry and levels the playing field for sophisticated participants who demand the same depth of insight that equities or futures markets already provide. ## Technical Overview of the Data Feed Kalshi’s market data is delivered to DoubleZero using a low‑latency, encrypted websocket protocol that complies with industry‑standard security practices.

The feed includes: 1. **Full Order Book Snapshots** – Every price level on both the bid and ask side, updated continuously as new orders arrive or existing ones are modified or canceled.

2. **Trade Ticks** – Real‑time notifications of executed trades, including price, size, and timestamp. 3.

**Market Statistics** – Aggregated metrics such as volume, open interest, and implied probability curves for each contract. 4. **Metadata** – Contract specifications, expiration dates, settlement rules, and regulatory disclosures. Developers can access the feed through REST endpoints for historical data retrieval or subscribe to live streams for immediate consumption.

Documentation outlines best‑practice handling of rate limits, reconnection logic, and data normalization to ensure seamless integration with existing trading infrastructure. ## Implications for Market Liquidity Historically, political prediction markets have suffered from thin liquidity, especially in the days leading up to an election when volatility spikes and order flow can become erratic. By exposing the full depth of Kalshi’s order book, DoubleZero encourages market makers to post tighter quotes, knowing that their liquidity will be visible to a broader audience.

This transparency can compress bid‑ask spreads, reduce slippage for large orders, and ultimately attract more participants to the ecosystem. Moreover, the presence of institutional capital often acts as a catalyst for retail engagement. When sophisticated traders demonstrate confidence in a market’s robustness, retail participants are more likely to allocate capital, further enhancing depth and stability. The feedback loop created by this data partnership could therefore accelerate the maturation of political prediction markets as a legitimate asset class.

## Regulatory Considerations Kalshi operates under the oversight of the U.S. Commodity Futures Trading Commission (CFTC), which classifies its contracts as binary event futures. This regulatory framework imposes strict reporting, capital, and compliance requirements, ensuring that market participants are protected from fraud and manipulation. By delivering data through DoubleZero, Kalshi continues to meet its reporting obligations while providing an additional layer of auditability.

All data transmissions are logged, timestamped, and stored in accordance with CFTC record‑keeping standards, enabling regulators to reconstruct market activity if needed. ## Use Cases for Different Market Participants - **Hedge Funds & Asset Managers** – Can incorporate political outcome probabilities into macro‑economic models, adjusting exposure to sectors that are sensitive to election results (e.g., defense, healthcare, renewable energy). - **Quantitative Trading Firms** – May develop statistical arbitrage strategies that exploit temporary mispricings between Kalshi contracts and related instruments such as ETFs or options on political‑sensitive stocks. - **Prop Trading Desks** – Can provide liquidity directly, earning the spread while hedging risk through diversified portfolios of election contracts.

- **Research Analysts** – Gain access to real‑time sentiment indicators that complement traditional polling data, enriching forecasts and advisory reports. - **Retail Traders** – Although the primary audience for the DoubleZero feed is institutional, the increased liquidity and tighter spreads ultimately benefit retail participants who trade via broker‑provided interfaces. ## Looking Ahead The midterm elections represent a pivotal moment for U.S.

politics, with control of Congress hanging in the balance. As the election calendar progresses, Kalshi plans to expand its catalog of contracts to cover emerging storylines, such as potential runoff scenarios, judicial appointments, and key policy referenda at the state level.

Each new contract will be automatically incorporated into the DoubleZero data stream, ensuring that market participants have uninterrupted access to the most current information. In the longer term, Kalshi and DoubleZero envision broader collaborations that could extend beyond election cycles.

Possibilities include real‑time data feeds for major sporting events, economic releases, or even climate‑related outcomes. By establishing a reliable pipeline for high‑frequency, full‑depth market data, both firms are positioning themselves as essential infrastructure providers for the next generation of event‑driven trading.

## Conclusion The launch of Kalshi’s election data on DoubleZero is more than a technical integration; it is a strategic enhancement that empowers institutional and automated traders with the depth of insight traditionally reserved for equity and futures markets. By delivering comprehensive order‑book information, trade ticks, and market statistics in a secure, low‑latency format, the partnership reduces information gaps, improves liquidity, and supports sophisticated risk‑management practices ahead of a highly consequential electoral event. As the political landscape evolves and market participants seek ever‑more precise tools to navigate uncertainty, this collaboration sets a new benchmark for transparency and accessibility in the prediction‑market arena.