Kalshi's election data now available on DoubleZero ahead of U.S. midterms

Kalshi, the regulated U.S. exchange that specializes in event‑driven contracts, has announced that its election‑related market data will be streamed live through DoubleZero, the data‑distribution platform operated by the Financial Information Services Corporation (FISC).

This development comes at a pivotal moment, as the nation prepares for the 2026 midterm elections, and it opens a new channel for a broad range of market participants—including hedge funds, proprietary trading firms, and other institutional investors—to tap into the most granular view of political prediction‑market activity. ## Why the integration matters DoubleZero is widely recognized in the financial industry for delivering high‑speed, low‑latency market data to professional traders. By feeding Kalshi’s order‑book information into DoubleZero’s infrastructure, the exchange is effectively placing its political‑prediction data on the same delivery rails used for equities, futures, and options. This alignment brings several concrete benefits: 1.

**Speed and reliability** – DoubleZero’s network is built to handle millions of messages per second with sub‑millisecond latency. Traders who rely on ultra‑fast data for algorithmic strategies can now receive Kalshi’s order‑book updates as quickly as they receive traditional market data, reducing the risk of stale information. 2.

**Standardized data formats** – The integration uses the FIX Protocol and the market‑data feed specifications that most trading firms already support. This means that firms do not need to build custom parsers or adapters to consume Kalshi’s data; they can plug it directly into existing order‑management and risk‑management systems.

3. **Regulatory compliance** – Kalshi is a registered exchange under the Commodity Futures Trading Commission (CFTC).

By distributing its data through DoubleZero, the exchange ensures that the feed meets the stringent reporting and audit requirements imposed on regulated markets, giving institutional participants confidence that the data is both accurate and compliant. ## What data is being offered? The feed provides a full‑depth view of the order books for each political contract that Kalshi lists. In practice, this includes: - **Bid and ask prices** at every price level, showing the quantity of contracts that market participants are willing to buy or sell.

- **Trade prints** that record each executed transaction, including price, size, and timestamp. - **Order‑book changes** such as new limit orders, cancellations, and modifications, delivered in real time. - **Aggregated market statistics** like best bid/ask, mid‑price, and volume‑weighted average price (VWAP) for each contract.

These data points enable traders to construct sophisticated models that assess market sentiment on a range of political outcomes—ranging from Senate control and gubernatorial races to specific policy referenda. By observing how the order book evolves in response to news events, campaign developments, or macro‑economic shifts, participants can gauge the collective wisdom of the market and position themselves accordingly.

## Potential use cases for institutional and automated traders 1. **Statistical arbitrage** – Firms can develop algorithms that compare Kalshi’s implied probabilities (derived from contract prices) with external polling data or macro‑economic indicators.

When a divergence is detected, the algorithm can place trades that aim to profit from the market’s eventual correction. 2.

**Risk hedging** – Asset managers with exposure to political risk—such as those holding large positions in sectors sensitive to regulatory outcomes—can use Kalshi contracts to hedge against adverse election results. The real‑time data feed allows them to adjust hedge ratios dynamically as the political landscape shifts.

3. **Sentiment analytics** – By analyzing order‑book depth and trade flow, quant teams can build sentiment indices that track the intensity of market belief in particular outcomes. These indices can be incorporated into broader macro‑strategies that consider political risk as a factor. 4.

**Liquidity provision** – Market‑making firms can now offer tighter spreads and deeper liquidity on Kalshi contracts, confident that they have access to the same high‑quality data as other participants. The ability to see the full depth of the book helps them manage inventory risk more effectively.

## How the rollout will proceed Kalshi has phased the launch in two stages. The first stage, which went live this week, makes the data available for all U.S.‑based contracts that pertain to the upcoming midterms. During this period, participants can subscribe to the feed via DoubleZero’s standard subscription model, selecting either a full‑depth view or a top‑of‑book snapshot depending on their needs. In the second stage, slated for early Q4, Kalshi plans to expand the offering to include historical order‑book snapshots and a suite of analytical tools that will be hosted on DoubleZero’s data‑lab environment.

These tools will enable users to back‑test strategies against past election cycles, compare contract performance across different political events, and generate custom visualizations. ## Market impact and outlook The introduction of Kalshi’s data into DoubleZero’s ecosystem is expected to deepen the liquidity of political prediction markets. Historically, these markets have suffered from relatively thin order books, which can lead to price volatility and wider spreads.

By attracting a broader set of sophisticated participants—particularly those with the technological infrastructure to consume high‑frequency data—the market depth should improve, resulting in more efficient price discovery. Moreover, the move signals a broader trend of institutionalization within the prediction‑market space. As regulators continue to provide clearer guidance on the treatment of event‑driven contracts, more traditional financial firms are likely to explore these instruments as a means of diversifying risk and gaining exposure to non‑traditional asset classes.

In summary, the partnership between Kalshi and DoubleZero represents a significant step forward for political prediction‑market data accessibility. Institutional and automated traders now have the tools to monitor, analyze, and act on election‑related market information with the same speed and reliability they expect from mainstream financial markets. As the midterm elections approach, the enhanced transparency and liquidity should foster a more vibrant trading environment, offering new opportunities for those who can interpret and leverage the nuanced signals embedded in the order‑book data.