What happened: Prediction market Kalshi has teamed up with DoubleZero Edge to launch a machine-readable, real-time Level 2 order book data feed. Previously, systematic trading firms had to rely on slower REST APIs to reconstruct market depth. Now, they get direct access to full-depth data, which is essential for modeling slippage and managing complex orders.
Why it matters: This is a major infrastructure upgrade that makes Kalshi look and feel more like a traditional, professional exchange. By making it easier for market makers and hedge funds to trade crypto perpetuals and sports contracts, Kalshi is signaling that it is ready to move beyond retail and become a serious player for institutional capital.
