DoubleZero’s Edge delivers Kalshi election order book

DoubleZero began delivering Kalshi’s election order-book data over its Edge feed on Sept. 9. The feed transmits visible order-book information-best bids, best offers, spreads and quantities-over a dedicated network and shows trade activity in Kalshi’s election markets.

Kalshi’s contracts are binary. Each contract pays $1 if the specified outcome occurs and $0 if it does not. Prices are quoted in cents, so a price of 60 is commonly treated as a 60% market-implied probability. Traders can buy or sell contracts before an event resolves, allowing profits from short-term price moves or from longer-term forecasts.

Edge delivers the public order book rather than private information about events. Kalshi already provides a WebSocket stream for market data; Edge offers an alternative delivery method that emphasizes lower latency and dedicated connectivity. Subscribers receive bids, offers and executed trades over private links.

Speed matters because markets update when new information arrives. When traders buy in response to news, faster updates can show which offers have been taken and which remain available. Firms that continuously post prices, known as market makers, use rapid updates to adjust quotes and manage risk. Automated trading systems also use fast feeds to capture small, repeated profits.

Faster delivery does not by itself ensure execution at a given price. Kalshi uses price-time priority, so order execution depends on price and the time an order enters the queue. Feed subscribers still need trading software to interpret updates and submit orders, and they need capital to trade. Large firms can distribute software and infrastructure costs across many trades; an occasional app user faces different practical constraints.

Market behavior can change when some participants receive faster data. If a seller posts a price that becomes stale and faster traders execute against it, the seller can incur repeated losses. In response, firms may widen spreads or reduce displayed quantities. Competing firms that manage risk and update quotes quickly can keep spreads tighter; demonstrating such effects requires analysis of prices and available quantities during high-traffic political events.

DoubleZero’s network combines privately supplied fiber links and hardware and includes blockchain-related services such as connections used by Solana validators. Market data about election probabilities can be used as an input in investment models, but moving from a political probability to an asset price involves additional steps and assumptions.

Regulatory guidance from the Commodity Futures Trading Commission referenced disciplinary cases that involved a candidate trading on their own candidacy and an editor trading on unpublished video information. Those cases cited information advantages beyond delivery speed. Platforms are required to monitor how traders obtain information and to enforce rules against prohibited conduct.

A price based on a small number of contracts provides limited information about where a larger trade would execute. Sudden price moves can reflect a withdrawal of liquidity rather than new evidence about an outcome. For a retail user the actionable price is the one visible and executable in their app at the time of their order.