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Kalshi has opened its live order book to DoubleZero Edge subscribers, providing Level 1 and Level 2 data for sports contracts and crypto perpetual futures through a dedicated fiber network.

Summary

Kalshi has become the first prediction market to publish real-time order book data through DoubleZero Edge. The feed covers Level 1 and Level 2 data across sports and crypto perpetual markets. Kalshi will waive its publisher revenue share for one year, though subscribers must still pay network fees. DoubleZero plans to add historical Kalshi data in a later release without a stated launch date. Kalshi feed provides full order book depth DoubleZero Foundation and Kalshi said in an Aug. 12 announcement that the exchange’s live order book is now available through DoubleZero Edge, starting with its most actively traded sports and crypto perpetual futures contracts.

Under the rollout, subscribers can receive Top of Book and Trades information, known as Level 1 data, alongside Depth of Book information, or Level 2 data. Level 1 shows the best available bid and ask prices as well as completed trades, while Level 2 displays orders across several price levels.

Full book depth can give quantitative firms and market makers a more detailed view of liquidity than a basic price feed. According to the companies, subscribers receive the information in a sequenced, machine-readable format that can be integrated into automated pricing, hedging and trading systems.

Before the new feed, DoubleZero said firms often had to gather individual responses from Kalshi’s application programming interfaces and rebuild the order book on their own servers. Edge packages the data into a subscription product, removing part of that internal processing work.

The launch covers every Kalshi sports event and crypto perpetual futures market included in the initial categories, according to the release. Kalshi Research supplies the published information, while DoubleZero handles its delivery to connected subscribers.

Neither company disclosed the subscription price, number of initial customers or measured latency for the Kalshi feed. DoubleZero described the connection as low-latency but did not release independent tests comparing its performance with direct API access or other market-data services.

Historical data is also absent from the first version. DoubleZero said it intends to offer historical Kalshi information in a future release, although the company provided no schedule or pricing details.

DoubleZero applies its fiber network to prediction markets Rather than sending each subscriber a separate copy of the feed, DoubleZero Edge uses multicast distribution. Under that model, a data publisher sends the information once before the network delivers it simultaneously to connected users.

DoubleZero said its system carries exchange and blockchain data over dedicated fiber instead of relying only on the public internet. Traditional exchanges, including the New York Stock Exchange, Nasdaq and CME, have used similar distribution models to supply trading firms with real-time information.

Austin Federa, co-founder of DoubleZero, said established financial firms have spent years building private networks that move data quickly and consistently. Crypto markets, perpetual futures venues and prediction platforms, he added, developed without the same shared infrastructure.

“Traditional finance got this concept exactly right: data access is a critical part of market structure,” Federa said.

The Kalshi rollout extends a service that first focused on blockchain data. In April, crypto.news reported that DoubleZero had launched its Edge public beta with 379 Solana validators publishing transaction data through the network.

At launch, those validators represented about 43% of Solana’s staked supply. The April service sent raw Solana packets over private fiber and recorded an average delivery improvement of six milliseconds compared with conventional routing, according to DoubleZero data cited in the earlier report.

Subscription prices for the Solana beta ranged from $30 to $100 in USDC per device and per epoch, depending on location. DoubleZero has not said whether the same pricing structure applies to the Kalshi product.

Andy Ross, Kalshi’s head of institutional, said firms using the exchange increasingly overlap with participants in traditional markets. Making the order book available through Edge, Ross said, gives those companies another data connection for markets traded on Kalshi.

Kalshi waives its data revenue share for one year As part of the commercial arrangement, Kalshi will not collect its normal share of Edge subscription revenue during the feed’s first year.

DoubleZero said data publishers usually receive a percentage of subscription fees after the protocol burn. With Kalshi waiving that share, the initial price will be based on network delivery rather than an added data-licensing charge from the exchange.

The waiver does not provide free access. Trading firms must subscribe to DoubleZero Edge and meet its connection requirements before receiving the feed, while the companies have not disclosed the network fee charged for this specific product.

Once the first year expires, Kalshi could begin receiving part of the subscription revenue under DoubleZero’s standard publisher model. The announcement did not disclose the prospective percentage or confirm whether customer prices will change when the waiver ends.

Demand for a more structured feed comes after trading activity across prediction markets climbed during the summer. Data covered on Aug. 3 showed that combined July prediction-market volume reached $50.59 billion, up 7.8% from the revised June total of $46.95 billion.

Kalshi accounted for $37.7 billion, or about 74.5%, of the combined July figure for Kalshi, Polymarket and Polymarket US. The data measured taker notional volume, meaning the total did not represent exchange revenue or new customer deposits.

U.S. traders gain another route to regulated crypto data Kalshi’s crypto feed includes contracts introduced during its expansion from event markets into regulated perpetual futures. In June, the exchange launched Bitcoin perpetual futures after receiving approval from the Commodity Futures Trading Commission.

The BTCPERP contract follows Bitcoin’s spot price and remains open without a fixed expiration date. According to the CFTC’s May 29 order, Kalshi must list and maintain the product under the Commodity Exchange Act and the rules that apply to designated contract markets.

Kalshi later added other crypto-linked perpetual contracts. The products gave eligible U.S. traders domestic access to derivatives that had largely been offered by offshore exchanges, while their order book data can now be delivered through the DoubleZero connection.

Kalshi has held CFTC designated contract market status since November 2020. In January 2025, the regulator modified its designation to permit intermediated futures trading, according to the CFTC’s registry.

Federal registration has not settled every legal question surrounding the sports markets included in the new feed. Several states argue that Kalshi’s sports event contracts fall under local gambling laws, while Kalshi maintains that the CFTC has exclusive authority over contracts traded on its federally regulated exchange.

A Washington court blocked Kalshi from offering sports contracts to residents in July after rejecting the company’s federal preemption argument. A Michigan judge had also temporarily restricted the exchange’s sports contracts in June over allegations that Kalshi operated without licenses required under state gambling law.

Cryptocurrency derivatives exchange BitMEX has parted ways with several senior leaders in a swift leadership transition made public on June 29, 2026. The company has removed its Chief Executive Officer Stephan Lutz, Chief Financial Officer Ina Steiner, and Head of Growth Raphael Polansky from their positions.

This collective shift stands out for its scale and speed, affecting key functions including overall strategy, financial oversight, and user expansion efforts at once.

Peter Wilkinson, formerly serving as the platform’s global general counsel and chief operating officer, has assumed the role of CEO.

Information on immediate successors for the CFO and growth positions remains limited in initial coverage.

The exchange itself has yet to release detailed public comments explaining the motivations behind the changes or outlining a full succession roadmap.

This type of broad executive adjustment often reflects a strategic decision by the board or key stakeholders to pursue a fresh approach.

It differs from typical gradual transitions and may indicate an intent to address operational priorities or adapt to evolving market realities more decisively.

BitMEX, launched in 2014, helped shape the crypto trading landscape by introducing perpetual swap contracts that allow leveraged positions without fixed settlement dates.

The platform attracted significant volume in Bitcoin and other digital asset derivatives, particularly among professional traders comfortable with high leverage.

Its early success highlighted the demand for sophisticated risk-management tools in emerging digital markets.

However, the exchange has encountered persistent regulatory and market headwinds.

Past issues included US investigations into compliance practices, leading to earlier leadership departures by the founding team and eventual corporate resolutions involving penalties.

Stephan Lutz had taken the helm in late 2022 following a previous CEO change, steering the firm through a difficult industry cycle marked by reduced activity and heightened compliance demands.

The current developments arrive during a period of cautious sentiment across crypto markets. Bitcoin prices have shown weakness recently, with broader indicators reflecting elevated uncertainty.

Many platforms have responded to these conditions by tightening operations, reducing headcount, or evaluating strategic alternatives such as potential sales or partnerships.

Observers suggest the move could facilitate stronger governance, improved efficiency, or preparation for future opportunities in a competitive environment.

Wilkinson’s background in legal and operational matters positions him to emphasize stability and regulatory alignment as the company moves ahead.

Day-to-day trading, withdrawals, and platform availability are anticipated to proceed normally, though users are advised to stay informed through official channels.

Leadership changes at established exchanges like BitMEX underscore the sector’s maturation.

As digital asset trading evolves, platforms must balance innovation with robust risk controls and adaptability.

This overhaul may mark the start of renewed focus on core strengths while navigating external pressures.

Stakeholders will await further clarification from BitMEX on its vision under the updated team.

In the interim, the event serves as a reminder of the importance of monitoring counterparty dynamics when engaging with centralized trading venues.

The derivatives space remains dynamic, and such transitions can influence confidence and liquidity profiles over time. Overall, while details are still emerging, the shift highlights ongoing efforts by BitMEX to position itself effectively amid industry challenges and opportunities.

Global adoption is supported by the stablecoins that are set to be implemented on Concordium, which are based on three distinct fiat currencies. Using Concordium’s Protocol-Level ID and Token technology, issuers are attempting to move more quickly into mainstream payments use cases. Three more leading stablecoin platforms will join Enterprise-focused blockchain Concordium’s expanding PayFi ecosystem, the company announced. By using Concordium’s Protocol-Level Token technology, StablR, Colb, and VNX will be able to issue their assets natively on its chain and store them in wallets devoid of smart contracts, greatly lowering the hazards associated with other blockchains like Ethereum and Solana.

Concordium CEO Boris Bohrer-Bilowitzki stated:

“We’re thrilled to partner with StablR, Colb, and VNX to bring their stablecoins to our PayFi ecosystem. The arrival of three new issuers showcases how Concordium is becoming the home for compliance-ready Stablecoins looking to be adopted for real world use cases.”

Global adoption is supported by the stablecoins that are set to be implemented on Concordium, which are based on three distinct fiat currencies: GBP, USD, and AED. The blockchain’s integrated ID layer and protocol-level token technology, which were designed to satisfy the needs of real-world applications, greatly lower security risk and provide essential foundation for stablecoin issuance.

Euro and USD are offered via European issuer StablR, which is backed by Tether and Kraken and maintains an EMI license in order to comply with EU regulations. With listings on more than 50 major exchanges, including as Kraken, Bitfinex, Bybit, and HTX, and support for more than 150 trading pairs, StablR has achieved tremendous traction since its introduction only six months ago. In H1 2025, it recorded €3 billion in transaction volume.

StablR Founder & Chief Executive Officer, Gijs op de Weegh stated:

“At StablR, we are excited to support innovative protocols, and Concordium stands out for its strong focus on KYC and security. Launching EURR and USDR on Concordium is an important step toward bringing compliant stablecoin solutions to the ecosystem. We look forward to a successful rollout and continued collaboration to build trust and accessibility in digital finance.”

With reserves held in Swiss banks, Colb, a USD-backed stablecoin, gives investors access to Tokenized Structured Products (TKSPs) that replicate the performance of different real-world assets. Regarding VNX, which is established in Liechtenstein, the British Pound stablecoin is 1:1 backed by GBP reserves that are kept in Swiss and Liechtenstein banks.

There is a tremendous push towards real world stablecoin payments, which now make up just 1% of the total transaction volume, as stablecoin transactions have surpassed $7.1 trillion in the previous 12 months, according to Visa. Using Concordium’s Protocol-Level ID and Token technology, issuers including Spiko, Agant, Aryze, Eurodollar, Noon, Deep Blue, and AEDX are attempting to move more quickly into mainstream payments use cases.

Concordium is a scalable Layer 1 blockchain that uses zero-knowledge proof technology to allow verified and private user interactions by providing a unique identity layer at the protocol level. The research-backed chain was established in 2018 and makes Smart Money possible with programmable Protocol-Level Tokens, sophisticated PayFi features like time releases and compliance controls, and safe ID-based geofencing for cross-border transactions. As a result, it is the preferred chain for enterprise-ready stablecoins seeking practical adoption while satisfying new regulatory requirements.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.