Tradeweb has entered a partnership with Kalshi, as the firm looks to expand institutional access to prediction market data and analytics and develop institutional trading infrastructure for event contracts.
The initial phase of the collaboration will see Kalshi’s real-time event probability data integrated into Tradeweb’s electronic trading platform, making the datasets available across its rates and credit marketplaces via user interfaces, APIs and data-download tools used by institutional clients.
As part of the agreement, Tradeweb has also made a minority investment in Kalshi, which is the largest regulated prediction market, underscoring growing institutional interest in incorporating event-driven data into core trading and risk management workflows.
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Moreover, the firms plan to co-develop institutional-grade analytics combining Kalshi’s event data with Tradeweb’s pricing, liquidity and macro datasets, enabling market participants to incorporate additional forward-looking signals into trading strategies and portfolio decision-making processes.
Billy Hult, chief executive of Tradeweb, said: “Prediction markets are increasingly becoming a key part of the trading landscape, and have the potential to become an indicator for institutions to dynamically assess macro risk and allocate capital more effectively.
“Together, we’re positioned to deliver prediction markets intelligence to clients and, over time, build the prediction markets trading infrastructure that meets the standards of our institutional community.”
Beyond data integration, the partnership will also explore the development of an institutional-focused portal for event contracts, combining Tradeweb’s market design and distribution capabilities with Kalshi’s prediction markets platform.
Tarek Mansour, co-founder and chief executive of Kalshi, said: “Institutional adoption requires scale, regulation, trust, and substantial liquidity. Partnering with Tradeweb will help us accelerate the adoption we are seeing.”
The move reflects broader efforts by institutional trading venues to expand beyond execution into embedded data and analytics capabilities, as firms look to integrate alternative market signals directly into electronic trading environments.
