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Kalshi is developing a terminal-style platform for active traders, introducing real-time market monitoring and order book visibility while extending its suite of trading tools beyond its core prediction market offering, according to media reports.
The product, described as a prediction-market equivalent of the Bloomberg Terminal used in traditional equities and derivatives markets, is currently in alpha testing with a select group of traders, reports CNBC. Development has been underway for about a month.
The platform is being built for Kalshi’s most engaged retail traders, commonly referred to as “sharps,” who often rely on custom workflows to improve trading efficiency and identify opportunities across markets.
The interface allows users to track contracts by 24-hour trading volume across multiple categories. Traders can view all transactions in real time, monitor individual contract order books and customise dashboards to display event contracts tied to their portfolios.
The system also enables users to manage multiple positions across different markets simultaneously. In addition, traders can activate a setting designed to reduce the friction involved in placing trades.
Potential additions under consideration
Sources speaking anonymously with CNBC did not know whether Kalshi intends to monetise the product at launch or at a later date.
Over the longer term, the platform could incorporate research tools and external information sources. The concept was compared to Bloomberg’s trading platform, which is widely used by financial market participants.
Kalshi market data is already available through Bloomberg’s system. Bloomberg’s platform continues to be known as a “terminal” despite its transition from a proprietary hardware system to software many years ago.
Development follows recent product activity
The terminal is initially focused on prediction markets, though the company’s objective is allegedly to make it available for other asset classes as well.
The development comes shortly after Kalshi introduced two new offerings. Last week, the company announced that it had received approval to offer perpetual futures on cryptocurrencies.
One day earlier, Kalshi launched its American Power Index, which the company describes as a real-time measure of political power derived from Kalshi data.