Talos Wires Kalshi’s Perps and Event Contracts Into Institutional Order Flow
Talos integrates Kalshi's CFTC-regulated perpetuals and prediction markets into its institutional trading stack, adding RFQ block execution and algo suites.
Talos, a provider of institutional digital-asset trading infrastructure, announced on July 22 that it has integrated Kalshi’s event contracts and crypto perpetuals directly into its existing platform. Institutional clients can now route orders into Kalshi’s CFTC-regulated markets without building a separate connection, folding prediction markets into the same execution stack already used for spot and derivatives trading.
Algo execution and multi-leg spreads land on Kalshi flow
For on-exchange trading, Talos is giving market makers and hedge funds access to its algo suite — Iceberg, Pegged, Sniper, TWAP and POV — order types built to work large positions while limiting market impact. The firm’s multi-leg execution tools now extend to perp-to-perp and perp-to-spot spreads in a single order, a structure aimed at basis and funding-rate arbitrage as onshore perpetuals scale. Talos said it intends to support prediction-market-to-perpetual multi-leg spreads in a future release, which would let desks hedge event-contract exposure directly against perpetual funding.
Alongside on-exchange access, Talos is opening its RFQ (request-for-quote) platform — the same system its ETF issuer clients use for create/redeem workflows — as a block-trading channel for large orders executed off-exchange through Talos’s network of OTC liquidity providers. That gives institutions a way to size into Kalshi markets without moving the order book.
Regulatory clearing structure is the draw
Both companies framed Kalshi’s CFTC-regulated clearing model as the key differentiator for institutional adoption. “As institutional interest in prediction markets accelerates, Kalshi’s regulatory standing as a CFTC-regulated exchange makes it a natural venue for that demand,” said Andy Ross, Head of Institutional at Kalshi. Talos CEO and co-founder Anton Katz added: “Trading is moving to 24/7, prediction use cases are growing rapidly, and every asset class is migrating to digital rails. We believe these trends will fundamentally change how risk is priced, hedged and settled across the market.”
Cantor Fitzgerald advised Talos on parts of the build-out. Matt DeCicco, Managing Director and Head of Digital Assets for Global Markets at Cantor, said prediction markets are “emerging into a credible institutional asset class, and firms that engage early will help shape the market structure, liquidity and execution standards that underpin its growth.”
Dealer distribution and unified data feed planned later this year
Talos said it will later this year extend its dealer software so brokers and trading platforms can offer Kalshi’s event contracts directly to their own retail and institutional end customers, subject to jurisdiction. The company also plans a harmonized market data feed spanning prediction-market venues, standardizing events, trades, order books, open interest and implied probabilities under a single schema — addressing the current reconciliation problem created by venues structuring binary outcomes differently, such as Kalshi’s single market with two sides versus other platforms’ separate outcome tokens. That feed will be delivered through the same API clients already use for crypto market data, with Kalshi expected to be among the first venues supported.
The integration lands as prediction markets draw growing institutional attention alongside their retail use in event trading, with Kalshi and rival platforms already seeing six- and seven-figure volumes on politically sensitive contracts. Talos’s move signals that trading desks are now treating event-contract flow and funding-rate arbitrage as adjacent liquidity pools rather than separate products.
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