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Kalshi is distributing its event contracts through broker platforms, using an API-based service launched with Apex Fintech Solutions rather than requiring brokers to build an exchange and clearing operation. Tastytrade became the first broker to offer the contracts. The arrangement puts Kalshi's order book behind an existing client interface.
For Head of Institutional Andy Ross, the case for connecting to an established venue is that its orders and participants are concentrated there. Ross said firms onboarding to or trading on Kalshi collectively manage more than $1 trillion in assets, and described institutional activity as a significant share of the market. He also said institutions often trade with other institutions.
Broker access uses shared infrastructure
Under the Apex arrangement, the broker keeps its own interface and customer relationship. Apex takes responsibility for custody and clearing, moves funds, administers accounts and produces statements; Kalshi operates the regulated marketplace and lists the contracts. Clients can therefore reach Kalshi markets from their broker account rather than opening accounts at multiple venues, Ross said.
That distribution model also brings more potential counterparties to Kalshi's order book. Ross said the exchange earns fees when participants trade, and argued that additional activity can improve market quality and volume. He presented the arrangement as useful to clients, brokers and the exchange, though the source did not disclose the fee schedule.
Connecting does not remove the need to compare contract specifications. Event contracts on different venues can refer to similar outcomes but use different wording or settlement rules. Ross said firms need to establish whether the terms match before treating two contracts as equivalent; where they do not, the products may only be comparable rather than interchangeable.
Ross also pointed to futures commission merchants connecting to Kalshi as a response to customer requests. He said the institutional client base includes hundreds of firms large enough to count as institutional, with many hundreds of clients joining across the groups discussed in the interview.
He did not give a breakdown by client type. The groups included market makers, hedge funds, asset managers and corporates.
Perpetuals and data broaden the offer
Kalshi's product range now extends beyond event contracts. It has launched perpetual futures on cryptocurrencies and precious metals, then added US500 on 6 October 2026, a contract linked to an index of 500 large US companies. Kalshi says perpetuals provide ongoing directional exposure, while event contracts let users trade a specified outcome.
In an interview published on 20 October 2026, first reported by Finance Magnates, Ross said Kalshi intends to add FX perpetuals but did not name currency pairs or a launch date. The company has also listed FX-related event contracts. In July, Chief Risk Officer Udesh Jha said Kalshi was discussing expansion into FX, metals and energy with regulators. Kalshi has not disclosed whether it has filed proposed FX perpetuals for regulatory review.
Institutional firms may also use Kalshi prices without trading its contracts. Ross said some clients consult those prices when making decisions in conventional markets. He cited nearly $50 million in trading on a Kalshi market about the reopening of the Strait of Hormuz, and described an oil major trading-risk head who checks that market early in the morning.
Kalshi said hundreds of people have signed up to receive its data and that third parties also distribute it. Ross said data monetisation currently accounts for zero per cent of revenue and the company charges nothing for the data. He said there is no current plan to take top-of-book probabilities out of the public domain, while leaving open the possibility of charging for some data products later.
The integration question
For infrastructure teams, the immediate task is to establish which responsibilities sit with the broker, Apex and Kalshi, then check how orders, positions, statements and risk information move between them. The source does not specify API protocols, service levels, reconciliation processes or how consolidated risk reports are produced. Those details will determine the operational work required for a broker to support the route.
Firms considering the FX products should also ask when they might be available, what the contract specifications and settlement arrangements will be, and whether regulatory review is required before launch. For any market, operators still need to assess whether contract terms align across venues and whether the data available is sufficient for their own risk and reporting processes.
