BMLL has added Kalshi’s historical order book data to the datasets it sells to hedge funds, the London-based data provider said today (Thursday). It maps the prediction market records onto the schema it uses for CME Group’s event contracts, so one model can run on both.
That matters for funds testing trades around Federal Reserve rate decisions, CPI releases or GDP prints, which BMLL named as examples. Kalshi said in May that its institutional trading volume rose 800% over the prior six months.
Kalshi gave that figure when it raised $1 billion at a $22 billion valuation to build institutional integrations.
BMLL already carries every order message on CME event contracts listed across the four CME Group exchanges. It has hired sales staff for US hedge funds and widened venue coverage since Nordic Capital acquired it in October 2025.
Kalshi’s Other Routes to Institutions
Kalshi’s earlier institutional tie-ups this year dealt with live prices and execution. In June, Tradeweb put real-time Kalshi event probabilities on a pricing page for its US institutional clients.
A month later, market makers and hedge funds on Talos gained the ability to trade Kalshi contracts inside the same system they use for digital assets. Talos said broker distribution would follow later this year.
Andy Ross, head of institutional at Kalshi, said the BMLL data would let firms “compare those signals, test strategies and incorporate event probabilities” into macro research and risk work.
Before Nordic Capital’s purchase, BMLL raised $83 million across seed, Series A and Series B rounds from investors including market maker Optiver, according to the release.
Macro Contracts in Focus
Paul Humphrey, CEO, BMLL Technologies
Kalshi’s own real-time data product points elsewhere. The exchange launched a Level 2 order book feed in August for sports contracts and crypto perpetual futures, which it said make up nearly 60% of weekly notional volume.
“We are removing the burden of data engineering,” said Paul Humphrey, chief executive of BMLL.
Kalshi is regulated by the Commodity Futures Trading Commission (CFTC) as a designated contract market. Its contracts trade between 1 cent and 99 cents. BMLL said the quote midpoint gives a usable probability signal even on contracts with little trading.
BMLL said the data can also help researchers prepare for newer products such as multivariate events and perpetual futures. Clients take delivery through Snowflake, SFTP or the BMLL Data Lab.
