Kalshi Data Becomes Available on Dune Analytics – What It Means for Crypto‑Focused Researchers
April 2024 – DeFi Pulse
The analytics platform Dune has announced that it now hosts the full suite of on‑chain‑style data from Kalshi, the U.S.‑regulated exchange that currently leads the global prediction‑market space. The integration, built jointly by Dune’s engineering team and Kalshi’s data group, adds two new tables to Dune’s public query library, giving developers, traders and scholars real‑time access to every market listing and trade executed on the exchange.
Why Kalshi Matters
Founded in 2018 and a Winter‑’19 Y Combinator alumnus, Kalshi is the first U.S. exchange officially approved by the Commodity Futures Trading Commission (CFTC) to offer contracts tied to real‑world events. It operates a Central Limit Order Book (CLOB) and settles contracts against verifiable sources such as government reports, creating a transparent, regulated framework that can accommodate both retail participants and institutional players.
Recent milestones have positioned Kalshi as a bridge between traditional finance and the burgeoning crypto‑based prediction‑market ecosystem:
| Year | Milestone |
|---|---|
| 2024 | A federal court ruling cleared the way for Kalshi to list contracts on U.S. elections, establishing a precedent for event‑driven securities in the United States. |
| 2025 | Partnerships with the NHL and Robinhood’s Futures Clearing Manager (FCM) opened regulated event trading to millions of retail users. |
| Oct 2025 | Jupiter launched a prediction‑market product powered by Kalshi’s liquidity and settlement infrastructure. |
| 2025 | The KalshiEco Hub connected the exchange to Solana and Base, creating a hybrid on‑chain/off‑chain liquidity layer. |
These moves have turned Kalshi into what its leadership describes as a “hybrid liquidity layer” where regulated markets intersect with on‑chain composability.
The Dune Integration: What’s New
Dune’s new offering consists of two core tables that are refreshed continuously:
| Table | Content |
|---|---|
| kalshi.market_report | One row per listed event market, including category (politics, sports, macro, weather), market status, total traded volume, open‑interest, settlement reference and other metadata. |
| kalshi.trade_report | Trade‑level data for every executed order – timestamps, price, size, side (buy/sell) and associated market ID. |
Because the integration is managed directly by Dune engineers in collaboration with Kalshi’s data team, the feed is described as “fresh, verified and always up‑to‑date,” a first for prediction‑market data on the platform.
In a statement, John Wang, Head of Crypto at Kalshi, highlighted the partnership’s alignment with Kalshi’s evolving mission: “Opening our data through Dune supports our shift from a standalone app to a developer‑focused platform. The visibility Dune charts provide helps showcase the depth and integrity of our market data to a broader audience.”
Analysis: Impact on DeFi and Prediction‑Market Research
-
Lowering the Data Barrier
Historically, researchers interested in prediction markets have had to rely on fragmented APIs or manually scrape data from exchange interfaces. By placing Kalshi’s complete market and trade history in a SQL‑compatible environment, Dune eliminates a major friction point. This will likely accelerate academic studies on price discovery, liquidity dynamics, and the informational efficiency of event‑driven contracts. -
Enabling On‑Chain‑Style Analytics for a Regulated Market
The CLOB‑based, fully regulated nature of Kalshi contrasts with the largely unregulated smart‑contract markets that dominate DeFi. Analysts can now apply familiar on‑chain metrics—order‑book depth, trade‑size distribution, and volume spikes—to a compliant environment, facilitating direct comparisons between regulated and decentralized prediction markets. -
Potential for New Trading Strategies
With granular trade data available, quantitative traders can build back‑testing frameworks that assess the profitability of strategies around political events, macro releases, or sports outcomes. The verified settlement process also reduces counter‑party risk, making algorithmic participation more attractive for capital‑intensive funds. -
Cross‑Chain Liquidity Exploration
Kalshi’s recent integration with Solana and Base through the KalshiEco Hub hints at future on‑chain derivatives or tokenized representations of its contracts. Dune’s tables could serve as the foundation for monitoring how liquidity migrates between the regulated exchange and on‑chain AMMs, an area that has received little systematic study to date. - Compliance and Transparency Benefits
For regulators and compliance officers, the ability to query every trade in a regulated prediction market offers a level of auditability rarely seen in the broader crypto space. This could set a precedent for how other regulated entities make market data publicly accessible.
Key Takeaways
- Data Accessibility: Dune now provides real‑time, queryable datasets for every Kalshi market and trade, removing a long‑standing barrier for analysts and developers.
- Regulatory Bridge: The integration showcases how regulated financial infrastructure can be combined with DeFi‑style analytics, potentially influencing future market design.
- Research Opportunities: Scholars can now conduct fine‑grained studies of event‑driven pricing mechanisms, liquidity provision, and cross‑market arbitrage with a verified data source.
- Strategic Implications: Quantitative traders and DeFi protocols can explore new strategies and product ideas leveraging the hybrid liquidity model that Kalshi is building.
- Transparency Gains: Continuous, verified data feeds reinforce market integrity and may serve as a model for other regulated exchanges seeking broader visibility.
Overall, the partnership between Kalshi and Dune marks a significant step toward making regulated prediction‑market data as open and analyzable as traditional on‑chain assets, positioning the sector for deeper integration with the decentralized finance ecosystem.
Source: https://dune.com/blog/kalshi-is-now-live-on-dune
