Kalshi's alpha-tested terminal targets high-volume 'sharps' with live trade feeds, order books, and multi-position management. No monetization plan yet.
Prediction market platform Kalshi is developing a new interface for its most active traders, a source familiar with the plans told CNBC. The product, currently in alpha testing with a select group of users, is being built to give high-volume traders – colloquially known as "sharps" – a single dashboard to track Kalshi's event contracts. The source compared the interface to the Bloomberg Terminal for traditional equities and derivatives.
The new platform has been in development for about a month. Features shown to CNBC include the ability to track popular contracts by 24-hour volume across categories, view all trades as they are placed, and see individual contract order books. Users can customize the interface to show event contracts tied to their own portfolios and manage multiple positions in different markets simultaneously. Traders can also enable an option to reduce friction when placing trades.
Kalshi is creating the software to establish a singular product for its highest engaged retail traders. These sharps typically use custom workflows to gain an edge. The source did not know whether Kalshi plans to monetize the platform at launch or in the future.
The development comes as prediction markets attract increasing attention from both retail and institutional players. Kalshi's market data is already accessible on Bloomberg's platform. Now the company wants to bring the terminal experience directly to its own users.
Long-term, the source said the platform may include research and other external information, similar to Bloomberg's product. While the Kalshi terminal will focus on prediction markets, the source added that a goal is to extend it to the company's other asset classes. On Friday, Kalshi announced it received approval to offer perpetual futures on cryptocurrencies. That announcement came one day after the company launched its American Power Index, a real-time measure of political power using Kalshi's data.
The alpha version includes several features designed for speed and customization:
These tools mirror what professional traders expect from a Bloomberg Terminal, focused on Kalshi's own prediction markets. The source said the platform is designed for sharps who already build custom workflows. Kalshi is essentially packaging that capability into a standard product.
Kalshi is not the only firm building a prediction market data platform. In April, Fortune reported that venture capital firm Paradigm, a major Kalshi investor, was developing its own platform for market makers and professional traders. Paradigm's product targets a different audience – institutional liquidity providers – while Kalshi's terminal aims at retail sharps.
Bloomberg already carries Kalshi's market data. The new terminal would give Kalshi direct control over the user experience and data presentation, potentially reducing reliance on third-party distribution. The source said the platform may eventually include research and external information, further mimicking Bloomberg's model.
The source did not provide a timeline for an official launch. The alpha test will likely determine whether the product gains traction with sharps and whether Kalshi can justify a subscription fee or other monetization model.
Traders should watch for two signals:
For now, the terminal is a beta product for a select group. The broader market will get access only after Kalshi completes testing and decides on a go-to-market strategy. The source said the company is creating the software to establish a singular product for its highest engaged traders. That suggests the terminal is a retention and engagement tool first, a revenue driver second.
Kalshi's move also highlights the growing convergence between retail prediction platforms and institutional trading tools. With crypto perpetuals and political indices now on the platform, the terminal could become a hub for event-driven trading across multiple asset classes. The absence of a launch date means traders should monitor Kalshi's product updates and any announcements about beta expansion. The next catalyst will be a public release or a monetization announcement.
For a broader view of how prediction markets fit into the current trading landscape, see our stock market analysis. For a comparison of trading platforms, check our guide to best stock brokers.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.