Kalshi Adds Nasdaq Market Surveillance as Compliance Push Continues to Expand

Kalshi is including Nasdaq’s market surveillance know-how to its change, the most recent step in a broader push this 12 months to strengthen its methods for detecting insider buying and selling, market manipulation and different probably abusive exercise.

Under a multi-year partnership introduced Monday, Kalshi will combine Nasdaq Market Surveillance into its buying and selling infrastructure in phases, protecting each its prediction markets and perpetual futures. The system offers real-time monitoring as effectively as cross-market and cross-asset surveillance, and also will assist the supply of Kalshi commerce information to the Commodity Futures Trading Commission (CFTC) within the format required by the regulator.

Nasdaq says its surveillance platform is utilized by greater than 50 exchanges and 20 regulators globally. Kalshi described the know-how as one a part of its current market-oversight framework moderately than a alternative for its present methods, an vital distinction as the corporate has continued including new surveillance and compliance instruments all through 2026.

“This deal reinforces Kalshi’s dedication to market integrity,” Max Crowley, Kalshi’s vp of enterprise improvement, stated in Monday’s announcement. “Implementing Nasdaq Market Surveillance provides our markets the identical surveillance information utilized by the world’s largest exchanges, and it’s constructed to scale with us as we develop.”

Kalshi retains including surveillance instruments

The Nasdaq settlement comes only a week after Kalshi expanded its relationship with one other trade-surveillance supplier. On Aug. 3, Kinetic Markets, Kalshi’s affiliated futures fee service provider (FCM), selected Solidus Labs to monitor buying and selling exercise as it prepares to serve institutional clients. Solidus has individually supplied surveillance know-how for KalshiEX’s occasion contracts since February.

Kalshi brought in Solidus to increase surveillance methods it had developed internally, utilizing the agency’s know-how to detect and examine potential market abuse throughout 1000’s of Kalshi markets. At the identical time, Kalshi created an impartial Surveillance Advisory Committee, appointed Robert DeNault as head of enforcement, and introduced in outdoors specialists to advise on insider buying and selling and manipulation dangers.

The growth to Kinetic extends Solidus monitoring past the change itself as Kalshi builds out infrastructure aimed toward institutional members. Kinetic Chief Compliance Officer James Hill stated the corporate wanted its compliance methods to develop alongside these capabilities.

“Extending their relationship with Kalshi to Kinetic Markets was the quickest, most credible path to surveillance that may get up to CFTC scrutiny from day one,” Hill stated within the Aug. 3 announcement.

What Nasdaq provides to Kalshi’s surveillance stack

There is a few overlap between Nasdaq and Solidus, however the Nasdaq settlement additionally explicitly extends surveillance to part of Kalshi’s enterprise that didn’t exist when it employed Solidus in February: perpetual futures. Kalshi’s earlier Solidus announcement targeted on surveillance throughout its occasion contract markets, whereas Monday’s Nasdaq deal particularly covers each prediction markets and perps.

That distinction has develop into extra vital as perps have shortly grown into a big supply of buying and selling exercise for Kalshi. The firm launched U.S. crypto perpetual futures in late May. By July 9, cumulative perp quantity had reportedly reached $16.1 billion. Kalshi has since moved to broaden perps past crypto, filing in July for CFTC approval to provide a perpetual future tied to gold, whereas additionally considering additional products tied to different metals, currencies and power.

Nasdaq additionally brings broader cross-market and cross-asset surveillance capabilities as Kalshi expands past occasion contracts. Its platform can monitor order-book exercise, generate automated alerts and assist investigations throughout totally different merchandise and buying and selling venues. Kalshi has not detailed precisely how these features might be divided between Nasdaq and Solidus, saying solely in Monday’s announcement that Nasdaq will complement its current surveillance framework.

The CFTC can be a Nasdaq surveillance buyer. The regulator adopted Nasdaq Market Surveillance in August 2025, changing an older system with know-how designed to present automated alerts, cross-market analytics and extra detailed order-book evaluation.

Nasdaq surveillance isn’t completely new to CFTC-regulated occasion contracts. Nadex, which was acquired by Crypto.com in 2022, disclosed in a 2020 filing that it used Nasdaq’s SMARTS platform to monitor buying and selling exercise in actual time. Nadex had provided binary occasion contracts for years earlier than the acquisition.

Kalshi additionally provides instruments for worker buying and selling oversight

Kalshi has additionally been constructing connections to compliance methods utilized by monetary establishments to monitor their very own staff. On Aug. 4, Comply announced an integration that enables corporations to deliver staff’ Kalshi contract exercise into the identical platform used to oversee buying and selling in securities, futures and digital belongings. Compliance groups can set preclearance necessities, analyze buying and selling patterns and examine potential violations involving materials nonpublic info.

That adopted a June partnership with StarCompliance that equally lets monetary corporations monitor worker exercise on Kalshi. Those integrations serve a special perform from Solidus and Nasdaq: moderately than policing exercise throughout Kalshi’s change, they provide employers instruments to determine probably problematic prediction market buying and selling by their very own personnel.

Recent instances put surveillance in focus

Kalshi’s surveillance buildout comes as prediction market platforms proceed to face scrutiny over insider buying and selling and manipulation, together with a number of latest instances involving exercise by itself change that drew nationwide headlines.

On July 31, the CFTC ordered former U.S. Rep. George Santos to pay $35,000 over manipulative buying and selling in a Kalshi contract tied to whether or not he would attend the 2026 State of the Union. The regulator stated Santos made deceptive public statements about his plans whereas buying and selling the market, in the end incomes greater than $17,500. Kalshi had detected the exercise and referred it to regulators.

A separate case surfaced in July involving Gabriel Perez, President Donald Trump’s longtime teleprompter operator, who’s underneath CFTC investigation for potential insider buying and selling in Kalshi markets tied to phrases and phrases used throughout public appearances. Kalshi recognized the exercise by way of its surveillance and customer-onboarding methods and referred the matter to the company. 

“Our surveillance workforce promptly flagged and referred these trades to the CFTC after an change investigation,” DeNault told Reuters in July. “We have been helping regulators on this matter and supplied proof we collected, as we do in any referral.”

With Nasdaq’s surveillance know-how, Kalshi is including one other device to determine the sort of suspicious buying and selling exercise that has already prompted referrals to the CFTC, whereas extending that oversight to its rising perpetual futures enterprise.

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