Kalshi Signs Multi-Year Nasdaq Market Surveillance Deal

Kalshi, the prediction-market exchange regulated by the U.S. Commodity Futures Trading Commission, announced a multi-year partnership with Nasdaq Market Surveillance on August 10, 2026, adding an institutional monitoring layer across its event-contract and perpetual-futures markets.

Under the agreement, Nasdaq’s surveillance platform will be integrated into Kalshi’s trading infrastructure in phases, providing cross-market, cross-asset monitoring for both prediction markets and perpetual-style derivatives. Kalshi says the system is built to detect market abuse, manipulation, insider trading, and related misconduct in real time, and will support delivery of its trade data to the CFTC in the format the agency requires, in line with its obligations as a CFTC-regulated exchange.

“Implementing Nasdaq Market Surveillance gives our markets the same surveillance data used by the world’s largest exchanges, and it’s built to scale with us as we grow,” said Max Crowley, Kalshi’s vice president of business development. “This deal reinforces Kalshi’s commitment to market integrity.”

Tony Sio, Nasdaq’s head of regulatory strategy and innovation, described prediction markets as among the fastest-growing segments of the financial landscape, saying they demand surveillance infrastructure able to match that pace. The announcement describes Nasdaq Market Surveillance as one of the most widely used market-surveillance platforms globally, serving more than 50 exchanges and 20 international regulators.

The Surveillance Stack Kalshi Has Been Building

The Nasdaq agreement is the latest layer in an oversight build-out the exchange has pursued alongside its growth. Kalshi has run custom-built prediction-market surveillance and enforcement systems for years, according to the announcement, and on February 5, 2026 it selected Solidus Labs as its trade-surveillance partner, deploying the HALO platform to layer user behavior, social sentiment, and open-source intelligence on top of trade and order-flow data across more than 4,000 markets. At the time, Kalshi said weekly volumes on the exchange exceeded $2 billion.

The build-out has run in parallel with tightening regulatory attention on prediction markets. Nevada forced Kalshi to geofence its sports markets on July 24, 2026, and the CFTC warned prediction markets over bulk contract filings on July 24, 2026. Days later, state lawmakers put the sector on notice over gambling on August 3, 2026, and Genius Sports signed an official data and integrity deal with Kalshi on August 5, 2026.

Where the CFTC Obligation Sits

Kalshi’s federal status frames the arrangement. The CFTC designated Kalshi as a contract market on November 3, 2020 — a designation covering exchanges that trade futures, swaps, and options — and on January 17, 2025 the commission granted Kalshi’s petition to modify that designation to permit intermediated futures trading. The surveillance platform’s regulator-facing role, delivering Kalshi’s trade data in the format the agency requires, sits inside those obligations as a CFTC-regulated exchange.

The exchange describes the Nasdaq agreement as one component of a broader oversight approach that complements its existing surveillance framework, with implementation phased in rather than switched on at once. Its standing controls already bar market manipulation and insider trading, restrict the types of markets it lists, and require a background check on every user before trading is permitted. Kalshi says the platform is intended to scale alongside the exchange as new products and markets come online.