Kalshi has signed a multi-year deal with Nasdaq to strengthen trading oversight. The Kalshi Nasdaq surveillance system will be introduced in phases across its markets – see more details:

• Nasdaq Market Surveillance will monitor trading across Kalshi’s prediction markets and perpetual-style derivatives. It can flag possible manipulation, insider trading and other misconduct in real time. The system will operate 24/7 as Kalshi adds more products.
• The technology will also help Kalshi deliver trade data to the Commodity Futures Trading Commission (CFTC) in the required format. Kalshi operates as a CFTC-regulated exchange and already has its own surveillance and enforcement systems. The Kalshi Nasdaq surveillance platform will complement these controls.
• “Implementing Nasdaq Market Surveillance gives our markets the same surveillance data used by the world’s largest exchanges,” said Max Crowley, VP of Business Development at Kalshi. Nasdaq’s surveillance technology is used by more than 50 exchanges and 20 international regulators. Kalshi also requires background checks before users can trade.
• No financial terms or contract value were disclosed for the multi-year agreement. The Kalshi Nasdaq surveillance deal comes as Kalshi continues to scale trading activity and attract institutional participation.