One Market Maker, Both Exchanges: Jump Trading Took a Piece of Each
Jump Trading, one of the biggest proprietary trading firms in the world, will reportedly gain stakes in both Kalshi and Polymarket in exchange for providing liquidity on the two exchanges. The terms differ by venue: a set amount of equity in Kalshi, while the Polymarket stake can expand over time if Jump meets certain capacity-providing objectives.
Liquidity is the unglamorous problem prediction markets have to solve. Market makers keep spreads tight and keep thin, less-heralded contracts functional until other traders arrive, and bringing in third-party firms also answers the concern that an operator's own internal desk is taking the other side of retail trades. Susquehanna, a Jump rival, has been making markets for prediction firms since 2024.
The prize is pricing. Sports contracts drive the industry's volume growth, yet through the 2025 NFL season pricing on Kalshi's NFL derivatives was consistently worse than what bettors found on DraftKings and FanDuel. Deeper professional liquidity is how the exchanges close that gap.
Small stakes here are not small money. The deals come days after Kalshi closed a $1 billion Series G at a $40 billion valuation, up from $22 billion in May, with Polymarket valued at $21 billion in its last round. As the reporting notes, even an unconfirmed half-percent stake in either company would be worth tens of millions of dollars. Kalshi already counts 500 institutional entities, a quarter of its volume outside market makers.
Jump is part of a pattern: CME Group partners on the DraftKings and FanDuel event-contract platforms, NYSE owner Intercontinental Exchange is Polymarket's largest investor, and Goldman Sachs calls the segment compelling. Wall Street's price-makers no longer just want to trade on these exchanges. They want to own a piece of them.
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