Pulse Market launches unified terminal as OTC prediction interest grows
Pulse Market launched a trading terminal that lets users trade event contracts on both Polymarket and Kalshi through a single funded account. The product targets prediction market traders seeking unified access across the two major CFTC-regulated platforms. Separately, an over-the-counter market for event contracts is emerging alongside retail-focused exchanges, signaling growing institutional interest in trading event outcomes outside of regulated venues. Both developments point to demand for alternative execution channels beyond standard exchange interfaces.
The Pulse terminal and the emerging OTC market together fragment liquidity execution across prediction markets. Traders who once accepted separate logins and wallets at each CFTC-regulated venue now get single-account access; institutions that need size or anonymity get off-exchange alternatives. That bifurcation forces Polymarket and Kalshi to compete not just with each other but with their own distribution layer. Market makers must now quote across a third interface to capture flow they used to see natively.
For retail venues, the risk is disintermediation: if Pulse captures order flow and OTC desks capture block size, the exchanges become clearing utilities rather than trading destinations. The next pressure point is fee compression, because a terminal that price-shops across venues trains users to treat Polymarket and Kalshi as fungible pipes. Whoever owns the terminal layer owns the customer relationship, and the exchanges that cede it will find themselves in the same position retail stock brokers faced when commission-free aggregators arrived.