Wintermute adds liquidity on Kalshi and Polymarket in cross-ecosystem deal
Wintermute has entered the prediction markets sector, providing automated two-sided liquidity on event contracts across leading venues including Kalshi and Polymarket, according to a source familiar with the arrangement. The London-based crypto market maker, which processes more than $3.5 trillion in annual trading volume across its broader operations, began quoting on the two largest platforms in late May 2026. The move links order flow between Kalshi, the CFTC-regulated exchange, and Polymarket, the crypto-native rival — a rare bridge between competing ecosystems. Wintermute's entry follows similar dedicated desk launches by quantitative trading firms DRW and IMC. Prediction market trading volume has topped $60 billion, drawing brokers and market makers into the space as demand grows for institutional liquidity and support for larger trades.
Wintermute's dual-platform presence forces any competing prediction-market venue without comparable market-maker relationships to accept wider spreads and inferior execution quality for institutional-size orders. Kalshi and Polymarket now share the same pricing backbone, blurring the regulatory distinction between onshore and offshore venues for sophisticated traders.
Wintermute joins DRW and IMC as the third major quantitative firm to build dedicated prediction-market infrastructure, concentrating institutional liquidity among a trio of crypto-native market makers now embedded across both Kalshi and Polymarket.