Wintermute begins quoting liquidity on Kalshi and Polymarket
Crypto market maker Wintermute has begun quoting two-sided liquidity on event contracts across leading prediction market venues, including Kalshi and Polymarket, according to a source familiar with the arrangement. The London-based firm, which processes more than $3.5 trillion in annual trading volume across its broader operations, confirmed it is extending its automated trading infrastructure into the sector as event contract trading volume has topped $60 billion. Jake Ostrovskis, head of OTC trading at Wintermute, was quoted on the move. The firm's involvement creates a rare bridge between Kalshi, a regulated U.S. exchange, and Polymarket, its crypto-native rival, linking order flow between the two competing ecosystems.
Wintermute's dual-platform role links order flow between Kalshi's regulated exchange and Polymarket's crypto-native marketplace for the first time, giving arbitrageurs a formal pipeline to price-align the two largest prediction market venues. Any sustained convergence in their pricing will force rival market makers to match Wintermute's cross-platform infrastructure or surrender edge to the $3.5 trillion firm.
Becomes the third major crypto infrastructure firm to enter prediction markets this week after Galaxy Digital's $10 million Kalshi OTC desk and FalconX's Polymarket block trade, cementing crypto-native liquidity as the dominant on-ramp for institutional prediction-market capital.