Wintermute, a leading crypto market maker, confirmed it is providing two-sided liquidity on prediction platforms Polymarket and Kalshi. The firm processes over $3.5 trillion in annual trading volume. In a blog post, Wintermute stated it quotes two-sided markets across event contracts, aiming to tighten spreads and absorb large trades. Head of OTC Trading Jake Ostrovskis noted that prediction market liquidity is 'early-stage' and needs sustained depth to become reliable probability sources. Liquidity providers profit from spreads rather than betting on outcomes. This move links the two competing platforms. Separately, the CFTC allowed Kalshi to offer Bitcoin perpetual futures in the U.S.

Key facts

• Wintermute provides two-sided liquidity to Polymarket and Kalshi.
• The firm processes over $3.5 trillion in annual trading volume.
• Liquidity provider profits from spreads, not betting on outcomes.
• CFTC allows Kalshi to offer Bitcoin perpetual futures in the U.S.
• Wintermute aims to tighten spreads and improve reliability.

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