What's this strategy for Kalshi to find the equilibrium between these two polarities?

Yeah, that's a great framing.

You know, I think it is definitely a spectrum.

Where we sit on that spectrum is we are like a markets first company.

Like ultimately we are building an exchange.

One like strong byproduct of that is that people are using our website to get better informed about the world or like see what people, you know, the market is expecting what people's consensus is currently.

Um, and then also for traders who do have special, like, you know, insights into a certain topic or have done more research than others, um, are more like resourceful or curious.

How do we get from where we are today, where the prediction markets just kind of look like an upgraded version of sports betting venues to competing with a CME? What's the plan from getting A to B?

So just tell us about how you guys were able to stand that up and what it's been since launch.

Yeah.

It's, it's been a one-and-a-half years in the making process from, you know, adjusting our risk models to suit the CFTC framework to building the exchange, like full stack from the ground up, which is kind of like a different infrastructure from prediction markets.

It's much more about like deep liquidity and like a smaller set of markets.

Um, but like scaling that in a very, uh, uh, technically efficient way with regards to like transactions and the different set of traders as well.

Um, more like, uh, day traders and sophisticated ad- advanced traders.

So we launched Kalshi Pro to kind of like hope with that perpetuals push.

Are you guys building tools on platform for, you know, users to be able to set sort of agentic triggers? Do you have APIs where other people are utilizing agents to, to play on, on Kalshi? And what's your, your prediction for where the agentic market is going?

So yeah, maybe just talk to me a bit about, like, Kaushi's perps offering, how you see it going forward.

Yeah.

Of course.

So it is, um, open to the public.

Um, we, uh, have, like, around a dozen coins on platform already, like, available for trading.

Um- It is the first, like, yeah, US regulated perpetual exchange, like, uh, allowing US retail and institutions to access it.

Um, and so we've had a lot of interest from, like, the, the type of user who, um, finds it, like, more convenient, accessible, and easy to use.

[laughs]

Yeah

... tooling that now allows us to do what take, took months and weeks.

Uh, every single CEO we work with in healthcare is like, "Hey, like the first call a patient makes is the most important part in their journey.

We cannot mess that up.

If we do, that patient might never engage in care again." The reason why we've been successful today is because we've been able to scale our technology in a way that is able to, one, understand every nuance, every edge case, 'cause patients can say anything they want on the phone, to be able to automate the hardest workflows at scale and the most complex workflows with human-level automation, right? And doing that quickly.

Um, and that is the reason why today we are the fastest growing AI agents, most widely used AI agents platform in healthcare.

But really, that was always just the tip of the iceberg-

Yeah

How is that possible?

Hundred percent.

Um, I think, you know, th- really it's, like, two realms of thinking.

Um, one is, like, with polls, it's almost a centralized form of deciding what the truth is.

Um, you kind of have, like, essentially one polling center or, um, like, one source of truth for, uh, you know, d- deciding the odds of something.

Um, and they might be restricted to a few thousand, you know, sample set of data points.

Um, whereas, like, prediction markets, I feel like it's taking more of, like, a capitalism approach to, to things.

But why would anyone trade on where Bitcoin price is going on-- going to at the end of the year on a prediction market? Why not just buy Bitcoin or sell Bitcoin?

Are you seeing uptake from them already? And if not, you know, how do you plan to get more on board?

Yeah.

Well, um, specific to crypto, there was, you know, q- uh, some interesting trades recently, um, block trades done on our exchange, NRTC trades done, like, priced using Kalshi odds.

Um, particularly, like, on the CLARITY Act passing.

So I think, uh, Arca, Galaxy, and another, like, undisclosed counterparty, they conducted some, um, large, large trades essentially around this, um, where they were hedging out their portfolios, uh, based on the CLARITY Act odds of Kalshi which have, you know, fluctuated a lot over time.

Um, so that's, that's actually one sort of, like, very public institutional use case that has been released, um, related to crypto.

Then we've had a bunch of, um, even, like, small businesses hedge out their, uh, trading risk.

Well, so another area that people are interested in is there's been, uh, quite a lot of concern about insider trading on Kalshi, and I wondered if you could talk a little bit about how Kalshi is approaching that problem.