Top Prediction Market Liquidity Providers in 2026

Prediction markets have exploded. Kalshi processed over $22 billion in trading volume in 2025. Polymarket handled billions more across politics, crypto, and global events. But none of that volume happens without the firms providing liquidity behind the scenes.

Market makers are what keep prediction markets functional. They maintain continuous buy and sell orders across thousands of contracts so traders can enter and exit positions at fair prices. Without them, spreads widen, prices become unreliable, and the entire value proposition of prediction markets as forecasting tools falls apart.

This list covers the firms actively providing institutional-grade liquidity to prediction market platforms in 2026.

Raven

Platforms: Polymarket, Kalshi, Gemini Predictions, Limitless, etc.

‍Also active on: 30+ top CEXs and DEXs

‍Backed by: Hack VC, Wintermute Ventures, Coinbase Ventures, CMCC Global

Raven is a proprietary high-frequency trading and market making firm founded by former members of Wintermute's DeFi trading team. What sets Raven apart in the prediction market space is the combination of pedigree, infrastructure breadth, and cross-venue coverage.

The firm runs a fully proprietary trading platform built from scratch for digital asset markets, handling automated liquidity management, low-latency execution, and real-time risk management across all venues simultaneously. On prediction markets, Raven provides continuous two-sided liquidity across all major contract categories: politics, sports, economics, crypto, entertainment, weather, and current events.

Unlike firms that focus on a single venue, Raven monitors pricing and order flow across Polymarket, Kalshi, and Gemini Predictions simultaneously, repricing thousands of contracts in milliseconds as new information arrives. This cross-platform approach means deeper, more consistent liquidity than single-venue market makers can offer.

The firm's CeFi and DeFi market making infrastructure (active on Binance, Coinbase, OKX, Bybit, Gate.io, dYdX, Hyperliquid, and others) gives it a capital efficiency and risk management advantage that pure prediction market participants don't have.

Best for: Prediction market platforms seeking an institutional-grade liquidity partner with deep crypto market making experience and cross-venue coverage.

Website: raven-trading.com

Susquehanna International Group (SIG)

Platforms: Kalshi (designated market maker)Background: Traditional finance quantitative trading firm, founded 1987

Susquehanna is one of the largest quantitative trading firms in the world, with decades of experience in options market making across traditional financial markets. In April 2024, Kalshi announced SIG as its first designated market maker, bringing institutional-grade liquidity depth to the platform.

SIG's involvement signals the maturation of prediction markets as an asset class. The firm brings massive capital reserves and sophisticated pricing models honed over decades of options trading. Their presence on Kalshi has been particularly impactful for high-volume sports and political contracts where deep liquidity is essential.

However, SIG's prediction market activity is primarily limited to Kalshi. The firm does not appear to be active on decentralized prediction platforms like Polymarket, which limits its coverage of the broader prediction market ecosystem.

Best for: Institutional participants trading large volumes on Kalshi who need deep, reliable liquidity from a regulated market maker.

DRW / Cumberland

Platforms: Active in broader crypto markets, prediction market involvement reportedBackground: Chicago-based diversified trading firm, founded 1992

DRW, through its crypto arm Cumberland, is one of the most established trading firms operating in digital asset markets. Cumberland has been providing crypto liquidity since 2014 and has deep relationships across exchanges and institutional counterparties.

While DRW's direct prediction market making activity is less publicly documented than SIG's designated role on Kalshi, the firm's quantitative trading capabilities and broad crypto market presence position it to provide liquidity across prediction market venues. DRW's traditional finance DNA and risk management infrastructure make it well-suited for the binary outcome dynamics unique to prediction markets.

Best for: Institutional counterparties looking for OTC execution and large-block liquidity with a firm that has deep traditional finance roots.

Wintermute

Platforms: Broader crypto market making, some prediction market activityBackground: Leading crypto algorithmic trading firm, founded 2017

Wintermute is one of the largest crypto liquidity providers in the world, trading billions daily across centralized and decentralized exchanges. The firm has acknowledged the prediction market opportunity and has engaged with the space, including developing a smart contract for a multi-chain election prediction market using Chaos Labs' Edge Proofs Oracle in 2024.

Wintermute's core strength is its massive crypto market making infrastructure across 50+ exchanges. Whether the firm is actively providing continuous liquidity on prediction market platforms like Polymarket or Kalshi at scale is less clear from public information, but its infrastructure and capital base make it a potential major player in the space.

Best for: Token projects and exchanges already working with Wintermute who want to explore prediction market liquidity as part of a broader partnership.

Individual Algorithmic Market Makers

Platforms: Polymarket, KalshiBackground: Independent traders and small teams running automated strategies

Beyond institutional firms, prediction markets are also served by a growing ecosystem of individual algorithmic market makers. These traders typically build custom bots that quote prices on specific contract categories where they have domain expertise, like sports, weather, or niche political markets.

On Polymarket's CLOB, anyone with API access can provide liquidity, and the platform's maker rebate program incentivizes limit orders. On Kalshi, independent market makers compete alongside designated institutional firms.

While individual market makers contribute meaningfully to liquidity in niche markets, they typically can't match the depth, consistency, and cross-venue coverage of institutional firms. Their liquidity tends to be thinner during high-volatility events, precisely when deep books matter most.

Best for: Lower-volume and niche markets where specialized domain knowledge creates a pricing edge.

How to Evaluate a Prediction Market Liquidity Provider

Not all liquidity providers are equal. When prediction market platforms evaluate potential market making partners, these are the factors that matter most.

Cross-venue coverage. Does the firm provide liquidity on multiple prediction market platforms, or just one? Cross-venue market makers can offer more consistent pricing and deeper books because they're arbitraging inefficiencies across platforms.

Contract category breadth. Some firms specialize in specific categories like sports or politics. The most valuable liquidity providers can price any contract type, from elections to weather to entertainment, because they have the infrastructure and models to handle diverse event-driven markets.

Infrastructure quality. Prediction markets require millisecond-level repricing when news breaks. Firms with proprietary, low-latency trading infrastructure built for digital asset markets have a significant edge over those using off-the-shelf systems.

Risk management sophistication. Binary outcomes, correlation between related contracts, and event-driven volatility create unique risk management challenges. The best prediction market makers have systems specifically designed for these dynamics, not just adapted from traditional crypto market making.

Capital and backing. Deep-pocketed firms backed by reputable investors can maintain liquidity through volatile periods when others withdraw. This staying power is critical during high-stakes events like elections or major sports finals.

Track record in crypto. Prediction markets are still crypto-native venues. Firms with deep experience across CeFi and DeFi markets understand the infrastructure, settlement mechanics, and risk dynamics better than pure traditional finance entrants.

The Future of Prediction Market Liquidity

Prediction markets are growing fast. Kalshi's trading volume increased from $300 million annualized to $40-50 billion between August 2024 and late 2025. Polymarket secured a $2 billion investment from Intercontinental Exchange at an $8 billion valuation. Robinhood, DraftKings, and FanDuel are all entering the space.

As these platforms scale, the demand for institutional liquidity will grow with them. New platforms launching in 2026 and beyond will need market making partners from day one to ensure their order books are deep enough to attract users. Existing platforms will need increasingly sophisticated liquidity providers who can handle the complexity of sports parlays, multi-outcome contracts, and real-time event pricing.

The firms that have already built prediction market expertise and infrastructure today will have a significant first-mover advantage as this vertical matures.

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Raven is an institutional-grade algorithmic trading firm providing market making and liquidity provision across prediction markets, centralized exchanges, and DeFi protocols. Learn more at raven-trading.com or discuss a partnership.

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