Gate News message, April 23 — Prediction market platform Kalshi has partnered with crypto oracle protocol Pyth as a data provider for its newly launched Commodities Hub, an interface enabling users to trade binary options on commodities including Brent crude oil, gold, lithium, and soybeans. Pyth will serve as the resolution source for these markets.
The Commodities Hub went live on Wednesday with dozens of active markets structured around specific price targets. Users can place bets on whether commodity prices will trade above or below predetermined levels. Kalshi Head of Crypto John Wang stated: “As the exchange deepens our offerings in liquid commodities, it’s important that Kalshi’s markets are backed by fast, institutional-grade data. Pyth’s price feeds are both granular and easy to consume, complementing Kalshi’s mission to make these markets accessible to a broader set of retail and institutional participants.”
Pyth aggregates price feeds from over 125 institutions, including exchanges and market makers, enabling 24/7 price discovery across asset classes. Pyth R&D firm Douro Labs CEO Mike Cahill noted: “Commodities markets are increasingly shaped by around-the-clock geopolitical developments, and market participants need price discovery that doesn’t stop when traditional exchanges close.” Kalshi’s most liquid oil market, with approximately $4 million in trading volume, will use ICE data for outcome verification. The move reflects growing interest in prediction markets as platforms extend commodity trading beyond traditional weekday operating schedules.
Earlier this month, Polymarket announced a similar integration with Pyth for commodities markets, while also using Chainlink as an oracle. Both platforms are competing intensely for market share and data partnerships. Kalshi was valued at $22 billion as of March, while Polymarket is raising capital at a $15 billion valuation. Regulatory challenges persist: the CFTC asserts prediction markets fall under its jurisdiction, yet state-level regulators have challenged these operations citing gambling laws. U.S. senators Adam Schiff and John Curtis introduced the “Prediction Markets Are Gambling Act” targeting sports betting, and some countries, including Argentina, are moving to block access. The PYTH token gained over 6% to $0.048 on the news, while bitcoin rose over 4% to $79,000.
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