Paradigm building prediction market terminal for traders

Paradigm is building a prediction-market terminal aimed at professional traders and market makers, led by partner Arjun Balaji. Development on the project began in late 2025.

The terminal is being designed to provide a single interface for trading and market making across event-based contracts, with support for institutional order types and cross-platform access. People familiar with the project say the firm is also considering an internal market-making desk to supply liquidity and narrow prices in those markets.

Researchers working with Paradigm are exploring the feasibility of index products that would bundle multiple event contracts into a single tradable instrument, a construct similar to how stock indexes combine many securities into one product.

Paradigm already publishes a dashboard that aggregates trading volume and open interest across major prediction platforms covering sports, crypto, politics, culture and financial events. Team members posted publicly that they are building a tool to let users explore prediction-market data.

Prediction markets have recorded sustained growth, regularly exceeding $10 billion in monthly trading volume. Some forecasts project the sector could reach as much as $1 trillion in annual volume by the end of the decade. A range of trading venues and exchanges have introduced or are pursuing prediction-style products, including crypto exchanges that now offer prediction contracts and exchange operators seeking permission to list binary-style contracts.

Kalshi and Polymarket rank among the largest trading venues by volume, while newer platforms such as OPINION and predict.fun have seen rising activity. Paradigm has invested in the space, leading a $185 million Series C for a major venue and later participating in a larger funding round for the same company.

Regulators have focused scrutiny on prediction markets, debating whether some event contracts amount to sports betting and warning about risks of insider trading and market manipulation. Federal and state authorities in the United States are still determining which agencies should hold oversight, and some foreign jurisdictions have restricted or banned specific platforms.