Splitrule

hello@splitrule.com

Field Notes companion

The markets behind the apps

Companion map by Splitrule.

Each connector names a role. All lines have equal width and do not measure trading volume. Solid lines show documented relationships. Dashed lines identify proposed, beta, historical, early-access, announced, or unresolved status. Amber marks proposals, beta, conflicts, or open questions. Account roles use neutral gray.

Polymarket refers to the international venue; Polymarket US is separate.

Consumer apps

Brokerage access. Coinbase, Webull, and Public each connect to Kalshi. Robinhood connects to Kalshi, Rothera, CDNA, and ForecastEx. Interactive Brokers connects to ForecastEx, Kalshi, and CME. Lumina connects to ForecastEx, and IBKR carries Lumina accounts. Gemini connects to Gemini Titan.
Sources and downloads

SVG download | PNG | WebP

Source notes
Sports apps and new brands, with the exchanges named in each app’s disclosures. PrizePicks and Sleeper connect to Kalshi. Underdog connects to Kalshi, UDX, and Nadex (CDNA). DraftKings connects to DKeX, CME, and CDNA. FanDuel connects to CME and CDNA. Fanatics Markets connects to CDNA, and its retail terms still name CDNA. ROLR connects to CDNA. Betr connects to Polymarket US.
Sources and downloads

SVG download | PNG | WebP

Source notes
Wallets and crypto apps. Bybit, MetaMask, and Blockchain.com connect to Polymarket. Trust Wallet connects to Polymarket and Predict.fun, with dashed amber lines to Hyperliquid HIP-4, where access is unverified, and to Myriad, where provider listings conflict. Binance Wallet connects to Predict.fun. Phantom connects to World for positions from June 1, and to Kalshi through DFlow before then.
Sources and downloads

SVG download | PNG | WebP

Source notes
More market-access products. Market access: Wealthsimple Predict to Kalshi. Invited early access, dashed: NinjaTrader to Kalshi. Event-contract access: Tradovate to CME. Software and shared account, historical and dashed: PredictStreet to Matchbook, from a June to July campaign. Software deployment: BitMart US to Plaee, with its exchange and account provider unknown.
Sources and downloads

SVG download | PNG | WebP

Source notes
Kraken’s product range, with no arrows. Kraken main app: prediction markets not offered. Kraken Pro Price Predictor: a free game with noncash Ink Points. Kraken Derivatives US: a NinjaTrader Clearing alias, with market access unverified.
Sources and downloads

SVG download | PNG | WebP

Source notes

Institutional access and software

Negotiated Kalshi blocks. Pricing and liquidity: Susquehanna Predictions to the Cantor channel. Introducing-broker access: Cantor to Kalshi’s block framework, negotiated away from the central order book.
Sources and downloads

SVG download | PNG | WebP

Source notes
A bilateral OTC position. Liquidity supply: Susquehanna Crypto to BitGo OTC. The customer contract is a bilateral OTC derivative with digital-asset collateral, and BitGo is the counterparty. The hedge venue is unknown.
Sources and downloads

SVG download | PNG | WebP

Source notes
Software can support different pools. Matchbook’s available configurations are a shared pool across brands or a separate pool for one product. Named software deployment, historical and dashed: PredictStreet to Matchbook, from a June to July campaign with a shared account and wallet. The account operator is Triplebet Limited. PredictStreet’s pool type and current status are unverified.
Sources and downloads

SVG download | PNG | WebP

Source notes
Plaee’s separate relationships. Technology and venue integration: Plaee to CDNA. Venue integration in beta, dashed amber: Plaee to ProphetX. Named software deployment: BitMart US to Plaee, with its exchange and account provider unknown. Announced distribution partnership, dashed: Optimove to Plaee.
Sources and downloads

SVG download | PNG | WebP

Source notes

Accounts, clearing, and ownership

Accounts and clearing. Account providers: Public to Public’s own FCM and Apex Clearing (FCM). Account and API access: Apex Clearing (FCM) to Kalshi. Funds and clearing FCM: DraftKings (GUS III) to Wedbush Securities. Account provider: Coinbase to Coinbase Financial Markets. Early-access framework, dashed: NinjaTrader to NTC as account FCM and Kalshi Klear as DCO. DCO clearing: Polymarket US to QC Clearing.
Sources and downloads

SVG download | PNG | WebP

Source notes
Ownership alongside outside access. Joint-venture affiliation: Robinhood and Susquehanna to Rothera. Owned exchanges: DraftKings to DKeX, and Underdog to UDX. Completed acquisition: Fanatics to Water Street Labs and CX Clearinghouse. Fanatics’ retail terms still name CDNA. Announced equity stakes, dashed: Robinhood to Crypto.com and OG.com, planned after OG’s spin-off.
Sources and downloads

SVG download | PNG | WebP

Source notes
Common control and exclusive access. Common individual control: Thomas Peterffy to Lumina and IBKR Group. Ownership: IBKR Group to ForecastEx. Exclusive account carrying: Lumina to Interactive Brokers. Exclusive execution: Lumina to ForecastEx.
Sources and downloads

SVG download | PNG | WebP

Source notes
Coinbase: separate dated facts. A conditional announcement of The Clearing Company acquisition, expected to close in January. January 2, 2026: merger consideration received, recording the completed acquisition in an SEC filing. September 28, 2026: Coinbase Clearing LLC registered as a clearinghouse. Disclosed retail route: Kalshi, which current customer documentation names.
Sources and downloads

SVG download | PNG | WebP

Source notes
Payward’s Bitnomial ownership. Payward, Kraken’s parent, completed its acquisition of the Bitnomial group on May 1, 2026. The group owns three separate entities: Bitnomial Exchange, Bitnomial Clearing for FCM account services, and Bitnomial Clearinghouse for DCO clearing.
Sources and downloads

SVG download | PNG | WebP

Source notes
Two proposed clearing models: proposed exchange and clearing arrangements. Proposed clearing, dashed amber: Nasdaq MRX Futures to OCC. Its exchange application is pending since October 26, and its proposed CPI binaries would pay $100 or $0. Ownership: Forum Markets Group owns 100% of ForumEX and Forum Clearing, whose applications are pending since August 21 and August 3. Proposed clearing, dashed amber: ForumEX to Forum Clearing, for index contracts that settle each trading day and roll forward by default.
Sources and downloads

SVG download | PNG | WebP

Source notes

Data and onchain services

Data distribution and investment. Data supply and distribution: Polymarket to ICE data services, for normalized market data. Equity investment: ICE to Polymarket, with $600 million confirmed in March after $1 billion earlier.
Sources and downloads

SVG download | PNG | WebP

Source notes
Phantom’s position-date split. Before June 1, 2026, historical and dashed: Phantom positions to DFlow and Kalshi, as tokenized Kalshi contracts. From June 1, 2026: Phantom positions to World, which uses Solana liquidity providers and automatic redemption. Oracle example: World framework to Chainlink. Liquidity providers and hedge venues are unnamed.
Sources and downloads

SVG download | PNG | WebP

Source notes
Resolution and wallet services. Polymarket uses UMA as a resolution oracle and Chainlink TWAP for up/down resolution. Predict.fun makes a broad UMA resolver statement, shown dashed in amber because its scope conflicts with a BTC-specific announcement. Predict.fun uses Chainlink for BTC 15-minute markets and Privy with ZeroDev for wallet infrastructure.
Sources and downloads

SVG download | PNG | WebP

Source notes
Collateral and new platforms. Collateral yield: Predict.fun to Venus. Disclosed collateral yield: Trueo TYD to Yearn. Disclosed backing asset: Trueo TYD to USDC. Meridian: provider information unavailable.
Sources and downloads

SVG download | PNG | WebP

Source notes
Other market-system roles. Software library: Myriad to polkamarkets-js. Announced institutional partnership, dashed: Limitless to ParlayX. Opinion offers a CLOB SDK as a developer toolkit. Hyperliquid’s HIP-4 is an outcome-asset framework, and Trust Wallet access to it is unverified.
Sources and downloads

SVG download | PNG | WebP

Source notes

Market-system index

Find the exchanges and infrastructure providers shown in the map.

  1. Kalshi: The competition for distribution, Brokerage access, Sports apps and new brands, More market-access products, Negotiated Kalshi blocks, Accounts and clearing, Coinbase: separate dated facts, Phantom’s position-date split
  2. Polymarket: The competition for distribution, Wallets and crypto apps, Data distribution and investment, Resolution and wallet services
  3. Polymarket US: The competition for distribution, Sports apps and new brands, Accounts and clearing
  4. CDNA (Crypto.com): The competition for distribution, The businesses behind ROLR, Brokerage access, Sports apps and new brands, Plaee’s separate relationships
  5. CME: The competition for distribution, Brokerage access, Sports apps and new brands, More market-access products
  6. ForecastEx: The competition for distribution, One purchase, two fee totals, Brokerage access, Common control and exclusive access
  7. Rothera: The competition for distribution, Brokerage access, Ownership alongside outside access
  8. DKeX: The competition for distribution, Sports apps and new brands, Ownership alongside outside access
  9. UDX: The competition for distribution, Sports apps and new brands, Ownership alongside outside access
  10. Gemini Titan: The competition for distribution, Gemini’s operating market, Brokerage access
  11. Novig / Ludlow: Novig’s external clearer
  12. ProphetX: Plaee’s separate relationships
  13. Predict.fun: The competition for distribution, Wallets and crypto apps, Resolution and wallet services, Collateral and new platforms
  14. Myriad: Wallets and crypto apps, Other market-system roles
  15. Limitless: Other market-system roles
  16. Opinion: Other market-system roles
  17. Hyperliquid / HIP-4: Wallets and crypto apps, Other market-system roles
  18. World: The competition for distribution, Wallets and crypto apps, Phantom’s position-date split
  19. Matchbook: More market-access products, Software can support different pools
  20. Bitnomial Exchange: Payward’s Bitnomial ownership

Scope and exclusions

Kraken’s products include a free points game and a clearing-company alias; neither establishes a live prediction-market route. Trueo and Meridian appear among the emerging platforms. Cantor and BitGo serve institutional customers. Nasdaq MRX Futures and ForumEX have pending applications, shown in “Two proposed clearing models.”

Stand, FlipX, Liquid, Jupiter, and other explicit cross-venue terminals remain outside the main map. ParlayX is institutional context.

Article by Matt. Supporting material by Splitrule.

Field Notes in your inbox.

Prediction market research, Splitrule product updates, and launch news.

Subscribe to Field Notes Read the research 

Subscribe through Substack for Field Notes and product updates. No Splitrule account is needed. Privacy notes