Kalshi said an internal study of 2.2 million data points found prediction markets remained highly accurate even one week before an event and with just $50,000 to $60,000 in trading volume. Andy Ross, Head of Institutional at Kalshi, said the findings suggest well-calibrated markets do not require institutional-scale participation. The study highlights market calibration across lower-liquidity conditions, underscoring Kalshi’s argument that useful price discovery can emerge without large institutional size.