Prediction Market Infrastructure Map 2026
Complete map of every entity in the US prediction market infrastructure — exchanges, clearinghouses, and brokers.
13
Exchanges (DCM)
13
Clearinghouses (DCO)
15
Brokers (FCM)
2
Introducing Brokers (IB)
How to Read This Map
DCM — Exchange
Lists and matches orders. Where contracts are actually traded. CFTC-designated.
DCO — Clearinghouse
Guarantees settlement. Sits between buyer and seller. Holds collateral.
FCM — Broker
Holds customer funds. Submits trades to DCM on your behalf. NFA-registered.
IB — Introducing Broker
Solicits orders but does not hold funds. Routes through an FCM or directly to DCM.
Watchdog provenance receipts
Who is speaking, and what power do they actually have?
This map separates the entities that operate the market from the voices commenting on it. An exchange, FCM, DCO, platform, regulator, court, legislature, state agency, advocacy group, and media report all mean different things for users. Before treating a claim as a ban, rule change, or access change, match the speaker to an official source trail.
See how to read regulatory claimsRegulatory claim receipt
Classify the speaker, their legal power, the source trail, and the user impact before treating a claim as a rule change.
| Claimant | Power receipt | User-impact read |
|---|---|---|
| CFTC or another regulator | Regulator / enforcement | Can affect registered venues through rules, orders, enforcement, approvals, or no-action positions. Check the official action and effective date before assuming access changed. |
| Court | Order / injunction / ruling | May change access or obligations only according to the order, jurisdiction, parties, stay status, and effective date. |
| Congress or state legislature | Proposed or enacted law | A bill, hearing, committee vote, and enacted statute are different statuses. Treat proposed text as filed/proposed until official passage and effective dates are clear. |
| State regulator or attorney general | State-specific action | May be state-specific and may depend on licensing, injunctions, settlement terms, or platform response. Verify official state records and platform notices. |
| Platform or registered entity | Terms, listing, or enforcement policy | Can affect that platform's contracts, listing policy, user access, or enforcement terms, but it is not automatically a government ban. |
| Watchdog, trade group, or advocacy campaign | Advocacy / lobbying | Useful signal for pressure and messaging, but monitor-only unless it connects to an official filing, bill, order, rulemaking, or platform action. |
| Media report or analyst note | Report / allegation | Can identify a hook or allegation, but needs primary-source backup before treating it as a legal, access, pricing, or settlement change. |
Government action
Require: Official regulator release, Federal Register item, enforcement docket, court order, congressional record, state record, or platform notice.
Do not: Do not convert a headline, hearing preview, or campaign message into an enforceable rule.
Litigation or court status
Require: Court docket, injunction, ruling, stay, settlement, or official party filing with jurisdiction and effective status visible.
Do not: Do not say a lawsuit changes user access unless an order, platform notice, or settlement says so.
Legislation or hearing
Require: Bill text, sponsor page, committee page, hearing page, witness list, vote record, enacted law, and effective date when available.
Do not: Do not flatten hearing-only, filed/proposed, passed-one-chamber, and enacted statuses into the same risk level.
Advocacy or watchdog claim
Require: Official organization page plus any linked filing, ad buy, coalition letter, lobbying record, or cited government document.
Do not: Do not imply a watchdog, trade group, or ad campaign can ban a market by itself.
Platform enforcement or policy
Require: Official terms, listing rule, help page, enforcement notice, market rule, or access notice from the platform or registered entity.
Do not: Do not apply one platform's terms to another venue or wrapper without a routing/source receipt.
Media allegation
Require: Primary documents behind the report, named official records, direct filings, official statements, or platform/regulator notices.
Do not: Do not use social posts, affiliate summaries, or secondary rewrites as proof of identity, power, or user impact.
Status labels to apply
Source policy
Claimant identity
Require: Official organization page, government record, hearing witness list, filing metadata, or platform/entity notice.
Avoid: Do not rely on Reddit, X, affiliate summaries, or unsourced secondary posts as proof of who is speaking or who funds the claim.
Claim type
Require: Classify the item as regulator action, bill/hearing, court filing/order, platform enforcement action, lobbying/advocacy, or media allegation.
Avoid: Do not flatten advocacy claims, media allegations, or hearing chatter into government action.
Status and power
Require: CFTC/Federal Register record, court docket, congressional page, state record, official platform policy, or official enforcement notice.
Avoid: Do not imply a watchdog, trade group, ad campaign, or commentator can ban a market without an official actor.
User impact
Require: Official effective date, injunction/order status, platform access notice, settlement term, direct legal text, or venue rule.
Avoid: If no current access, pricing, rule, or settlement change exists, label it monitor-only instead of action-required.
Showing 43 of 43 entities
| Brand | Entity Name | Legal Name | Type | Routes To | Status |
|---|---|---|---|---|---|
| Kalshi | KalshiEx | KalshiEx LLC | DCM | — | Active |
| Kalshi | Kalshi Klear | Kalshi Klear LLC | DCO | — | Active |
| Kalshi | Kinetic Markets | Kinetic Markets, LLC | FCM | KalshiEx | Active |
| Polymarket | Polymarket US (QCX) | QCX LLC (Polymarket US) | DCM | Polymarket Clearing | Active |
| Polymarket | Polymarket Clearing | QC Clearing LLC | DCO | — | Active |
| Crypto.com | CDNA | NADEX d/b/a Crypto.com Derivatives North America | DCM | CDNA | Active |
| Crypto.com | CDNA | NADEX d/b/a Crypto.com Derivatives North America | DCO | — | Active |
| Crypto.com | Foris DAX | Foris DAX FCM LLC | FCM | CDNA | Active |
| DraftKings | DraftKings Predictions | Gus III LLC | IB | CDNA, Wedbush Securities, Railbird Exchange, CME | Active |
| DraftKings | Railbird Exchange | Railbird Exchange LLC | DCM | Polymarket Clearing | Active |
| FanDuel | FanDuel Predicts | FanDuel Prediction Markets LLC | FCM | CME, Plus500 | Active |
| PrizePicks | PrizePicks Predictions | Performance Predictions II, LLC | FCM | KalshiEx, Polymarket US (QCX) | Active |
| Coinbase | Coinbase Financial Markets | Coinbase Financial Markets, Inc. | FCM | KalshiEx | Active |
| Coinbase | The Clearing Company | The Clearing Company LLC | DCO | — | Active |
| Coinbase | Coinbase Derivatives | Coinbase Derivatives LLC | DCM | — | Active |
| Robinhood | Robinhood Derivatives | Robinhood Derivatives, LLC | FCM | KalshiEx, ForecastEx | Active |
| Robinhood | Rothera | Rothera Exchange and Clearing LLC | DCM | Rothera | Active |
| Robinhood | Rothera | Rothera Exchange and Clearing LLC | DCO | — | Active |
| Sleeper | Sleeper Markets | Sleeper Markets LLC | FCM | KalshiEx | Active |
| Fanatics Markets | Paragon Global Markets | Paragon Global Markets LLC | IB | CDNA | Active |
| WeBull | WeBull | Webull Financial LLC | FCM | KalshiEx | Active |
| Underdog Fantasy | UDM | UDM LLC | FCM | Aristotle Exchange DCM, KalshiEx | Active |
| Underdog Fantasy | Aristotle Exchange DCM | Aristotle Exchange DCM, Inc. | DCM | Aristotle Exchange DCO | Active |
| Underdog Fantasy | Aristotle Exchange DCO | Aristotle Exchange DCO, Inc. | DCO | — | Active |
| Interactive Brokers Group | ForecastEx | ForecastEx LLC | DCM | ForecastEx | Active |
| Interactive Brokers Group | ForecastEx | ForecastEx LLC | DCO | — | Active |
| Interactive Brokers Group | Interactive Brokers LLC | Interactive Brokers LLC | FCM | ForecastEx | Active |
| Infrastructure | CME | Chicago Mercantile Exchange Inc. | DCM | CME | Active |
| Infrastructure | CME | Chicago Mercantile Exchange Inc. | DCO | — | Active |
| Infrastructure | Wedbush Securities | Wedbush Securities Inc. | FCM | CME | Active |
| Infrastructure | Plus500 | Plus500 Ltd. | DCO | — | Active |
| OG | Foris DAX | Foris DAX FCM LLC | FCM | CDNA | Active |
| Kraken | Small Exchange | Small Exchange Inc. | DCM | OCC | Active |
| Kraken | NinjaTrader | NinjaTrader LLC | FCM | Small Exchange | Active |
| Kraken | OCC | Options Clearing Corporation | DCO | — | Active |
| Bitnomial | Bitnomial Clearing | Bitnomial Clearing, LLC | FCM | Bitnomial Exchange | Active |
| Bitnomial | Bitnomial Exchange | Bitnomial Exchange, LLC | DCM | Bitnomial Clearinghouse | Active |
| Bitnomial | Bitnomial Clearinghouse | Bitnomial Clearinghouse, LLC | DCO | — | Active |
| Cantor Fitzgerald | FMX | FMX Futures Exchange, L.P. | DCM | CX Clearinghouse | Active |
| Cantor Fitzgerald | CX Clearinghouse | CX Clearinghouse, L.P. | DCO | — | Active |
| Cantor Fitzgerald | Cantor Fitzgerald | Cantor Fitzgerald & Co. Inc | FCM | FMX | Active |
| ElectronX | Electron Exchange DCM | Electron Exchange DCM, LLC | DCM | Electron Exchange DCO | Active |
| ElectronX | Electron Exchange DCO | Electron Exchange DCO, LLC | DCO | — | Active |
Order Routing by Exchange
How consumer apps connect to CFTC-registered exchanges and clearinghouses. Each group shows the exchange (DCM), its clearing partner (DCO), and the brokers (FCMs/IBs) that route orders to it.
DCMKalshiEx
KalshiEx LLC
DCOKalshi Klear
Brokers routing here
DCMPolymarket US (QCX)
QCX LLC (Polymarket US)
DCOPolymarket Clearing
Brokers routing here
DCMCDNA
NADEX d/b/a Crypto.com Derivatives North America
DCOCDNA
Brokers routing here
DCMRailbird Exchange
Railbird Exchange LLC
DCOPolymarket Clearing
Brokers routing here
DCMCoinbase Derivatives
Coinbase Derivatives LLC
DCOThe Clearing Company
DCMRothera
Rothera Exchange and Clearing LLC
DCORothera
DCMAristotle Exchange DCM
Aristotle Exchange DCM, Inc.
DCOAristotle Exchange DCO
Brokers routing here
DCMForecastEx
ForecastEx LLC
DCOForecastEx
Brokers routing here
DCMCME
Chicago Mercantile Exchange Inc.
DCOCME
Brokers routing here
DCMBitnomial Exchange
Bitnomial Exchange, LLC
DCOBitnomial Clearinghouse
Brokers routing here
DCMFMX
FMX Futures Exchange, L.P.
DCOCX Clearinghouse
Brokers routing here
DCMElectron Exchange DCM
Electron Exchange DCM, LLC
DCOElectron Exchange DCO
Frequently Asked Questions
What is a prediction market infrastructure map?
A prediction market infrastructure map shows the full chain of entities involved in executing a prediction market trade — from the consumer app (brand) to the legal entity (broker/FCM/IB) to the exchange (DCM) and clearinghouse (DCO). Understanding this chain reveals who actually holds your funds, who lists the contracts, and who guarantees settlement.
What is a DCM in prediction markets?
A DCM (Designated Contract Market) is a CFTC-registered exchange authorized to list and trade event contracts. Examples include KalshiEx, Polymarket US (QCX LLC), and CDNA. The DCM sets the rules for contract listing, trading, and settlement.
What is a DCO in prediction markets?
A DCO (Derivatives Clearing Organization) is the clearinghouse that guarantees contract performance. It sits between buyers and sellers, ensuring settlement when contracts resolve. Some entities (like CDNA) are registered as both DCM and DCO.
What is an FCM in prediction markets?
An FCM (Futures Commission Merchant) is a broker that holds customer funds and submits trades to a DCM on behalf of users. Examples include Robinhood Derivatives, Coinbase Financial Markets, and FanDuel Prediction Markets. FCMs are regulated by the CFTC and NFA.
Who operates prediction markets in the US?
US prediction markets are operated by a network of CFTC-registered entities including exchanges (DCMs like KalshiEx, CDNA, QCX), clearinghouses (DCOs like Kalshi Klear, QC Clearing), and brokers (FCMs like Robinhood Derivatives, Coinbase Financial Markets). Consumer-facing apps like Robinhood, Coinbase, and WeBull route orders through these regulated entities.