Paradigm is building a prediction markets trading terminal for professional traders as it deepens its bet on Kalshi

Venture capital firm Paradigm is developing a prediction markets trading terminal catering to professional traders and market makers, led by partner Arjun Balaji who has been working on the project since late 2025. The firm, already Kalshi's most prominent backer after leading a December round that valued the company at $11B, is also exploring an internal market-making desk and prediction market indexes that would bundle multiple contracts into one tradable package. The move comes as Paradigm expands beyond crypto into AI and robotics, with the Wall Street Journal reporting the firm is raising up to $1.5B for a new fund covering all three sectors.