Beta

    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.

    Showing 43 of 43 entities

    BrandEntity NameLegal NameTypeRoutes ToStatus
    KalshiKalshiExKalshiEx LLCDCM— Active
    KalshiKalshi KlearKalshi Klear LLCDCO— Active
    KalshiKinetic MarketsKinetic Markets, LLCFCMKalshiEx Active
    PolymarketPolymarket US (QCX)QCX LLC (Polymarket US)DCMPolymarket Clearing Active
    PolymarketPolymarket ClearingQC Clearing LLCDCO— Active
    Crypto.comCDNANADEX d/b/a Crypto.com Derivatives North AmericaDCMCDNA Active
    Crypto.comCDNANADEX d/b/a Crypto.com Derivatives North AmericaDCO— Active
    Crypto.comForis DAXForis DAX FCM LLCFCMCDNA Active
    DraftKingsDraftKings PredictionsGus III LLCIBCDNA, Wedbush Securities, Railbird Exchange, CME Active
    DraftKingsRailbird ExchangeRailbird Exchange LLCDCMPolymarket Clearing Active
    FanDuelFanDuel PredictsFanDuel Prediction Markets LLCFCMCME, Plus500 Active
    PrizePicksPrizePicks PredictionsPerformance Predictions II, LLCFCMKalshiEx, Polymarket US (QCX) Active
    CoinbaseCoinbase Financial MarketsCoinbase Financial Markets, Inc.FCMKalshiEx Active
    CoinbaseThe Clearing CompanyThe Clearing Company LLCDCO— Active
    CoinbaseCoinbase DerivativesCoinbase Derivatives LLCDCM— Active
    RobinhoodRobinhood DerivativesRobinhood Derivatives, LLCFCMKalshiEx, ForecastEx Active
    RobinhoodRotheraRothera Exchange and Clearing LLCDCMRothera Active
    RobinhoodRotheraRothera Exchange and Clearing LLCDCO— Active
    SleeperSleeper MarketsSleeper Markets LLCFCMKalshiEx Active
    Fanatics MarketsParagon Global MarketsParagon Global Markets LLCIBCDNA Active
    WeBullWeBullWebull Financial LLCFCMKalshiEx Active
    Underdog FantasyUDMUDM LLCFCMAristotle Exchange DCM, KalshiEx Active
    Underdog FantasyAristotle Exchange DCMAristotle Exchange DCM, Inc.DCMAristotle Exchange DCO Active
    Underdog FantasyAristotle Exchange DCOAristotle Exchange DCO, Inc.DCO— Active
    Interactive Brokers GroupForecastExForecastEx LLCDCMForecastEx Active
    Interactive Brokers GroupForecastExForecastEx LLCDCO— Active
    Interactive Brokers GroupInteractive Brokers LLCInteractive Brokers LLCFCMForecastEx Active
    InfrastructureCMEChicago Mercantile Exchange Inc.DCMCME Active
    InfrastructureCMEChicago Mercantile Exchange Inc.DCO— Active
    InfrastructureWedbush SecuritiesWedbush Securities Inc.FCMCME Active
    InfrastructurePlus500Plus500 Ltd.DCO— Active
    OGForis DAXForis DAX FCM LLCFCMCDNA Active
    KrakenSmall ExchangeSmall Exchange Inc.DCMOCC Active
    KrakenNinjaTraderNinjaTrader LLCFCMSmall Exchange Active
    KrakenOCCOptions Clearing CorporationDCO— Active
    BitnomialBitnomial ClearingBitnomial Clearing, LLCFCMBitnomial Exchange Active
    BitnomialBitnomial ExchangeBitnomial Exchange, LLCDCMBitnomial Clearinghouse Active
    BitnomialBitnomial ClearinghouseBitnomial Clearinghouse, LLCDCO— Active
    Cantor FitzgeraldFMXFMX Futures Exchange, L.P.DCMCX Clearinghouse Active
    Cantor FitzgeraldCX ClearinghouseCX Clearinghouse, L.P.DCO— Active
    Cantor FitzgeraldCantor FitzgeraldCantor Fitzgerald & Co. IncFCMFMX Active
    ElectronXElectron Exchange DCMElectron Exchange DCM, LLCDCMElectron Exchange DCO Active
    ElectronXElectron Exchange DCOElectron Exchange DCO, LLCDCO— 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

    Guide

    DCOKalshi Klear

    Brokers routing here

    FCMKinetic Markets(Kalshi)
    FCMPrizePicks Predictions(PrizePicks)
    FCMCoinbase Financial Markets(Coinbase)
    FCMRobinhood Derivatives(Robinhood)
    FCMSleeper Markets(Sleeper)
    FCMWeBull(WeBull)
    FCMUDM(Underdog Fantasy)

    DCMPolymarket US (QCX)

    QCX LLC (Polymarket US)

    Guide

    DCOPolymarket Clearing

    Brokers routing here

    FCMPrizePicks Predictions(PrizePicks)

    DCMCDNA

    NADEX d/b/a Crypto.com Derivatives North America

    Guide

    DCOCDNA

    Brokers routing here

    FCMForis DAX(Crypto.com)
    IBDraftKings Predictions(DraftKings)
    IBParagon Global Markets(Fanatics Markets)
    FCMForis DAX(OG)

    DCMRailbird Exchange

    Railbird Exchange LLC

    Guide

    DCOPolymarket Clearing

    Brokers routing here

    IBDraftKings Predictions(DraftKings)

    DCMCoinbase Derivatives

    Coinbase Derivatives LLC

    Guide

    DCOThe Clearing Company

    DCMRothera

    Rothera Exchange and Clearing LLC

    Guide

    DCORothera

    DCMAristotle Exchange DCM

    Aristotle Exchange DCM, Inc.

    Guide

    DCOAristotle Exchange DCO

    Brokers routing here

    FCMUDM(Underdog Fantasy)

    DCMForecastEx

    ForecastEx LLC

    Guide

    DCOForecastEx

    Brokers routing here

    FCMRobinhood Derivatives(Robinhood)
    FCMInteractive Brokers LLC(Interactive Brokers Group)

    DCMCME

    Chicago Mercantile Exchange Inc.

    DCOCME

    Brokers routing here

    IBDraftKings Predictions(DraftKings)
    FCMFanDuel Predicts(FanDuel)
    FCMWedbush Securities

    DCMSmall Exchange

    Small Exchange Inc.

    Guide

    DCOOCC

    Brokers routing here

    FCMNinjaTrader(Kraken)

    DCMBitnomial Exchange

    Bitnomial Exchange, LLC

    DCOBitnomial Clearinghouse

    Brokers routing here

    FCMBitnomial Clearing(Bitnomial)

    DCMFMX

    FMX Futures Exchange, L.P.

    DCOCX Clearinghouse

    Brokers routing here

    FCMCantor Fitzgerald(Cantor Fitzgerald)

    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.

    Related Resources

    All Platforms DirectoryRegulatory TrackerPartnership TrackerNew Platforms 2026How Platform Apps WorkFee Comparison
    Data sources & methodology: Entity data compiled from CFTC public filings, NFA BASIC registration records, and official company announcements. "Published" means the entity has active CFTC registration or NFA membership. "Pending" indicates applications filed but not yet approved. Routing relationships are based on publicly disclosed partnerships and regulatory filings. This map is for informational purposes only and may not reflect real-time changes. Verify current registration status at NFA BASIC and CFTC Trading Organizations .