> ## Documentation Index > Fetch the complete documentation index at: https://docs.routeur.app/llms.txt > Use this file to discover all available pages before exploring further. # Live stream > Quotes, trades, new relations and leads pushed as they are recorded, as [Server-Sent Events](https://html.spec.whatwg.org/multipage/server-sent-events.html) over one keyed connection. Authenticate as for any request; a browser `EventSource` cannot send the key header, so connect from a server. ## Topics - `quotes`: a market's top-of-book asks changed. Recorded on each crawl of a venue, so quotes arrive in bursts. - `trades`: a public fill was recorded, usually within a minute of execution. `recorded_at` shows when; a recording backlog can deliver older fills. - `books`: the top of a market's order book changed (best prices or the size at them), at most once a second per market, with mid, microprice, spread, 5-cent depth and imbalance. Only markets whose book is recorded from the venue feed appear; name them in `markets` to follow a few. - `relations`: relations a finished graph run proved for the first time. A run that finds more than 10,000 new relations (a new graph version) sends one `relations_truncated` event instead; read them from the REST endpoints. - `leads`: every lead of a finished graph run, up to 1,000, in the order of `/v1/opportunities`. - `rules`: a market's terms changed: a new contract version replaced the previous one, a rulebook above it (series or event terms, resolution metadata) changed under an unchanged contract, or the venue's contract terms document changed. `rules_path` names where to read the versions and diffs. `venue` and `markets` narrow quotes, trades, books and rule changes by their market, and relations and leads by either side; `relations_truncated` is always sent to relations streams. `min_usd` drops smaller trades. ## Resuming Every data event has an `id`. After a drop, reconnect with the last id in the `Last-Event-ID` header (or as `cursor`) and the same filters: events after it are replayed in order, then the stream continues live, with nothing missed or repeated. Ids are opaque, ordered strings. A cursor from the last hour always resumes; an older or unknown cursor gets a `reset` event and the stream continues from now. ## Connection The stream opens with `ready`. A comment line (`: heartbeat`) is sent every 15 seconds; treat 45 seconds of silence as a dead connection. Streams end themselves after 45 to 55 minutes, and when a server restarts or a client falls a full buffer behind, with a `reconnect` event carrying the cursor to resume from. Reconnect after the `retry` interval (3 seconds), backing off on errors. ## Limits A key may hold one concurrent stream per 60 requests a minute of its limit, at least 1 and at most 20 (per API instance). Opening a stream counts as a request, and an open stream counts one more request per minute against the daily quota; a stream whose key exhausts the quota receives an `error` event and ends. ## OpenAPI ````yaml /openapi.yaml get /v1/stream openapi: 3.1.0 info: title: Routeur Graph API version: '2026-09-15' summary: >- Proven relations between Kalshi and Polymarket contracts, with the history and signals built on them. description: > Routeur reads every open market on Kalshi and global Polymarket, and proves which ones imply, exclude or equal each other from each venue's structured contract terms and exact arithmetic. No relation is inferred from prose, and ambiguous or conflicting evidence is withheld. ## Authentication Send your key in the `X-API-Key` header, or as `Authorization: Bearer `. Keys look like `rk_live_<12-character id>_<43-character secret>` and are shown once when issued. Keep them server-side. ## Rate limits Every key has a per-minute limit and a per-day quota set by its tier: | Tier | Requests per minute | Requests per day | |---|---|---| | free | 30 | 2,000 | | trader | 120 | 50,000 | | pro | 600 | 500,000 | | institutional | 3,000 | 10,000,000 | Responses carry `X-RateLimit-Limit`, `X-RateLimit-Remaining` and `X-RateLimit-Reset` (Unix seconds) for the minute window, and `X-Daily-Quota-Limit` and `X-Daily-Quota-Remaining` for the day (UTC). A request over either limit returns `429` with `Retry-After` in seconds. ## Conventions - Money and prices are decimal strings in USD (for example `"0.4100"`), never floats. Prices are per contract that pays $1. - Times are RFC 3339 in UTC. - Successful responses wrap results in `data`. Graph-derived responses also name the `graph_run` they were read from; runs finish hourly. - Paginated lists return `next_cursor` when more results exist. Pass it back as `cursor` unchanged; cursors are opaque. - Unknown or repeated query parameters are rejected with `400`, so typos never silently widen a query. ## Liquidity Every object that names a market carries its 24-hour volume, its spread and a `liquidity` grade, because a price nobody can trade at is not a price: | Grade | 24-hour volume or open interest | Round-trip spread | |---|---|---| | `deep` | $25,000 traded, or $250,000 open interest | 2¢ or less | | `tradeable` | $1,000 traded, or $25,000 open interest | 5¢ or less | | `thin` | anything less, or no quoted round trip | | Lists that suggest something to act on — price gaps, leads, movers, flows, large fills, closing soon, strategy matches — leave thin markets out by default, and rank what is left by the money behind it. Three parameters change that wherever it applies: `min_volume_usd`, `max_spread_usd` and `include_thin=true`, which drops both floors. Search and event listings show thin markets but rank them below what can be traded. ## Errors Errors return a JSON body `{"error": {"code": "...", "message": "..."}}`. Branch on `code`; messages may change. | Status | Code | Meaning | |---|---|---| | 400 | `invalid_parameter` | A query parameter is unknown, repeated or out of range. | | 400 | `invalid_market` | The venue is not `kalshi` or `polymarket`, or the market id is malformed. | | 400 | `invalid_rulebook` | The venue, rulebook kind or id is malformed. | | 401 | `api_key_required` | No key was sent. | | 401 | `invalid_api_key` | The key is malformed or unknown. | | 401 | `api_key_revoked` | The key was revoked. | | 404 | `market_not_found` | The market is not in the latest graph. | | 404 | `relation_not_found` | Both markets are listed, but no current proof relates them. | | 404 | `rulebook_not_found` | No such rulebook has been recorded. | | 404 | `book_not_found` | No order book is recorded for the market at that time. | | 404 | `not_found` | No such endpoint. | | 429 | `rate_limited` | The per-minute limit was exceeded. | | 429 | `daily_quota_exceeded` | The daily quota is used up. | | 429 | `too_many_streams` | The key already holds its concurrent live streams. | | 503 | `graph_unavailable` | No graph run has finished yet. | | 503 | `stream_unavailable` | No live stream capacity is free; retry shortly. | | 504 | `timeout` | The request took longer than 15 seconds. | | 500 | `internal` | Something failed on our side. | ## Webhooks Mispricing alerts are delivered as signed `POST` requests; see the `webhooks` section. Each request carries `Routeur-Signature: t=,v1=`, where `v1` is HMAC-SHA256 of `.` keyed by your subscription's signing secret. Reject requests whose signature does not match or whose `t` is more than five minutes old, and respond `2xx` within 10 seconds. `Routeur-Delivery` identifies the delivery and stays the same across retries, so use it to ignore duplicates. Any response other than `2xx` or `410`, or no response, is retried with exponential backoff from 30 seconds for up to 8 attempts; responding `410 Gone` disables the subscription. Endpoints must be HTTPS on a public address, and redirects are not followed. contact: name: Routeur url: https://routeur.app servers: - url: https://api.routeur.app security: - apiKey: [] - bearer: [] tags: - name: Events description: Real-world events across both venues, the way people browse them. - name: Graph description: Markets and the relations proven between them. - name: History description: Recorded quotes and trades. - name: Rules description: | Contract terms and their history. Every version of every market's rule text is kept from the day it was first seen, along with the rulebooks above it (Kalshi series and event terms, Polymarket resolution metadata) and the venue's contract terms documents, with diffs between versions. - name: Books description: >- Order books recorded live from each venue's feed, their history, and the health of the feeds. - name: Signals description: Mispricing leads and unusual trading derived from the graph and history. - name: Live description: Quotes, trades, relations and leads pushed as they happen. - name: Service description: Service status and this document. paths: /v1/stream: get: tags: - Live summary: Live stream description: > Quotes, trades, new relations and leads pushed as they are recorded, as [Server-Sent Events](https://html.spec.whatwg.org/multipage/server-sent-events.html) over one keyed connection. Authenticate as for any request; a browser `EventSource` cannot send the key header, so connect from a server. ## Topics - `quotes`: a market's top-of-book asks changed. Recorded on each crawl of a venue, so quotes arrive in bursts. - `trades`: a public fill was recorded, usually within a minute of execution. `recorded_at` shows when; a recording backlog can deliver older fills. - `books`: the top of a market's order book changed (best prices or the size at them), at most once a second per market, with mid, microprice, spread, 5-cent depth and imbalance. Only markets whose book is recorded from the venue feed appear; name them in `markets` to follow a few. - `relations`: relations a finished graph run proved for the first time. A run that finds more than 10,000 new relations (a new graph version) sends one `relations_truncated` event instead; read them from the REST endpoints. - `leads`: every lead of a finished graph run, up to 1,000, in the order of `/v1/opportunities`. - `rules`: a market's terms changed: a new contract version replaced the previous one, a rulebook above it (series or event terms, resolution metadata) changed under an unchanged contract, or the venue's contract terms document changed. `rules_path` names where to read the versions and diffs. `venue` and `markets` narrow quotes, trades, books and rule changes by their market, and relations and leads by either side; `relations_truncated` is always sent to relations streams. `min_usd` drops smaller trades. ## Resuming Every data event has an `id`. After a drop, reconnect with the last id in the `Last-Event-ID` header (or as `cursor`) and the same filters: events after it are replayed in order, then the stream continues live, with nothing missed or repeated. Ids are opaque, ordered strings. A cursor from the last hour always resumes; an older or unknown cursor gets a `reset` event and the stream continues from now. ## Connection The stream opens with `ready`. A comment line (`: heartbeat`) is sent every 15 seconds; treat 45 seconds of silence as a dead connection. Streams end themselves after 45 to 55 minutes, and when a server restarts or a client falls a full buffer behind, with a `reconnect` event carrying the cursor to resume from. Reconnect after the `retry` interval (3 seconds), backing off on errors. ## Limits A key may hold one concurrent stream per 60 requests a minute of its limit, at least 1 and at most 20 (per API instance). Opening a stream counts as a request, and an open stream counts one more request per minute against the daily quota; a stream whose key exhausts the quota receives an `error` event and ends. operationId: streamEvents parameters: - name: topics in: query required: true description: Comma-separated topics to receive. schema: type: string pattern: >- ^(quotes|trades|books|relations|leads|rules)(,(quotes|trades|books|relations|leads|rules))*$ example: trades,leads - $ref: '#/components/parameters/VenueFilter' - name: markets in: query description: Up to 50 comma-separated markets as `venue:id`. schema: type: string maxLength: 10500 example: >- kalshi:KXNFLSPREAD-26SEP14DENKC-KC21,polymarket:nfl-den-kc-2026-09-15-spread-away-1pt5 - name: min_usd in: query description: Only trades of at least this notional, in USD. schema: type: integer minimum: 0 maximum: 100000000 default: 0 - name: cursor in: query description: >- Resume after this event id. `Last-Event-ID` does the same; this parameter wins when both are sent. schema: type: string maxLength: 40 pattern: ^[0-9]+(-[0-9]+)?$ - name: Last-Event-ID in: header description: The id of the last event received, sent by SSE clients on reconnect. schema: type: string maxLength: 40 responses: '200': description: > An event stream. Each event's `data` is one JSON object; the schema for each event name is in `x-events`: `ready` (StreamReady), `quote` (StreamQuote), `trade` (StreamTrade), `book` (StreamBook), `relation` (StreamRelation), `relations_truncated` (StreamRelationsTruncated), `lead` (StreamLead), `rule_change` (StreamRuleChange), `reset` (StreamNotice), `reconnect` (StreamReconnect) and `error` (StreamError). headers: X-RateLimit-Limit: $ref: '#/components/headers/X-RateLimit-Limit' X-RateLimit-Remaining: $ref: '#/components/headers/X-RateLimit-Remaining' X-RateLimit-Reset: $ref: '#/components/headers/X-RateLimit-Reset' X-Daily-Quota-Limit: $ref: '#/components/headers/X-Daily-Quota-Limit' X-Daily-Quota-Remaining: $ref: '#/components/headers/X-Daily-Quota-Remaining' content: text/event-stream: schema: type: string example: > retry: 3000 event: ready data: {"topics":["trades","leads"],"heartbeat_seconds":15,"reconnect_after_seconds":2917,"replay_window_seconds":3600} id: 90412 event: trade data: {"venue":"kalshi","id":"d9b1c2e4","market_id":"KXNFLSPREAD-26SEP14DENKC-KC21","outcome":"yes","taker_action":"buy","price_usd":"0.1800","quantity":"250","notional_usd":"45.00","executed_at":"2026-09-14T18:02:11Z","block":false,"recorded_at":"2026-09-14T18:02:40Z"} : heartbeat id: 90467-0 event: lead data: {"graph_run":812,"relation":"contradicts","cross_venue":true,"left":{"venue":"kalshi","id":"KXNFLSPREAD-26SEP14DENKC-KC21","title":"Kansas City wins by over 20.5 points?","rules_hash":"9f2c61d0a4be"},"right":{"venue":"polymarket","id":"nfl-den-kc-2026-09-15-spread-away-1pt5","title":"Spread: Broncos (-1.5)","rules_hash":"0c77e1b9d2aa"},"legs":[{"venue":"kalshi","market_id":"KXNFLSPREAD-26SEP14DENKC-KC21","side":"no","ask_usd":"0.83"},{"venue":"polymarket","market_id":"nfl-den-kc-2026-09-15-spread-away-1pt5","side":"no","ask_usd":"0.14"}],"cost_usd":"0.97","gross_edge_usd":"0.03","estimated_fee_usd":"0.01","net_edge_usd":"0.02","issues":["settle differently across venues"]} event: reconnect data: {"reason":"lifetime","cursor":"90467-0"} '400': $ref: '#/components/responses/BadRequest' '401': $ref: '#/components/responses/Unauthorized' '429': description: >- Rate limit, daily quota, or the key's concurrent streams (`too_many_streams`) exceeded. headers: Retry-After: description: Seconds to wait before retrying. schema: type: integer content: application/json: schema: $ref: '#/components/schemas/Error' '503': description: >- No stream capacity is free on the instance reached (`stream_unavailable`); retry after `Retry-After`. headers: Retry-After: description: Seconds to wait before retrying. schema: type: integer content: application/json: schema: $ref: '#/components/schemas/Error' default: $ref: '#/components/responses/Error' components: parameters: VenueFilter: name: venue in: query description: Only results on this venue. schema: $ref: '#/components/schemas/Venue' headers: X-RateLimit-Limit: description: Requests allowed per minute for this key. schema: type: integer X-RateLimit-Remaining: description: Requests left in the current minute. schema: type: integer X-RateLimit-Reset: description: Unix time when the minute window resets. schema: type: integer X-Daily-Quota-Limit: description: Requests allowed per UTC day. schema: type: integer X-Daily-Quota-Remaining: description: Requests left today. schema: type: integer responses: BadRequest: description: Invalid parameter or market. content: application/json: schema: $ref: '#/components/schemas/Error' example: error: code: invalid_parameter message: 'Invalid or unsupported query parameter: limit.' Unauthorized: description: Missing, invalid or revoked API key. headers: WWW-Authenticate: schema: type: string content: application/json: schema: $ref: '#/components/schemas/Error' example: error: code: api_key_required message: Send an API key in the X-API-Key header or as a Bearer token. Error: description: Any other error. content: application/json: schema: $ref: '#/components/schemas/Error' schemas: Error: type: object additionalProperties: false required: - error properties: error: type: object additionalProperties: false required: - code - message properties: code: type: string description: A stable machine-readable code. message: type: string description: A human-readable explanation. Venue: type: string enum: - kalshi - polymarket securitySchemes: apiKey: type: apiKey in: header name: X-API-Key bearer: type: http scheme: bearer description: The same API key sent as a Bearer token. ````