NEXTPredict, a prediction markets conference organizer, purchased contracts on the Kalshi platform to hedge against mass flight cancellations at JFK Airport. The premium paid was $12,000 for coverage of $3 million, representing the organizer’s total investment in the October 22-23 event in New York. Susquehanna took the opposite position as market maker. The contracts pay out if more than half of flights scheduled to land at JFK are canceled on October 21, the day before the event. Pierre Lindh, co-founder of NEXT.io, highlighted this as the first hedge of its kind in the event industry.
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