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“We have been there for a long time and we have our positioning quite cemented. [But] we need to look at ourselves and keep improving, keep embracing the Peruvian culture and the way we fit in the market by applying a localised approach.”

As seen in many markets, especially in LatAm, local Peruvian brands and their cultural knowledge are facing competition from international operators that often bring bigger scale in terms of technology and capital.

For Ramiro Atucha, founder and CEO of Atucha Strategic Advisory, whether international operators can press home their scalable advantages will depend on how seriously they take localisation.

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Liquidity can consequently become self-reinforcing. Market makers gravitate towards platforms offering dependable technology and substantial order flow, while their participation improves pricing and execution for consumers.

Sahil Patel, founder of competitive intelligence provider Aldrin AI, said those relationships help explain Kalshi’s position.

“A lot of market makers want to go where there’s liquidity,” he said, adding that platform stability and Kalshi’s investment in the financial side of its market-maker relationships were also important. “I think Kalshi is a freight train that’s just kind of running away with it.”