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Spot and derivatives

An exchange,
ready to run

Matching, custody, liquidity, market data and compliance as one platform under your own brand — rather than a matching engine and a year of everything that has to go around it.

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  • 2Spot and derivatives
  • 100%White label
  • 24/7Markets
  • 0Vendor marks on show

What an exchange really is

The engine is
the easy part

Matching orders is a solved problem. Six things around it are what decide whether an exchange is a business or a demo.

  1. Custody you can defend

    Hot and cold wallets with withdrawal rules, multi-signature release and address whitelisting, and every movement written against the user who caused it. This is the part that ends exchanges when it is done casually, and no amount of throughput compensates for it.

  2. Books that are not empty

    A new venue with nothing quoting into it is a screen nobody comes back to. Market-maker connections and external liquidity can be routed into your book from day one, so the first users see depth rather than a spread they will not trade through.

  3. Onboarding that scales

    Registration, document capture, liveness and sanctions screening inside signup rather than in a queue behind it. An exchange that reviews every account by hand stops growing at exactly the point growth starts to matter.

  4. Fiat on and off

    Bank transfer, cards and local rails alongside on-chain deposits, posting to the same balance the trading engine reads. Users judge a venue on how easily money gets in and, more sharply, how easily it gets back out.

  5. A surveillance trail

    Orders, cancellations, fills, transfers and admin actions logged as they happen, in a form a regulator can be walked through. Assembling it afterwards from database exports is a different and much worse job.

  6. An API people build on

    REST and streaming market data, order placement and account endpoints, documented and versioned. Serious volume arrives through bots and integrations rather than through the web interface, and it arrives only where the API is good.

What is in the box

Six systems, one venue

Each of these is a project on its own. Together they are what a user experiences as an exchange.

  • Matching engine

    Price-time priority with the order types traders expect — limit, market, stop, post-only and reduce-only — on spot and on derivatives.

  • Custody and wallets

    Hot and cold separation, withdrawal approval rules, whitelisted addresses and an operator on the record for every release.

  • Liquidity

    Market-maker connections and external books routed into yours, so depth exists before your own users have created any.

  • Fiat rails

    Bank transfer, cards and local methods beside on-chain deposits, all landing on the balance the engine trades against.

  • Market data and API

    Streaming books, trades and candles, with REST and websocket endpoints documented well enough that people actually build on them.

  • Compliance

    KYC inside signup, sanctions screening on a schedule, travel-rule handling where it applies, and a trail written as events occur.

How a venue opens

Four stages to first volume

The middle two are ours. The first and the last are yours, and they are where the timeline is actually decided.

  1. Stage 01

    Entity and scope

    Jurisdiction, which markets you may serve, spot or derivatives or both, and which assets you intend to list first.

  2. Stage 02

    Custody and rails

    Wallet architecture, withdrawal rules, fiat providers and the KYC provider, all wired to accounts that are yours.

  3. Stage 03

    Liquidity and listing

    Market makers connected, pairs configured, fees and tick sizes set, and the book tested with real depth rather than a demo feed.

  4. Stage 04

    Open

    Your brand on the venue and the apps, your team trained on the admin side, and the API published for the people who will bring volume.

The venue

Your exchange, your name on it

Web, mobile and API all carry your brand and your domain. What is underneath is a commercial arrangement, not something your users have to know about.

  • Spot and derivatives
  • Custody with approval rules
  • Fiat and on-chain rails
  • Documented public API
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A branded exchange terminal open on a laptop

Questions about the venue

Before you take custody of anything

What people ask before launching a venue that will be holding other people’s assets.

  • You do, or a custodian you appoint. We supply the software that runs the wallets, the approval rules and the trail; we do not hold your users’ assets and we do not hold their keys. Hot and cold are separated, withdrawals follow the rules and limits you configure, addresses can be whitelisted with a cooling period, and every release is written against the operator who authorised it. It is worth deciding the custody model before anything else, because it is the one part that cannot be quietly changed afterwards.

  • Through market makers and external books routed into yours. A new venue has no organic depth — every one starts that way — so the book is seeded from outside until your own flow can hold it up. The connections are yours to negotiate and the platform routes to them, which means the arrangement and the pricing stay between you and the maker. Launching without this is the most common way a technically sound exchange fails to keep the users its marketing brought in.

  • Both, on the same platform, though not necessarily on the same day. Most venues open on spot and add derivatives once the book, the custody process and the support desk have been through a few volatile weeks. Derivatives bring margin, funding, liquidation and an insurance mechanism with them, and every one of those is a thing your team has to be ready to operate rather than merely switch on. Whether you may offer them at all is a question for your licence, not for us.

  • Yes, and for a venue holding assets that is often the right answer. Operators whose regulator expects user data and key material to sit on infrastructure they control deploy it themselves; others would rather we host and monitor it. Deployment, upgrades and monitoring are handled either way. The choice is about where things sit rather than which version of the platform you get, and it is worth settling with your compliance team before the application rather than after.

  • Market data, trading and account state — books, trades and candles over websocket, order placement and management over REST, and balances, transfers and history alongside them. Keys are scoped, so a read-only key for a dashboard cannot place an order, and rate limits are per key. It runs on your own domain like everything else. This is worth taking seriously: on most venues the majority of volume eventually arrives through the API rather than the web interface.