Market-Data Terms

“Market data” means prices, quotes, order-book depth, trades, volumes, funding and settlement prices, indices, reference rates, confidence scores and analytics derived from them, made available through ORBITRA ONE™ products, APIs, feeds or reports.

These terms apply together with the agreement for the product through which you receive market data. Some data is subject to additional terms set by its source, which prevail for that data.

• Native data is generated on Orbitra L1, including ApexMatch order books, trades and settlement records, and market state published by Prism. Prism collects prices from sources such as exchanges, dealers and benchmarks, normalizes time, units and quality, aggregates them with a robust median and weighting, and publishes signed market state with a confidence score based on freshness and dispersion.
• Third-party data is licensed from exchanges, data vendors, benchmark administrators and other providers. Those providers own their data, and their rights and restrictions apply to it.

Where a provider requires it, its name and notices are displayed with its data.

Display use means viewing data on a screen, in an interface or in a report, to inform your own decisions.

Non-display use means any other use, including in algorithmic or automated trading, Cortex agents and deployed strategies, risk calculations, valuations, index calculation, derived-data products, back-office processing and the training or evaluation of models.

Unless your agreement says otherwise, market data is licensed for display use and for non-display use within your own activity on ORBITRA ONE™. Non-display use outside the platform may require a separate license and fees, and third-party sources may impose their own non-display terms.

You receive a limited, non-exclusive, non-transferable and revocable license to use market data for your internal purposes in connection with ORBITRA ONE™ products. Unless we agree in writing, you must not:

• redistribute, sell, sublicense or publish market data, or make it available to any third party, including through websites, apps, social media, bots or APIs;
• use market data to create, calculate or publish an index, benchmark or derived-data product for others;
• use market data to operate a trading venue, pricing service or data service;
• remove or alter attributions, notices, timestamps or signatures;
• store market data beyond what your own use reasonably requires;
• use market data in breach of any law, including rules against market abuse.

You may include limited excerpts in internal reports, research notes or regulatory filings, with attribution, provided that the original data cannot be reconstructed from them.

Data may be real-time, delayed or end-of-day, depending on the source and your entitlements. Delayed data is identified as delayed where it is displayed, and the length of the delay can vary by source.

Real-time data can also arrive late because of network conditions, processing load, source outages or confidence checks, so check timestamps before relying on a price. Delays, gaps and stale data can affect orders, alerts, automated strategies and risk calculations that depend on them.

Market data is collected, processed and published with care, and Prism confidence scores signal when data is less reliable. Even so, data can be inaccurate, incomplete, delayed, interrupted or out of sequence, and third-party data is provided as received from its source.

To the extent permitted by law, market data is provided “as is”, without warranty of accuracy, completeness, timeliness or fitness for a particular purpose, and neither we nor our data providers are liable for decisions made or losses incurred in reliance on it. Market data is not investment advice.

Prices used for margin, liquidation and settlement are determined by each product’s rules and can differ from prices displayed in charts or quoted on other venues.

Charts, order tickets, workspace screens and other interfaces shown on this marketing website illustrate the product experience. They display no live market data. Instrument names, prices, positions and figures in them are examples, not quotes, offers or records of actual trading.

Where you are permitted to display or share market data, attribute it to ORBITRA ONE™ and, where applicable, to the original source, in the form we or the source specify, together with the timestamp and any delay label.

Prism market state is signed. Do not alter signatures or timestamps, and do not present modified data as signed ORBITRA ONE™ data.

Some sources require us to report how their data is used and to verify compliance with their terms. You agree to provide reasonable information about your use of market data on request and to cooperate with any verification a source requires.

We may suspend or withdraw market data, or change sources, formats or delivery methods, at any time — including when a source withdraws its data or changes its terms.

Your license ends automatically when your access to the relevant product ends or if you breach these terms. You must then stop using market data and delete any stored data that you are not legally required to keep.

Requests for redistribution, non-display or enterprise licenses, and questions about these terms, should be directed to hello@orbitraone.com.