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Independent market makers
Each launch market is designed to open with two or more independent professional firms under designated-maker quality contracts, so no single provider defines the market.
Orbitra Liquidity Network
Professional liquidity with visible quality.
The spread you pay is the output of a supply system. Orbitra builds that system from independent professional market makers, a segregated liquidity vault, capped treasury inventory and external hedge routes — and publishes the quality measures that decide whether it is working.
- Independent providers
- Segregated vault
- Customer collateral apart
- Quality-vested incentives
Architecture
Four sources. One book. Separated resources.
ApexMatch
- Independent market makers — Two or more per launch market, under quality contracts
- Orbitra Liquidity Vault — A segregated vault with its own risk limits
- Treasury inventory — Capped and separately accounted
- External hedging — Routes that offset inventory risk outside the venue
- Customer collateral — Held separately and never used to fund market making
- Protection fund — A separate default resource with its own rules
- Spread
- 1.8 at top of book
- Depth
- by band
- Quote uptime
- 99.2%
- Concentration
- Moderate
Interface preview · demonstration data
Market makers, the Orbitra Liquidity Vault, capped treasury inventory and external hedge routes connect to ApexMatch. Customer collateral and the protection fund sit inside their own segregated boundary and never fund market making.
Sources
Where the liquidity comes from.
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Orbitra Liquidity Vault
A segregated vault with its own mandate, risk limits and reporting. Participation is an investment with principal risk, never a deposit product.
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Treasury inventory
Orbitra may provide inventory within a capped, separately accounted allocation — bounded so that the venue never depends on its own balance sheet to look liquid.
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External hedging
Routes that let providers offset inventory risk outside the venue, which is what allows tighter quotes to survive volatility.
Segregation
What never funds market making.
Separation is structural, not a policy promise, and it is visible in the architecture above.
01
Customer collateral
Held as a distinct asset class for the account that owns it. It is never used to make markets, fund inventory or cover another account’s losses.
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Protection fund
A separate default resource with published rules, used only in the backstop stage of progressive rescue.
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Vault capital
Committed by participants who accept its mandate and its risk, reported separately from both of the above.
Quality
The measures that matter.
- Maximum spread
- The widest quote a designated maker may show, per market and size band.
- Depth in bands
- Size available within published basis-point bands around the reference price.
- Quote uptime
- The share of the session a provider quotes at contracted quality.
- Volatility behavior
- How quotes behave when volatility rises — the moment quality is actually tested.
- Concentration
- The share of depth supplied by the largest provider, monitored per market.
- Adverse selection and inventory
- How often a provider is picked off, and how inventory accumulates against the market.
- Kill response
- How quickly a provider withdraws and re-enters when a circuit breaker fires.
Every market page carries a market-quality module rendered with demonstration data until production measurement is published.
Incentives vest against measured quality, not raw volume.
A provider that quotes wide and trades often is not supplying liquidity. Rewards are earned against spread, depth, uptime and behavior in stress, which is why they are measured per market and published as part of the Net Outcome Index.
Questions we expect.
Is the liquidity vault a yield product?
No. It is an investment in a market-making mandate with principal risk, valuation rules, possible lockups and gates, and operator authority over positions. See Earn and the risk disclosure.
Can Orbitra trade against its own customers?
Treasury inventory is capped, separately accounted and subject to the same market rules and surveillance as any other participant. Customer collateral is never used for it.
What happens when a provider withdraws?
Depth falls and the market-quality module shows it. Concentration limits exist so that one withdrawal does not empty a market, and circuit breakers pause trading rather than let a market trade on nothing.
Are the quality figures live?
Not yet. They are demonstration data labeled as an interface preview until production measurement is published with its method and review status.
Market makers and liquidity partners
- 01Tell us the markets you quote and the venues you connect to.
- 02We reply with the designated-maker terms and the quality contract.
- 03No identity documents are collected through this website.