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ORBITRAONE™

Markets · Commodities

Commodities, from curve to delivery.

Metals, energy and agriculture across spot and dated curves, with inventory-linked tokens and delivery controls — traded, margined and settled in the same portfolio as every other market.

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Illustration: A forward curve for a commodity runs from spot to later delivery dates, with inventory-linked tokens moving toward a delivery point.

Overview

Markets shaped by storage, seasons and delivery

Commodity prices carry physical facts: the cost of storage and transport, the timing of harvests, the grade of what is delivered. The curve of dated prices records those facts, and the difference between a financial position and a physical obligation matters most as expiry approaches.

ORBITRA ONE™ presents each commodity as a curve, from spot to the furthest listed contract, with reference prices published by Prism. Inventory-linked tokens bring identified holdings onchain under issuer and custodian rules, and delivery controls decide who may carry a physical obligation to its conclusion.

Capabilities

Across the commodity complex

  1. 01

    Metals

    Precious and industrial metals, including inventory-linked tokens for vaulted holdings where they are offered.

  2. 02

    Energy

    Energy exposure through dated curves, where term structure and seasonality drive much of the trade.

  3. 03

    Agriculture

    Agricultural contracts with crop-cycle expiries and grade specifications declared at listing.

  4. 04

    Spot and dated curves

    Spot and every listed expiry on one curve, with contango, backwardation and roll cost in view.

  5. 05

    Inventory-linked tokens

    Tokens tied to identified inventory held by an approved custodian, with attestations recorded onchain.

  6. 06

    Delivery controls

    Location, grade, delivery window and eligibility are enforced before a position can enter delivery.

Lifecycle

From price to physical

  1. 01

    Survey

    The curve shows spot, dated contracts and inventory-linked tokens for a commodity side by side.

  2. 02

    Order

    Instrument, size, limit and settlement preference — cash, physical or token — are signed together.

  3. 03

    Pre-risk

    Aegis checks margin and concentration and, for physical settlement, delivery eligibility.

  4. 04

    Match

    ApexMatch fills on the outright book, a spread book or an accepted RFQ quote.

  5. 05

    Hold

    Marks follow Prism reference prices; dated positions without delivery eligibility close or roll before the delivery window.

  6. 06

    Settle

    Contracts settle in cash or by delivery, and tokens redeem against inventory under the issuer’s terms.

Protection

Controls for physical obligations

Physical commodities add delivery, storage and custody risk to price risk. Each has its own control.

  • 01

    Delivery eligibility

    Taking or making delivery requires a VaultID delivery credential, verified before a position enters the delivery window.

  • 02

    Attestation checks

    If the custodian attestation behind an inventory-linked token lapses, new issuance of that token pauses until it is renewed.

  • 03

    Expiry position limits

    Per-contract limits tighten as expiry approaches, keeping the delivery period orderly.

  • 04

    Reference confidence

    Marks and settlement prices carry Prism confidence scores; low confidence tightens bands or pauses matching.

  • 05

    Price bands

    Orders far from the prevailing curve are rejected, and volatility pauses apply to abrupt moves.

Order types

Order types for commodities

Spreads between expiries or related commodities execute as one order. Each type is explained under execution.

Core

  • Market
  • Limit
  • Stop
  • Stop-limit
  • Reduce-only

Advanced

  • OCO
  • Bracket
  • Trailing
  • Iceberg

Algorithmic

  • TWAP
  • VWAP
  • POV
  • Implementation shortfall

Institutional

  • RFQ
  • Block
  • Conditional spread
  • Smart routing

Specifications

Specifications

Sectors
Metals, energy and agriculture, subject to listing and jurisdiction
Instruments
Spot, dated contracts, spreads and inventory-linked tokens
Settlement
Cash, physical delivery or token redemption, declared per instrument
Delivery terms
Location, grade, window and eligibility defined at listing
Reference data
Prism signed market state with confidence scoring
Margin
Aegis portfolio margin shared with every other market

Commodity derivatives and inventory-linked tokens are offered only in permitted jurisdictions and to eligible accounts, and delivery rights depend on further verification. Details are in jurisdictions and the trading and leverage risk disclosure.

Other markets

Markets overview

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