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ORBITRAONE™

Markets · Futures

The whole curve, in one portfolio.

Dated contracts with weekly, monthly and quarterly expiries, event contracts and spreads share one margin graph with your options and spot collateral — so direction and time are managed in the same place.

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Illustration: A term-structure curve connects contracts with successive expiries; the basis to spot is marked and a position rolls from the nearest contract to the next one.

Overview

Exposure with a date attached

A future fixes the price of an exposure for a specific date. Traders use the curve of those dates to hedge production or inventory, to express a view on carry, or to move risk from one period to another. The detail decides the outcome: which contract, how it settles and what happens as expiry approaches.

ORBITRA ONE™ declares each contract’s settlement profile, reference source and expiry rules at listing. Outright and spread orders match on ApexMatch, each fill and its margin effect land in the same transition, and Aegis holds futures, options and spot in a single margin graph.

Capabilities

The futures complex

  1. 01

    Expiry calendar

    Dated contracts with weekly, monthly and quarterly expiries on a published calendar, so every roll date is known in advance.

  2. 02

    Event contracts

    Contracts that settle on the defined outcome of a specified event, with the resolution source and rules fixed at listing, where permitted.

  3. 03

    Spread books

    Calendar and inter-commodity spreads trade as single instruments. Both legs execute together, with no leg risk inside the network.

  4. 04

    Settlement profiles

    Physical, cash and tokenized settlement, declared per contract and shown on the ticket before you trade.

  5. 05

    Block and RFQ

    Negotiated size through block trades and request-for-quote workflows, cleared into the same margin graph as screen trades.

  6. 06

    Curve tools

    Basis analytics, roll tools and curve visualization show carry, term structure and the cost of rolling across expiries.

Lifecycle

From listing to final settlement

  1. 01

    List

    Underlying, expiry, contract size, settlement profile and reference source are fixed before trading opens.

  2. 02

    Order

    An outright, spread or RFQ request is signed with its price and size limits.

  3. 03

    Pre-risk

    Aegis evaluates the order against futures, options and spot exposure together, recognizing spread offsets.

  4. 04

    Match

    ApexMatch fills outright and spread books at price-time priority; spread legs fill together or not at all.

  5. 05

    Mark

    Positions mark to Prism reference prices, and variation settles through clearing deltas.

  6. 06

    Roll

    Roll tools move exposure to a later expiry as one calendar-spread order.

  7. 07

    Settle

    At expiry the contract settles in cash, by delivery or in tokens against its final settlement price.

Protection

Controls that follow the contract to expiry

Futures carry leverage, which can magnify losses as well as gains. Expiry adds risks of its own, so the controls run to the final day.

  • 01

    Spread recognition

    Margin offsets between calendar and inter-commodity legs follow published parameters and are recalculated as correlations shift.

  • 02

    Price limits

    Per-contract price bands and volatility pauses stop orders from filling far from the prevailing curve.

  • 03

    Delivery eligibility

    Only accounts with delivery credentials in VaultID can hold physically settled contracts into delivery; others close or roll beforehand.

  • 04

    Settlement integrity

    Final settlement prices come from Prism with confidence thresholds and a published fallback if reference data degrades.

  • 05

    Event resolution

    Each event contract names its resolution source, timing and dispute path before the first trade.

Order types

Order types for futures

Spreads are priced and filled as one instrument. The execution page defines each type.

Core

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

Advanced

  • OCO
  • Bracket
  • Trailing
  • Iceberg
  • Pegged

Algorithmic

  • TWAP
  • VWAP
  • POV
  • Implementation shortfall

Institutional

  • RFQ
  • Block
  • Basket
  • Conditional spread

Specifications

Specifications

Contract types
Dated futures with weekly, monthly and quarterly expiries; event contracts where permitted
Spreads
Calendar and inter-commodity spreads as single instruments with atomic legs
Settlement
Physical, cash or tokenized, declared per contract at listing
Margin
One Aegis margin graph shared with options and spot collateral
Reference data
Prism signed market state for marks and final settlement prices
Workflows
Central limit order book, RFQ and block trades
Analytics
Basis analytics, roll tools and curve visualization

Futures and event contracts are leveraged or specialized products, available only where permitted and to eligible accounts. Physical delivery requires additional credentials. See trading and leverage risk and jurisdictions.

Other markets

Markets overview

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