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ORBITRAONE™

Markets · Spot

Spot without compromise.

Price discovery, custody choice and settlement in one flow. Central limit order books, RFQ liquidity and intelligent routing settle atomically across supported assets.

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Illustration: An order book with bids on one side and asks on the other meets in the middle; when a trade matches, the asset and the payment cross in one atomic transition.

Overview

Immediate delivery, engineered end to end

A spot trade should be the simplest thing a market does: agree a price, exchange the asset and the payment. In practice the two legs often settle in different systems, at different times, under different custody arrangements.

On ORBITRA ONE™ the asset and the payment move in the same state transition. ApexMatch matches the order, the clearing engine computes both deliveries, and QSE finalizes them together — removing leg risk inside the network.

Capabilities

What the spot engine provides

  1. 01

    ApexBook

    Price-time priority with deterministic matching and self-trade prevention.

  2. 02

    Smart route

    Compares internal liquidity, RFQ quotes and verified external routes before execution.

  3. 03

    Atomic delivery

    Asset and payment settle together, removing leg risk inside the network.

  4. 04

    Custody modes

    Self-custody, delegated custody and qualified-custodian connections, chosen per account.

  5. 05

    Liquidity tiers

    Transparent maker schedules, volume tiers and market-quality incentives.

  6. 06

    Proof of execution

    Each fill carries timestamped price, fee, route and settlement evidence.

Lifecycle

The life of a spot order

  1. 01

    Intent

    Side, size, limit and custody destination are signed together.

  2. 02

    Route

    Smart routing compares book depth, RFQ quotes and verified external routes.

  3. 03

    Pre-risk

    Aegis confirms available balance and policy limits before matching.

  4. 04

    Match

    ApexBook fills at price-time priority, or the RFQ quote is accepted.

  5. 05

    Deliver

    Asset and payment move in one atomic transition.

  6. 06

    Prove

    A signed execution record is available for reporting and reconciliation.

Protection

Controls around every trade

Spot carries no leverage by default, but execution quality and custody still need protection.

  • 01

    Price bands

    Orders far outside the prevailing market are rejected rather than filled against thin liquidity.

  • 02

    Self-trade prevention

    Accounts and linked subaccounts cannot match against their own resting orders.

  • 03

    Withdrawal governance

    Allowlists, delays and approval rules apply to assets leaving delegated custody.

  • 04

    Oracle confidence

    Routing and price bands reference Prism market state with explicit confidence scores.

The complete cost of holding

Every controllable cost of this market, for a holding period you choose.

Holding period
Expected spread
0.01%
Modeled slippage
0.02%
Trading and settlement fees
0.04%
Borrowing and collateral cost
0.37%
Expected all-in cost
0.44%
Modeled stress loss
6.00%
Funding
Not applicable
Liquidation distance
Not applicable
Compare alternative structuresExecution benchmark and receipt

Illustrative example with fixed assumptions — not a quote

Market quality

Interface preview · demonstration data

How well this market is served, measured and published rather than asserted.

Bid-ask spread
1.4 bps
Depth by band
±10 bps±25 bps±50 bps
Quote uptime
99.4%
Liquidity providers
5
Provider concentration
Low
Oracle confidence
98%

Market state:Open and quoting

Order types

Order types available on spot

All types compose the same deterministic primitives. See execution for the complete order language.

Core

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

Advanced

  • OCO
  • Bracket
  • Trailing
  • Iceberg
  • Hidden
  • Pegged

Algorithmic

  • TWAP
  • VWAP
  • POV
  • Arrival price

Institutional

  • RFQ
  • Block
  • Basket
  • Smart routing

Specifications

Specifications

Market structure
Central limit order book with RFQ and block workflows
Settlement
Atomic delivery-versus-payment inside Orbitra L1
Asset scope
Digital assets, tokenized assets and FX spot, subject to listing and jurisdiction
Custody
Self-custody, delegated custody, qualified-custodian connections
Fee model
Published maker/taker schedule with volume tiers
Evidence
Signed execution record per fill: price, fee, route, settlement

Availability of specific assets depends on your jurisdiction and eligibility. See jurisdictions and the digital-asset disclosure.

Other markets

Markets overview

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