ServicesMarketsMarket makingTokenisationRWA infrastructureTreasury managementPrice feeds & oraclesIntegrityMarket surveillanceSecurity auditingPlatformCase studiesBlogVenturesTeamAboutContact
Case studies

What the books looked like, measured.

Two mandates, from our own order book capture and the venues’ public books. Both anonymised: no token, no venue, and no dates finer than a month.

Case Study

Tighter spreads and deeper books on three exchanges

How client-funded market making cut a mid-cap token's touch spread by about half on two exchanges and lifted resting depth 2x to 4.8x on all three.

−59%
touch spread, Exchange A
−49%
touch spread, Exchange B
up to 4.8x
resting depth
Read the measurements
Daily median touch spread on three exchanges, falling over the period.
Case Study

Holding a tokenised gold peg on two exchanges

How a peg engine kept a tokenised gold product's exchange price within a median 7 to 12 bps of its on-chain reference, with both sides quoted 100% of the time.

7.4 bps
median from reference, Exchange A
12.4 bps
Exchange B
100%
two-sided quoting
Read the measurements
Monthly median deviation from gold, tightening after the launch month and holding.