Market Impact
Size consumes visible depth and pushes the price against itself. Child orders that arrive later in the same burst fill at progressively worse levels.
// execution-as-a-service
Benchmarked execution for large digital-asset orders. You define the order, the window, and the benchmark — TWAP or VWAP. Our low-latency stack works it. The performance fee applies only when execution outperforms the benchmark you chose.
01 — The Problem
A large rebalance pays an invisible tax on the way in. Three leakages compound between the decision price and the final fill.
Spread & Queue
Crossing the spread pays it in full. Naive passive orders sit at the back of the queue, miss fills, and get forced across the spread as the window closes.
Timing Cost
Fixed-schedule execution is blind to liquidity and volatility. It keeps buying into dry books and keeps absorbing toxic flow when it should stand down.
02 — The Service
YOU SET THE GOAL.
WE WORK THE ORDER.
Submit a parent order — symbol, size, window, benchmark. Execution algorithms (participation-of-volume, implementation-shortfall, passive accumulation) slice it into child orders and work them through our in-house low-latency stack: binary-protocol codecs, queue-position management, and microstructure-aware timing. The same engine that runs our own capital runs yours.
MandateExecution only — your parameters, our machinery
FundsNever leave your own exchange account
AccessTrade-only API keys — withdrawal-enabled keys rejected
VenuesMajor digital-asset venues — Binance · OKX · Bitget
VisibilityLive progress vs benchmark, order by order
03 — Benchmarked & Verifiable
Every number we report can be checked without trusting us. Verification is built into the structure, not promised in a pitch.
Your Account, Your Fills
Execution happens on your own exchange account via trade-only keys. Every child fill is visible to you on the venue in real time — fills cannot be misreported.
Client-held fundsPublic Benchmark
The TWAP / VWAP benchmark for your chosen window is computed from the venue's public market data, under a published methodology — independently recomputable by anyone.
RecomputablePer-Order TCA Report
Each parent order closes with a transaction-cost analysis: execution average vs benchmark, plus a full implementation-shortfall decomposition against the arrival price.
TCA per order04 — The Fee Model
ALIGNED BY CONSTRUCTION
No retainer, no spread markup. The fee is a share of measured savings — the basis points between your execution average and the benchmark you selected, on filled notional. When execution does not outperform the benchmark, the performance fee is zero, and underperformance carries forward on a high-water-mark basis before any fee resumes.
Fee basisSaved basis points vs your chosen benchmark
Below benchmarkZero performance fee
Carry-forwardHigh-water mark across settlement periods
Share rateAgreed per mandate, in writing
05 — Who It's For
Quantitative teams, funds, and treasuries with periodic large rebalances — typically $100k to $10M per parent order over windows of minutes to hours. If execution slippage is a line item in your PnL, it is the line item we work on.
Service scopeExecution technology only — no custody, no investment advice, no capital solicitation
ClienteleProfessional & institutional counterparties only
JurisdictionsNot available to residents of Canada or the USA
06 — Get Started
Tell us your typical order size, window, and venue. We'll come back with a benchmark methodology, a mandate template, and a pilot structure.