Platform / Exchange core

A limit order book in cents, with collateral netted across outcomes.

Price-time matching on a deterministic sequencer, a price grid you set per market, and netting so a trader holding every leg of a multi-outcome market posts collateral once.

Target operating numbers

Design targets · not yet measured in production
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Order-to-ack at the gateway. Once your venue is live these are measured monthly against it, not a benchmark rig.

The book

The order book, as your desk sees it.

Price-time priority on a 1¢ grid, the committed spread visible in the ladder, and the session controls an operator actually holds.

Matching engine · PRES-DEM-28 State OPENSandbox · simulated
PRES-DEM-28US-RECESSION-28BTC-150K-28EPL-ARS-CHAMP
Msgs / s
4,120
Matches / s
86
Match P50
0.2 ms
Match P99
0.7 ms
Resting depth
$412k
PriceDepthSizeOrders
66¢4,2003 ord
65¢8,4006 ord
64¢11,0009 ord
63¢12,00011 ord
mid 62.5¢ · spread 1¢committed max 2¢ · $10k both sides
62¢12,00012 ord
61¢9,5008 ord
60¢14,20014 ord
59¢6,1005 ord
TIME & SALESpx · size
14:02:11.20462¢1,200Y
14:02:09.88162¢800Y
14:01:58.41261¢2,000N
14:01:44.06762¢450Y
14:01:31.55061¢1,100N
14:01:12.09360¢3,000N
SESSION CONTROLS
Halt market Cancel all Replay from seq…
Cancel-on-disconnect: armed · Self-match prevention: on
● Deterministic · replay hash match ✓Seq 8,102,335 · 14:02:11 UTC

Simulated data. Layout and fields as shipped.

The book

Depth on both sides, and you can see who put it there.

A binary contract’s Yes and No sides are two views of the same book: buying No at 62¢ is selling Yes at 38¢. The engine treats them as one order book rather than two, which is why the spread does not drift between the sides.

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US recession declared before 2029?

Simulated book
Bid YESSIZE
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Ask YESSIZE
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SPREAD 1¢MID 71.5¢Quoted by: made (contracted maker)
Cross-outcome netting

The difference between a listable long-tail market and a dead one.

A four-outcome market where the trader holds every leg is riskless: exactly one outcome pays $1. Netting recognises that and collects collateral once. Without it, the same position ties up four times the capital and nobody quotes it.

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Collateral required {{ n.total }}

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Order types and controls

What your traders can send, and what you can switch off.

Type
Behaviour
Operator control
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Platform / Exchange core

A limit order book in cents, with collateral netted across outcomes.

Price-time matching on a deterministic sequencer, a price grid you set per market, and netting so a trader holding every leg of a multi-outcome market posts collateral once.

Target operating numbers

Design targets · not yet measured in production
Match latency p50
180µs
Order to ack, gateway measured
Match latency p99
740µs
Under sustained load
Throughput
120k/s
Orders per second, per book
Outcomes per market
Up to 64
Netted as one position

Order-to-ack at the gateway. Once your venue is live these are measured monthly against it, not a benchmark rig.

The book

The order book, as your desk sees it.

Price-time priority on a 1¢ grid, the committed spread visible in the ladder, and the session controls an operator actually holds.

Matching engine · PRES-DEM-28 State OPENSandbox · simulated
PRES-DEM-28US-RECESSION-28BTC-150K-28EPL-ARS-CHAMP
Msgs / s
4,120
Matches / s
86
Match P50
0.2 ms
Match P99
0.7 ms
Resting depth
$412k
PriceDepthSizeOrders
66¢4,2003 ord
65¢8,4006 ord
64¢11,0009 ord
63¢12,00011 ord
mid 62.5¢ · spread 1¢committed max 2¢ · $10k both sides
62¢12,00012 ord
61¢9,5008 ord
60¢14,20014 ord
59¢6,1005 ord
TIME & SALESpx · size
14:02:11.20462¢1,200Y
14:02:09.88162¢800Y
14:01:58.41261¢2,000N
14:01:44.06762¢450Y
14:01:31.55061¢1,100N
14:01:12.09360¢3,000N
SESSION CONTROLS
Halt market Cancel all Replay from seq…
Cancel-on-disconnect: armed · Self-match prevention: on
● Deterministic · replay hash match ✓Seq 8,102,335 · 14:02:11 UTC

Simulated data. Layout and fields as shipped.

The book

Depth on both sides, and you can see who put it there.

A binary contract’s Yes and No sides are two views of the same book: buying No at 62¢ is selling Yes at 38¢. The engine treats them as one order book rather than two, which is why the spread does not drift between the sides.

·One book per market, not one per side. Yes and No are two views of the same depth.
·Price grid set per market: 1¢ for liquid categories, finer where the spread justifies it.
·Deterministic sequencer with replay, so any fill can be reconstructed for a dispute.
·Self-match prevention and cancel-on-disconnect, both on by default.

US recession declared before 2029?

Simulated book
Bid YESSIZE
71¢4,200
70¢6,800
69¢9,100
68¢12,400
67¢15,200
66¢18,600
Ask YESSIZE
72¢3,900
73¢7,200
74¢10,500
75¢13,100
76¢16,400
77¢19,800
SPREAD 1¢MID 71.5¢Quoted by: made (contracted maker)
Cross-outcome netting

The difference between a listable long-tail market and a dead one.

A four-outcome market where the trader holds every leg is riskless: exactly one outcome pays $1. Netting recognises that and collects collateral once. Without it, the same position ties up four times the capital and nobody quotes it.

Without netting

Per leg
Candidate A
$100
Candidate B
$100
Candidate C
$100
Candidate D
$100
Collateral required $400

Four legs collateralised separately, on a position that cannot lose. The capital sits idle and the market goes unquoted.

With netting

Cross-outcome
Candidate A
$25
Candidate B
$25
Candidate C
$25
Candidate D
$25
Collateral required $100

Exactly one outcome pays $1, so $100 of collateral covers 100 complete sets. Same risk, a quarter of the capital.

Order types and controls

What your traders can send, and what you can switch off.

Type
Behaviour
Operator control
Limit
Rests on the book at a grid price until filled or cancelled.
Always on
Market
Executes against resting depth up to a slippage cap you set per category.
Cap configurable
Immediate or cancel
Fills what it can against resting depth, cancels the remainder.
Switchable
Post only
Rejected rather than filled if it would cross the spread.
Switchable
Complete set
Mints or redeems one unit of every outcome against $1 of collateral.
Per market
Cancel on disconnect
Pulls a session’s resting orders when its connection drops.
On by default

Sandbox credentials are available before contract.

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