le-OMS
Market making · Execution · Risk · Margin · Derivatives — one engine
The trading desk you own.
Trade Master is a single low-latency engine that quotes, hedges, routes orders and clears risk across every venue you trade — spot, perps and options — on a stack you run yourself. One risk gate sits in front of every order. No vendor sits in your flow.
every single order
variance vs a naive maker
per tick (Rust / C++ ABI)
free up the capital
Stop renting your edge. Run the engine yourself.
You built the alpha. Why hand your flow, your fills and your risk to someone else's black box on a per-seat invoice? Trade Master is the engine a desk owns — and the risk team trusts.
You own the whole stack
Self-hosted — runs on a box in your office or a NAS in the corner. No vendor in your flow, no per-seat SaaS, no surprise repricing, nobody watching your fills. Your edge stays yours.
One risk gate. Every order.
Position, notional, fat-finger and rate limits gate every order; a hard kill-switch flattens the book on a keystroke. Strategies are decision functions with no venue handle — they cannot bypass risk. Sleep at night.
Every venue, one book
Make markets and arbitrage across crypto venues from one normalized order book — spot, perps and options, with delta and vol-surface hedging and a smart order router on the live path.
Margin that pays for itself
Cross-margin the whole book under CME SPAN and ISDA SIMM and stop posting capital a naive per-leg margin locks up. The engine prices it both ways and checks both cover your VaR.
Real quant, not a black box
Every model is a published method, re-implemented from scratch and unit-tested — Avellaneda–Stoikov, GLFT, regime HMM+HJB, Almgren–Chriss, deep hedging. You can read it, tune it, and prove it out-of-sample.
Latency where it counts
A Rust engine, a zero-alloc strategy ABI at ~20 ns/tick, GPU scenario sweeps for risk and backtests (verified on an NVIDIA RTX PRO 6000), and an FPGA hot path on the roadmap.
"I don't want a signal vendor. I want an engine my desk runs, my risk team trusts, and nobody else can see into."
— the desk we built Trade Master for
Five engines, one seam — from the venue to the desk.
Trade Master isn't a script bolted onto an exchange API. It's a full stack: data in, risk
in the middle, the desk on top. Every order rides the same tick → strategy → RISK → fill path.
Your market, captured and canonical. Trades and depth normalized into one schema, journaled and replayable byte-for-byte — so what you backtest is exactly what you trade.
research-to-live parity, built inThe core: quotes, hedges, routes orders and enforces risk over one low-latency loop. Smart order router, paper and live executors, walk-forward proof (vivaldi prove), and a hard kill-switch.
The brain. Avellaneda–Stoikov & GLFT quoting, regime HMM+HJB, hedging (Whalley–Wilmott, CVaR), execution (Almgren–Chriss, Obizhaeva–Wang), portfolio optimization — from scratch, unit-tested.
published research, re-implementedOptions, done right. A combinator payoff language compiles contracts to Monte-Carlo or PDE pricing, with AAD Greeks and SVI/SSVI vol surfaces — wired into the engine for live options market making.
MC + PDE · AAD greeks · vol surfacesYour whole book on one screen — a Bloomberg-style terminal (desktop GUI and TUI). Depth ladder, candles, blotter, live risk grid, options chain. Kill, flatten or pause with one key.
it can stop a trade — never place oneScale risk and research on the GPU — parallel scenario backtests and a QUBO portfolio-opt step, verified on an NVIDIA RTX PRO 6000. Always falls back to CPU. An FPGA hot path is on the roadmap.
512 backtests in parallelRead the risk, not the P&L.
Any maker can post a good number on one tape. Run four quoters across many tapes and look at the spread of P&L and the inventory — the numbers a risk team actually signs off on. The regime quoter ends flat on every tape; the naive maker bets the book.
| quoter (8 tapes) | mean PnL | PnL stdev | avg |end pos| |
|---|---|---|---|
| fixed (naive maker) | +57.9 | 119.0 | 0.97 |
| avellaneda–stoikov | −26.8 | 54.6 | 0.41 |
| glft | −111.3 | 121.7 | 1.00 |
| regime HMM+HJB | −49.6 | 1.2 | 0.01 |
The naive maker's "best" mean is a trap — it ends every tape pinned at the position limit, so its P&L is just which way price drifted. A real risk gate would never let it run. The regime quoter ends flat (|pos| ≈ 0.01) with a P&L stdev of 1.2 — about 100× tighter inventory and risk. That's the engine a desk gets paid to run.
fixed (trivial maker) pnl=87.88 position=1.000000 fills=3138 avellaneda-stoikov (Paganini) pnl=-13.83 position=0.440000 fills=3082 glft (Paganini) pnl=-91.53 position=1.000000 fills=462 regime HMM+HJB (Paganini) pnl=-47.67 position=0.010000 fills=2097 ↑ ends flat — strongest inventory control
Your whole book on one screen.
Candles, equity curve, positions, greeks and the options chain, a markets watchlist, live feed-health and a news monitor — bound to the engine over a socket, in a desktop GUI or a TUI.
Run your desk on your own engine.
Trade Master is onboarding design partners now. Drive the real binaries yourself with a locked demo build — a local market emulator, running in 30 seconds — then talk to us about your venues, your instruments and your risk limits.