Markouts are wildly inconsistent. Some (unsophisticated) traders get run over while others (sophisticated) print. In addition, multi-venue variance this large means the best venue to trade on is constantly changing, making it difficult to execute efficiently.
BIG PROBLEM - WHATS THE UPSIDE?
A venue like Tplus that offers every product AND improves efficiency would capture and monetize a huge amount of directional and systematic flow (it's the best venue for profiting from less efficient venues)
Let's look at the value at stake here
VenueAnnual volumeImplied lostCaptured
Coinbase$5.23T spot+deriv ~1/21 of $112T crypto$8.0B$7.18B
Hyperliquid$2.95T perps ~1/29 of $86T crypto derivs$2.4B$0.84B
Binance$34T spot+deriv ~1/3 of $112T crypto$27.2Bundisclosed
NYSE + Nasdaq$82T equities (lit) ~2/5 of $206T US tape$58.8B~$44B *
Cboe$3.4T options premium ~1/3 of $9.2T US premium$59.4B~$11B *
~$197B/yr leaks from these venues alone - scaling to ~$449B across whole markets.
This is a fairly well-known prize. Historically the best way to capture it has been starting a trading desk as it was impossible for a venue to access all markets and liquidity due to technical, jurisdictional, and regulatory barriers. Tplus' decentralized tech stack shifts this paradigm - we're the first venue that can efficiently go everywhere.
C:\SYSTEM\PRINT-MONEY > _
Before we explain how Tplus addresses market inefficiency let's cover its primary causes
✘ Liquidity Fragmentation
Spreading liquidity across isolated venues makes trading inefficient. Execution becomes worse and inconsistent because buyers and sellers are segregated. It also causes products to fragment across venues.
Fragmentation has gotten worse in recent years as permissionless finance makes launching venues easier and off-exchange trading becomes more popular in traditional markets.
Unique trading venues per year (CEXs, DEXs, Perps, L2 DEXs)
Tplus must provide access to all products and liquidity - internal liquidity and products are an insufficient offering.
✘ Speed
Every millisecond spent waiting for a trade to finalize or funds to transfer makes markets less efficient. Traders are unable to react to changing market conditions in time, missing opportunities or becoming someone else's opportunity (stale quotes)
Tplus must be the fastest venue on the market
✘ Excess Cost
Costs make marketplaces less efficient. This includes both costs to transact (trading fees) and capital costs (margin requirements etc).
Take capital costs: the variable costs a crypto exchange incurs to support products and top-tier liquidity are primarily driven by having to incentivize liquidity providers to allocate capital to the venue. Incentives can be organic (flow) or inorganic (retainers).
Cost to support liquidity
ETH SPOT ±2% DEPTH
Cost to support products
TOP 100 INSTRUMENTS BY VOLUME
Tplus must eliminate all unnecessary capital and transacting costs.
✘ Inaccessible Flow
This is the largest driver of market inefficiency and it is almost never addressed. The most efficient execution venue is rarely the most liquid one. It's always the one that has the most net counterside flow.
Pop quiz! Where's the cheapest place to get oil exposure?
You probably can't buy oil from someone in the strait. In a perfect market you'd buy from someone who can.
Consider a more tangible example — when buying 10 BTC your optimal counterparty set might be:
3 BTC
From a market maker hedging heavy buy pressure on Upbit
5 BTC
From a broker hedging flow from a pension fund
2 BTC
From an onchain arbitrageur closing a trade against a WBTC:ETH pool
Tplus must provide a competitive marketplace that includes every possible counterparty and allows them to utilize their edge to get traders the best possible fill. It must be permissionless and noncustodial or we exclude potential counterparties and their alpha.
Here's how Tplus achieves this absurd list of requirements
TPLUS' CLOB IN A TEE
Addresses:SpeedExcess CostInaccessible Flow
After depositing, users trade in a horizontally scaling offchain exchange run in a TEE network
Quotes and cancels are prioritized; no margin required to quote — makers pay nothing to participate
Match sent to Clearing Engine
Proposed state change queued — user balance updated
1 / 3
Tplus is not limited to orderbooks — it supports RFQ and Block trade systems that limit counterparties and enforce price improvement relative to the underlying orderbook - along with a multitude of other models.
Tplus accounts can atomically interact with external on-chain venues using our global deposits, and cross-margin with external exchange and brokerage accounts — giving access to their assets and liquidity.
On-Chain Settlement
Market Maker incurs leveraged exposure from a Tplus trade, then clears it by routing deposit-vault funds through onchain protocols — proceeds return to the vault and the exposure is cleared.
Cross-Margin Hedging
Market Maker hedges exposure on an external exchange. The hedge syncs back to the Clearing Engine — margin is updated and leverage cleared, no onchain settlement required.
As a result, the Tplus book is made up of internal liquidity PLUS a latent bid from external liquidity we're
composable with
TPLUS' MATCHED BOOK MARGIN ENGINE
Addresses:Excess Cost
Capital efficiency is provided using matched-book-margin driven leverage.
Matched-Book-Margin
Prime Exchange Network
INTEL TDX VM
Clearing Engine
Tplus' Matched Book Margin engine offsets counterside leverage positions against each other - allowing them to be auto-delevered. Skew-based funding rates incentivize cross-side leverage flow to keep exposure balanced.
long exposure
short exposure
skewlong / short exposure imbalance
C:\LEVERAGE\STATUS>
1. New match increases long leverage exposure
This reduces the current skew to short exposure - decreasing risk and underlying deposit draws
2. Matched exposure is auto-delevered
De-levering via ADL is safer and more efficient than clearing positions by liquidation - allowing Tplus to offer higher leverage
3. Non-matched leverage must be cleared via new or external liquidity
This is a standard liquidation - more expensive and less efficient than ADL
1 / 3
Matched Book Margin offers the same capital efficiency as perps without the downsides.
Scales open interest without volatile funding rates — flow imbalances cause skews rather than the premiums/discounts seen with perps
Leverage positions remain fungible with spot market liquidity as they are non-synthetic, improving liquidity and enabling a unified book
Sounds great! Where's it at?
Live! (in alpha) - check out my monitoring tool below (read only tui, limited number of concurrent sessions so if you don't see anything it's because many other people have the pitch open)
T+ Godlensconnecting
connecting...
Our Road To
Perfect Markets
Phase 1: Closed Beta
Bootstrap with your biggest winners. We'll initially launch an invite-only beta catered to the discretionary and systematic traders who see the MOST OBVIOUS UPSIDE in adopting Tplus. Each group has a few focus areas:
Systematic Traders
Liquidity access for mid-sized HFT
Mid-sized systematic traders have issues accessing the cheapest liquidity for majors (ETH/BTC):
They lack VIP CEX fee tiers
Jurisdictional, regulatory, or mandate limitations can restrict access
This makes the majors leg of their trades the biggest cost driver.
Tplus composes with both CEXs and the trader's profit venues. CEX MMs quote on Tplus bringing the pricing
efficiency their fee tiers offer; HFTs trade with them and feed the incurred exposure into their strategies
via our composability.
Capital efficiency and venue access for funding arbs
Funding rate arbitrage is capital and venue access sensitive:
More allocated capital = lower yield
No access to the venue with the best funding-rate for a leg leaves profit on the table
Tplus lets traders cross-margin from the target venue and open their hedge leg on
Tplus, cutting their cost of capital in half. This moves Tplus' funding, incentivizing a market participant to open the other leg of the trade (cross-margining to Tplus from the most efficient hedge venue).
Tplus intermediates the most efficient funding rate arbitrages available on the market while reducing rebalancing costs and venue restrictions for participants.
Flow access for large CEX MMs
The previous two use cases expose a significant amount of previously inaccessible flow to CEX market makers quoting on Tplus. Historically, mandate requirements or integration complexity made it impossible for MMs to cover every venue.
Tplus makes it simple and cheap for CEX market makers to mirror their CEX quotes on Tplus and fill our consistent systematic flow while cross-margining funds; when they get hit, they hedge on the CEX.
All clear wins that drive consistent volume and liquidity
Discretionary Traders
Product access for large discretionary traders
Large discretionary traders typically:
spend the majority of their time trading leverage on majors
occasionally trade something longer-tail, whether it's a mid-cap or new asset
Moving funds between venues to access all these products is painful and causes missed opportunities.
Tplus offers high leverage and liquidity on majors while still providing access to every other asset in the same venue. We can also list new assets extremely quickly due to our ability to compose with source venues; we expect the Anthropic and
OpenAI IPOs to be big adoption drivers.
This extends to OTC desks that often have trouble sourcing exotic assets because their mandates/operational capabilities don't allow them to execute on decentralized venues.
Tplus allows OTC desks to source exotics from counterparties who specialize in those venues since we compose with the source venue.
Spot RWA yields and liquidity for discretionary traders
Decentralized venues struggle to provide efficient access to spot RWA liquidity due to redemption windows and capital costs.
Not Tplus — market makers cross-margin with traditional brokerages or equity perp venues like TradeXYZ to hedge the leveraged spot exposure RWA traders take on Tplus, unlocking both:
Liquidity: this makes Tplus by far the most liquid venue for spot RWA.
Yield: cross-margining equity perp venues opens funding-rate opportunities, and leveraged traders pay a portion of that funding to RWA depositors.
Who doesn't want 5% yield on SPX?
The best part of this GTM approach is that it allows Tplus to skip the exchange cold-start problem (no flow without liquidity, no liquidity without flow) because we have clear sources of initial consistent flow. We can even model it:
Beta market structure
ParticipantsComposable Venues
CEXDEXParticipants
After executing the closed beta we'll have a core group of target users who benefited heavily and become vocal public supporters. That support, combined with invite-only access, generates FOMO — building credibility and letting us push into full launch.
Phase 2: Expand Capabilities
After the initial release, we plan to focus on a few key areas.
t+PAMMS
Current Prop AMMs are capital inefficient, so the number of pairs they can support is limited
Tplus' architecture allows us to offer an improved pAMM
Deposit vaults support a new permissionless settlement type that allows anyone to swap assets through it at a price specified by our book state
These swaps are funded by Tplus' pooled user deposits
A designated market maker ingests the settlements into their account as margin positions and clears exposure into the Tplus book
This allows Tplus to ingest aggregator flow from all supported chains.
C:\SYSTEM\PAMM > _
t+CUSTODIANS
Tplus supports tri-party custody arrangements with both custodians (Copper ClearLoop, Fireblocks Off-Exchange) and traditional brokers.
TEEs preserve cross-margined account balance and credential privacy
Our TEE+MPC setup eliminates operator risk — Tplus can never misuse cross-margined capital, so no credit limits or bilateral legal contracts are needed
This lets Tplus become the hedging venue of choice for institutional brokerages — a broker can sell an ISDA master agreement to a pension fund, cross-margin the exposure on Tplus, and hedge the flow using whatever counterparties have the most edge in the asset (and are thus bidding block trades or sitting at top of book).
C:\SYSTEM\CUSTODIANS > _
t+AGENTS
Tplus is an ideal venue for agent-based trade execution.
Tplus ingests every product and liquidity source from all accessible venues — agents reach every market through one surface, with no new API integration per venue
Privacy lets agents run sophisticated strategies without leaking intent into an adversarial market
Capital efficiency loosens the constraints that normally cap strategy size
One integration, every market, no leaked edge — the natural home for autonomous trading.
C:\SYSTEM\AGENTS > _
Phase 3: A Prime Exchange Network
Tplus' Prime Exchange Network supports building arbitrary orderbooks (or other exchange models) with custom properties — all cleared and settled by the same core system, so they share liquidity network effects. This means we can enable things like:
Deck of Execution Venues
Regulated Orderbook
> Only entities that have passed KYC/AML can trade
> Essential for institutions entering crypto
Enables selling Tplus to mid-tier CEXs as a backend solution that simplifies their liquidity and listings
Deck of Execution Venues
Private Dark Pools
> Maker or Taker chooses who can trade against them
> Maker or Taker chooses who can see trade information
> Useful for trading size or illiquid assets
OTC desks and block traders maintain private sales funnels while using Tplus to lower trust and capital requirements
Deck of Execution Venues
Options Orderbook
> Tplus orderbooks support everything needed by an options book:
> prioritized cancels
> margin
> span margining
> hardware that can support one orderbook per expiry
Decentralized exotics!
Deck of Execution Venues
Private Market Secondaries Exchange
> Accredited investors only
> Fungible with and Redeemable for Standardized SPV Vehicles
> Provides a liquid venue so these assets can be used as collateral
Put the TG groups out of business!
t+Team
Markus (Founder)
7 years of designing and building DeFi protocols and searching (onchain HFT)
"In conclusion, we hope that the present reformulation of the Inelastic Market Hypothesis in terms of mechanistic and measurable microstructural effects will shed a complementary light on the origin of financial market fluctuations, and possibly hammer a final nail into the coffin of the Efficient Market Hypothesis."
.png)
