Trade Any Asset 24/7 Fast, Cheap, High Quality Execution Better Leverage using Matched Book Margin
Earn Yield on Deposits
Private and Self-Custodial

We're enabling perfect markets

Financial markets are inefficient and difficult to execute in

✘ Financial products are fragmented across venues, jurisdictions, and regulatory regimes

Market participants need to access

Equities (including EM)

Crypto

Commodities

Derivatives

Private Market Secondaries

Yields

No venue offers it all - and each venue enforces different jurisdictional, regulatory, and trust requirements

offers partial doesn't

✘ Trade execution is inefficient and inconsistent

	Markout (ETH:USD, bps, net fees)
Venue	5s	5m	15m	Volume-implied 24h execution cost
Coinbase	−124.8	−126.3	−126.7	~$3.5M
Binance perp	−7.2	−8.7	−8.6	~$8.4M
HL perp	−6.6	−6.9	−7.5	~$0.65M
Uniswap	−5.9	−5.9	−6.1	~$0.24M
TradFi venues: effective spreads (self-reported/proxy; insufficient public data to measure markouts)
NYSE + Nasdaq	3.0	n/a	n/a	~$67M
CBOE	169.0	n/a	n/a	~$157M
CME	0.65	n/a	n/a	~$45M

Markouts (a measure of execution quality) are significantly negative and effective spreads are shockingly large - execution is bad everywhere.

Horizon	Multi-Venue Markout dispersion (ETH:USD, std₂₅, gross fees)	Volume-implied 24h extraction
5s	17.6 bps	~$5.0M
5m	27.7 bps	~$7.8M

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.

Tplus creates more efficient markets by improving

✘ Execution Time

✘ Capital Costs

✘ Liquidity and Flow Fragmentation

TPLUS' CLOB IN A TEE

Addresses: Execution Time Liquidity and Flow Fragmentation

After depositing, users trade in a horizontally scaling offchain exchange run in a TEE network.

C:\CONFIRMATION\STATUS>

Orders enter the TEE

Users send orders to their CLOB instance

CLOB matches orders in <1ms

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

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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' COMPOSABILITY

Addresses: Capital Costs Liquidity and Flow Fragmentation

Tplus accounts can atomically interact with external onchain venues using our global deposits, and cross-margin with external exchange and brokerage accounts - giving access to their assets and liquidity. As a result, the Tplus book is made up of internal liquidity PLUS a latent bid from external liquidity we're composable with.

Onchain 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.

TPLUS' MATCHED BOOK MARGIN ENGINE

Addresses: Capital Costs

Matched book margin provides capital-efficient spot leverage by offsetting counter-side margin positions against each other - allowing them to be auto-delevered. Skew-based funding rates incentivize counter-side leverage flow to keep exposure balanced.

Matched Book Margin

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

Delevering 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

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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