Edel Markets
Perpetual trading with off-chain execution, realtime data and asynchronous settlement on Canton.
The execution path at a glance
Submit an order, execute and commit it off-chain, then settle the resulting obligations on Canton. Settlement runs asynchronously; it is outside the order acknowledgement path. An acknowledgement is not a fill, and a fill is not settlement finality.
From order to settlement finality
An order arrives from the terminal, the API or an approved agent, carrying its client order ID.
Risk checks run off-chain and the order reaches the durable journal commit. The acknowledgement returns here, without a Canton round trip.
Deterministic matching pairs the order with the other side. Each fill is a committed execution outcome; an unmatched order rests on the book.
Later, committed obligations are netted, so many fills settle as fewer transfers while the financial result stays the same.
Canton confirms the netted transfers. That confirmation establishes settlement finality.
Key highlights
Edel Markets uses a hybrid architecture: orders execute and commit off-chain, then settlement follows on Canton. The order path does not wait for blockchain confirmation, keeping settlement latency out of the trading response. See product availability or watch the technical walkthrough.
Positions are private account data, while orders displayed on the orderbook are public. Our Canton integration extends privacy to on-ledger transaction data through selective disclosure to entitled participants. Explore privacy and market transparency.
Execution
Off-chain
Matching, risk and perpetual funding calculations run off-chain. Eligible orders reach durable commitment without waiting for a blockchain settlement response.
Asynchronous settlement
Canton
Committed obligations are netted and settled later on Canton, which holds collateral and establishes settlement finality. Owner funding approvals remain separate from trading authority.
Trading schedule
24/7
Perpetual markets have a continuous trading schedule, including weekends. Market restrictions, data quality and service availability still govern which actions can proceed.
Perpetual markets
Long / short
Go long or short without a scheduled expiry. Perpetuals are available today, with spot trading coming soon. A perpetual position provides price exposure, not ownership or delivery of the underlying asset.
Product APIs
REST + WS
Use REST for commands and initial snapshots, then WebSockets for ongoing market and account updates. Our APIs handle ledger integration behind the scenes.
Agent permissions
Scoped
Scoped keys enable permitted reads and owner-authorized trading, with optional MCP tools. These credentials do not authorize deposits or withdrawals.
Built for high order throughput
Our off-chain execution design targets approximately 140,000 orders per second. Matching and commitment run independently of Canton settlement, keeping blockchain confirmation outside the trading response. Read performance and measurement for the target’s scope and how throughput is measured.
Matching runs ahead of settlement
Off-chain matching and commitment
Orders are matched and committed continuously, at the pace of the trading engine.
Canton settlement
Committed obligations are netted into batches that settle on their own schedule.
The trading lane never waits for the settlement lane.
Coming soon
Two additions to the venue are in preparation. Availability will be announced on product status.
Spot markets
Coming soon
Spot trading on Edel Markets, alongside the perpetual markets available today.
FIX protocol
Coming soon
FIX connectivity for order entry. Today, integrations use REST and WebSockets.
Explore Edel Markets
Explore the trading experience, follow the architecture or build an integration.
Get started
Prepare your account, understand the terminal and follow your first order.
Orders and positions
Choose order controls, follow fills and manage the exposure that remains.
Architecture and settlement
Explore off-chain execution, custody, account privacy and asynchronous Canton settlement.
Market makers
Understand quoting, account readiness and the controls for running a strategy.
Agents and MCP
Connect an approved agent, understand its permissions and explore the available tools.
Build an integration
Find API contracts, realtime protocols and owner-approved agent access.