TBARIndustries
Urchen Institutional crypto market-making — connectivity, risk, strategy. One stack.
● § PORTFOLIO · 04 / 22
v 0.18.27 · CORE + MM
DEPLOYED · UAT + SIM
URCHEN · CORE + MARKETMAKING · v0.18.27 · LIVE

Crypto market-making, finally one stack.

Urchen is an institutional market-making platform — built in Rust, deployed by professional desks. Forty-plus venues across exchanges, RFQ desks, and chains. FIX 4.4 · Monte-Carlo risk · cascade stress · Basel-style margin — and a declarative strategy engine that compiles down to live order flow, wire-to-wire under a millisecond. Connectivity, risk, and alpha — running on the same machine.

40+Venues · live
< 1 msWire-to-wire
8Chains · L1 + L2
10Strategy templates
Talk to us ↗ See the platform ↘
§ Live blotter · across all 20 venues FEED ACTIVE
FIX 4.4 LMAX NewOrderSingle · seq 4192 · MarketData stream Buy 2.40 BTC 71,401.20limit 2 sec ago
RFQ Galaxy 2-Way · 4 dealers · 2 bps slippage · best bid +0.30 Trade Best 10.00 ETH 3,841.40filled 14 sec ago
Algo Binance TWAP · 30 min · 6 slices · slice 4/6 sent Working 12.00 BTC 71,402.10vwap 38 sec ago
WS Coinbase PriceBook tick · seq 4,829,114 · 16 levels Tick — 71,403.20top 42 sec ago
Algo OKX Iceberg · display 0.50 · remaining 3.50 · 3 of 8 dispatched Working 4.00 BTC 71,400.80limit 1 min ago
FIX 4.4 Sucden OrderCancelRequest · seq 4189 · acked Cancel 1.20 BTC 71,406.40cancelled 2 min ago
§ 01 · PLATFORMTWO PRODUCTS · ONE STACK

Connectivity, risk, and alpha on the same machine.

URCHEN-CORE · BASE
URCHEN-MM · ADDON
v0.18.27
§ 01 · CORE

Urchen Core

Connectivity · Risk · Margin · Tick Store

The base platform. Connectivity to forty-plus venues — exchanges, RFQ desks, and chains — feeding a Rust-native FIX 4.4 engine at sub-millisecond wire-to-wire latency. A Monte-Carlo risk engine, margin ladder, and cascade contagion sim live next to the order manager — they all see the same book.

  • Risk Engine — Monte Carlo PD · GARCH vol · jump diffusion · correlation
  • Margin Engine — Basel-style ratios · margin ladder · LCR · call detect
  • Cascade Engine — contagion sim · 3 stress scenarios · multi-step propagation
  • Order Manager — multi-venue routing · sim/live per gateway · self-trade prevention
  • Tick Store — QuestDB ILP writer · OHLCV · book history · trades
  • Cockpit — Flutter web · 20 pages · role-based nav · WebSocket streaming
Rust · Axum 0.6 · SQLite · QuestDBSHIPPING
§ 02 · MARKETMAKING

Urchen MM

Strategy Pipeline · Plugins · SDKs

The strategy engine. A declarative pipeline — OrderBook → PriceConstructor → Features → Signals → Actions → Assemblers — with twenty-four features, ten templated strategies, and a math-expression plugin system that lets quants ship custom alphas without recompiling. Python and Rust SDKs ship with it.

  • 9 price constructors — EffectiveMid, MicroPrice, AggregatedVwap, NBBO, ImpactMid
  • 24+ features — SpreadBps, BookImbalance, OFI, GARCH Vol, CascadeRisk
  • 10 templated strategies — adaptive_spread, ofi_alpha, depth_fade, b212_mm, risk-aware
  • Plugin system — register custom features as math expressions · zero recompile
  • SDKs — Python (pip) · Rust (cargo) · 10 progressive tutorials
  • Backtest + Runner — replay history, schedule live runners by symbol + interval
Pure addon · ../urchen-core path-deps93 TESTS · GREEN
§ 02 · CONNECTIVITYVENUES · FEEDS · CHAINS · CUSTODY

Where the book lives. And who holds the keys.

40+ VENUES · <1ms WIRE
30 FEEDS · 8 CHAINS
6 CUSTODIANS
§ 01 · Venues

Tier-1 + RFQ

40+ adapters · spot · futures · margin · OTC

Native order gateways for every venue an institutional desk actually trades on. OrderManager routes at sub-millisecond wire-to-wire, with sim/live per gateway, latency tracking, self-trade prevention, and rate-limit headroom.

BinanceCoinbaseKrakenOKXBybitLMAXBitgetKuCoinHTXdYdXGalaxyWintermuteJaneStCumberland+26
Spot · Fut · OTC40+
§ 02 · Price Feeds

WebSocket NBBO

30 streams · cross-venue book

WebSocket adapters across thirty venues feed a shared price book (DashMap · {exchange, symbol} → OrderBook). Aggregated VWAP, micro-price, and impact-mid all read from the same fan-in.

BitstampGeminiBitMEXBitfinexCrypto.comPhemexBTSEDeribitBullishOne TradingBitsoBitvavo+18
L2 + Trades30
§ 03 · Chains

L1 + L2 Adapters

8 chains · on-chain settlement

Native chain feeds for the venues that actually settle. Same fan-in, same risk engine — on-chain inventory lands in the same Position the OrderManager sees off-chain.

EthereumSolanaArbitrumPolygonOptimismBaseAvalancheBitcoin
L1 · L28
§ 04 · Custody

Institutional Wallets

6 providers · MPC · cold + warm

Plug Urchen into your existing custody stack. JWT-RS256 · HMAC · Ed25519 auth flavours all supported — credentials encrypted at rest with AES-256-GCM, never touch the codebase plain.

FireblocksCopperBitGoCoboAnchorageSelf-custody
MPC · cold · warm6
§ 03 · RISKQUANT MODELS

Risk that runs in process.

MONTE CARLO · GARCH
MARGIN · CASCADE · STRESS
BASEL-III READY
F1Risk · core

Monte Carlo PD

PD = defaults / simulations

Default-probability under collateral shock. Each path stress-tests the inventory against the liquidation threshold and rolls up to a per-counterparty PD the cascade engine consumes downstream.

Surfaced inRisk · Cockpit
F2Vol

GARCH Volatility

σ²ₜ = ω + α·rₜ₋₁² + β·σ²ₜ₋₁

Conditional volatility for sizing and quote-spread. Plugs into InventorySkew and SpreadModel assemblers — vol expands → spread widens, automatically.

Surfaced inStrategy · Sizing
F3Margin

Margin Ladder · LCR

LCR = HQLA / 30d-net-outflow

Basel-style margin ratios computed against a layered collateral ladder. Margin-call detection fires before the venue does — a Slack-grade liquidity coverage ratio for crypto.

Surfaced inRisk · Custody
F4Contagion

Cascade Engine

L_total = Σᵢ PDᵢ × LGDᵢ × propagation(i,j)

Multi-step contagion sim across the counterparty graph. Three stress scenarios — −20% / −40% / black-swan — propagate defaults outward and produce per-step severity.

Surfaced inStress · Scenarios
F5Liquidity

Liquidity Haircut

V_eff = V_nom × (1 − haircut(book_depth))

Mark inventory by realised exit cost, not last-trade. Reads the live shared book to apply a depth-aware haircut — you only count the liquidation value you can actually achieve.

Surfaced inPositions · Risk
F6Stress

StressLoss

StressLoss = PD × Debt × LGD

Capital-at-risk under each scenario, rolled up portfolio-wide. Architecture-ready for SEC capital reporting, CFTC margin reporting, MiCA, and Basel-style exposure tracking.

Surfaced inReporting
§ 04 · STRATEGYDECLARATIVE PIPELINE

Alpha as configuration.

ORDERBOOK → PRICE → FEATURES
SIGNALS → ACTIONS → ASSEMBLERS
10 TEMPLATES · 24 FEATURES
§ 04 · Strategy Pipeline

Six stages, one JSON.

An Urchen strategy is a declarative document. Pick a price constructor, stack features and signals, wire them to actions, and post-process through assemblers. The same JSON evaluates against historical ticks, runs against a sim gateway, or fires real orders through FIX — only the runner changes.

Each stage is a registered component, pluggable at runtime. Want a custom feature? Express it in maths — abs(ofi_multi_lag)*0.42 + book_imbalance*0.15 — and POST it. No recompile, no redeploy, no fork.

§ 05 · BACKTESTSAME JSON · SIM → LIVE

Replay history. Then run it live.

PNL · SHARPE · MAX DD
HIT RATE · QUOTE FILL
SIM/LIVE PER GATEWAY
§ 05 · Sim → Live

The same strategy, three modes.

Save the strategy. Backtest against captured QuestDB ticks across thirty days. Sim against a synthetic gateway with realistic latency and slippage. Live through any FIX session or exchange adapter — same JSON, only the runner changes.

Per-gateway sim/live mode means you can stage a strategy on one venue while the rest of the desk continues to trade live. Latency and slippage are tracked end-to-end; PnL, Sharpe, max drawdown, and quote-fill rate roll into the cockpit in real time.

§ 06 · PLUGINSMATH-EXPRESSION ENGINE

Custom alphas. Zero recompile.

SAFE EVALUATOR
16 EXPRESSION TESTS · GREEN
POST + GO
§ 06 · Plugin / Expression

Quants ship features the way they read.

Urchen ships a sandboxed math-expression engine. Quants register a custom feature with a POST and reference it as {"feature": "custom", "name": "momentum"} in any strategy. No fork. No redeploy. No PR review for an alpha tweak.

The grammar is small enough to audit in an afternoon — arithmetic, comparison, boolean, plus abs · sqrt · min · max · clamp · pow · log · if. The runtime is hardened: no I/O, no allocation games, no recursion bombs. Just maths.

§ 07 · TEMPLATESSHIPS WITH 10 STRATEGIES

Out of the box. Tunable from day one.

10 TEMPLATES
76 STRATEGY TESTS · GREEN
EDIT IN COCKPIT
TEMPLATE 01 Risk · Low

adaptive_spread_mm

ALPHA · spread quantile + depth
POST · QuotePair → SpreadModel → InventorySkew

Quotes a two-sided market at the rolling spread quantile, skewed by inventory, widened on depth thinning. The conservative default — capture spread, hedge inventory, repeat.

Suited · BTC, ETHv0.18
TEMPLATE 02 Risk · Med

ofi_alpha_mm

ALPHA · OFI linear forecast (B212)
POST · QuotePair → SpreadModel + skew on OFI

Reads order-flow imbalance, multi-lag, and predicts short-horizon mid drift. Quotes asymmetrically when OFI signals direction. The most-tested template — 76 unit tests reference it.

Suited · majors · L1v0.18
TEMPLATE 03 Risk · Low

risk_aware_market_maker

GATE · CascadeRisk < θ AND PD < 2%
POST · QuotePair → SafetyCheck assembler

A market-maker gated on the risk engine itself. If cascade probability spikes or PD breaches, quotes pull and inventory flattens. Risk-engine-aware quoting — safety on by default.

Suited · all venuesv0.18
§ Templates, not magic. Each shipped strategy is a JSON document quants can fork, tune, or rewrite. Urchen does not run capital — your desk does. Sim/live mode is per-gateway, every parameter is yours, and every fill goes through your custody and your risk limits.
§ 08 · INFRASTRUCTURELOW-LATENCY · HIGH-GRADE

Low-latency, high-grade infrastructure.

§ 09 · WHITE-LABELOMS / EMS · FOR YOUR CLIENTS

Your stack. Their seat.

MULTI-TENANT · ISOLATED
CO-BRANDED COCKPIT
YOUR ECONOMICS

The same Rust binary that runs your book also runs your clients' books — under your name, on your venues, behind your risk envelope. Urchen ships with first-class white-label OMS / EMS so the prime broker, the exchange, the OTC desk, the crypto bank can give a co-branded trading cockpit to every downstream client without lifting another binary. Multi-tenant by design, isolated by default — separate books, separate balances, separate keys, separate audit trails. One platform team operates it. Every onboarded client is recurring revenue you didn't have to build for.

§ 01 · Prime brokers

Sell the OMS, keep the flow.

Hedge funds · family offices · prop

Hand every prime client a co-branded OMS / EMS that routes only to your custody, your margin engine, your rates. Each fund gets isolated books and balances; you get the order flow, the cross-margining, and a recurring per-seat licence on top.

Isolated booksPer-seat licenceRouted to your custody
Use case · most common$3–8k / seat / mo
§ 02 · Exchanges

Ship MM to your token issuers.

Listed projects · partner desks

Tier-2 and tier-3 exchanges ship Urchen-MM to the projects they list so issuers can run their own quoting, depth, and inventory programmes — under the exchange's brand, against the exchange's books. Listings retention up, MM costs down.

Listing fee upliftIssuer-managedExchange-branded
Use case · listings retention$15k / project / mo
§ 03 · OTC desks

Branded RFQ for the corporate book.

Corporate treasury · family offices

OTC and dealer desks expose a branded RFQ + execution console to corporate treasury, family-office and institutional clients. Clients quote and trade against your dealer book on your terms — settlement, custody and audit stay yours.

Branded RFQYour dealer bookClient SSO
Use case · OTC volume defence$10–25k / desk / mo
§ 04 · Crypto banks · fintechs

Trading inside the regulated app.

Depositors · corporate accounts · neo-banks

Embed a regulated trading interface inside your fintech or crypto-banking product. Same Urchen risk, same Urchen audit trail, same custody integrations — wrapped in your UI, served to your depositors and corporate accounts. One vendor risk review covers the whole stack.

EmbeddableRegulated-gradeYour KYC layer
Use case · neo-bank expansion$25k+ / mo · platform fee
§ Multi-tenancy is architectural, not bolted on. Each tenant is a first-class entity: scoped JWT realm, RBAC tree, balance ledger, audit log, FIX session, and risk envelope. Cross-tenant leaks are impossible by construction, not impossible by policy. Your platform team operates one binary; every onboarded client is an instant SKU.
§ 10 · COMPLIANCEREGULATION-READY

Built for the regimes coming next.

SOC2-ALIGNED LOGGING
RBAC · AUDIT · 2FA
SEC · CFTC · MiCA · BASEL
FIX 4.4SHIPPING
SOC2ALIGNED
BASEL IIIEXPOSURE
MiCAEU
SECCAPITAL
CFTCMARGIN
§ 11 · DEPLOYMENTSELF · MANAGED · ENTERPRISE

One binary. Three ways to run it.

MONOLITH · DISTRIBUTED
AERON · 3 SERVICES
UAT · LIVE
Self-hosted
Opencore licence

Run Urchen Core on your own iron.

  • Single urchen-server binary · monolith mode
  • 40+ venue adapters · 30 feeds · 8 chains
  • Risk · Margin · Cascade engines · in process
  • Flutter cockpit · 20 pages · RBAC
  • FIX 4.4 acceptor · session management
  • No Urchen MM addon · BYO strategies
Get the binary ↗
Urchen MM
Core+MMcommercial

Core plus the strategy engine, SDKs, and templates.

  • Everything in Self-hosted
  • Strategy Pipeline — 6 stages · declarative JSON
  • 10 templated strategies · adaptive · OFI · risk-aware
  • Plugin system · custom features as math expressions
  • Backtest + Runner · sim/live per gateway
  • Python + Rust SDKs · 10 tutorials
  • 93 strategy + expression tests · maintained green
  • Quarterly model upgrades · cascade · GARCH · OFI
Talk to us ↗
Enterprise
Aerondistributed

Distributed deployment · sub-millisecond IPC · co-lo ready.

  • Everything in Urchen MM
  • 3-process deployment · Aeron messaging · shared-memory IPC
  • price-feed-service · chain-exchange-service · rest-api
  • Co-located deployment guidance · NY4 / TY3 / FR2
  • Custom adapters · venue onboarding
  • SOC2 evidence pack · audit trail
  • Direct line to TBAR + Urchen engineering
Contact sales ↗
§ 12 · TBAR THESISWHY WE BACKED IT

Institutional crypto, without the seven-figure stack.

DEAL · SEED → SERIES A
BOARD · TBAR · 1 SEAT
2026

Every institutional crypto desk we spoke to was running the same five-vendor mess: one shop for connectivity, another for the FIX engine, a third for the risk engine, a fourth for strategy, and a custody integrator on top. Each contract priced as if it were the only one. Each integration written twice.

Urchen collapses that stack. Connectivity, risk, margin, cascade, strategy, and SDKs — one Rust binary, with a Flutter cockpit, a FIX acceptor, and a plugin engine for the alphas the desk doesn't want to share. Forty-plus venues, eight chains, six custody providers — wire-to-wire under a millisecond, already wired.

We backed it because the team has shipped this stuff in production at the venues themselves, and because the architecture leaves room for the regulatory regimes that haven't landed yet — Basel-style exposure, MiCA, SEC capital, CFTC margin. We're working alongside the founders on commercial design, regulated-market expansion, and the ChainCredit Prime layer they've started writing about. The wheel turns.

v0.18.27 LIVE · UAT + SIM · DEPLOYED

Building a desk? Skip the five vendors.

info@urchen.com ↗ support@urchen.com ↗