Recursion& Iteration

QUANTITATIVE TRADING & MARKET MAKING

Liquidity,
engineered.

Systematic market making across crypto, prediction markets and options.

Two-sided pricing, execution and risk management, shaped around the needs of your market.

SYSTEMATIC BY DESIGNPricing. Execution. Risk.

01 / MARKETS

Where we make markets.

Different instruments call for different approaches to liquidity. We work across crypto, event-based contracts and options.

Two-sided liquidity for crypto spot and perpetual markets on CEXs and DEXs, connecting pricing, execution and inventory management.

  • Quotes informed by the order book and market conditions
  • Liquidity for buying and selling
  • Inventory and exposure considered alongside execution

Tell us which assets and venues you are focused on, and where liquidity needs to improve.

Discuss crypto liquidity
Market structure · illustration

Have a different liquidity requirement? We welcome the conversation.

02 / APPROACH

Research.
Execute.
Iterate.

Pricing, execution and risk—working together.

A useful quote depends on more than price. Our approach connects market conditions, the ability to execute and the exposure each trade creates.

  1. 01

    Price in context

    Understand market structure, trading activity and the factors that shape a useful quote.

  2. 02

    Manage exposure

    Consider trading inventory and exposure alongside pricing and execution decisions.

  3. 03

    Refine with evidence

    Review how quotes and trades behave as market conditions change.

CONTINUOUS REFINEMENT
x₀x*xyf(x, y) = c
Mathematical illustration.

03 / WORKING TOGETHER

From first discussion to working together.

Bring us a market or a liquidity challenge. We’ll work through the requirements with you.

  1. 01

    Share your market

    Tell us what you trade, where you trade it and what needs to improve.

  2. 02

    Define the scope

    Align on instruments, objectives, responsibilities and risk parameters.

  3. 03

    Prepare to work together

    Work through the technical access and operational requirements for the agreed scope.

  4. 04

    Review and refine

    Review trading observations together and revisit the scope as needs change.

04 / QUESTIONS

Before we speak.

Which markets does R&I work in?

We provide market making for crypto spot and perpetuals on centralized and decentralized exchanges, prediction markets, and options, including U.S. equity options. The specific instruments and venues are established for each engagement.

Who can contact R&I?

Anyone with a market-making or liquidity enquiry is welcome. You may represent a trading venue, project, business or yourself. Tell us what you need, and we can discuss the fit.

What should I include in an initial enquiry?

Tell us about the market or product, the relevant assets or contracts, and the liquidity challenge you want to address. If you have a venue or timeline in mind, include it. A short introduction is enough to start.

How is an engagement structured?

We work through your objectives, the instruments and venues involved, technical requirements and risk parameters. This discussion establishes the responsibilities and scope of the engagement.

05 / CONTACT

Let’s discuss your market.

Tell us about the market, product or opportunity you have in mind.

A new partnership or an existing conversation—get in touch.

RECURSION
& ITERATION

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