“Hidden Road continually seeks to increase market access and capital efficiency through expanded prime brokerage offerings. Integrating OKX’s Nitro Spreads product builds upon this philosophy by extending our counterparties’ ability to execute risk-managed arbitrage strategies.”
Global credit network Hidden Road has partnered with digital asset exchange OKX to offer a turn-key experience for its clients, enabling them to execute advanced trading strategies and facilitate delta rolls more efficiently.
By integrating OKX’s Nitro Spreads, a venue to execute basis, futures spreads, and funding rate arbitrage strategies, into Hidden Road’s prime brokerage offerings, the institutional client base of Hidden Road will benefit from:
- On-demand access to OKX’s deep liquidity for both makers and takers;
- The opportunity to minimize leg risk between markets (all orders on Nitro Spreads are guaranteed to fill in matching quantities for each leg or none at all); and
- The ability to select a guaranteed spread for a trade before execution, mitigating the risk of unexpected price slippage. Trades are then matched and settled immediately.
Liquidity, minimize leg risk, guaranteed spreads
Michael Higgins, CEO and Global Head of Business Development of Hidden Road International, said: “Hidden Road continually seeks to increase market access and capital efficiency through expanded prime brokerage offerings. Integrating OKX’s Nitro Spreads product builds upon this philosophy by extending our counterparties’ ability to execute risk-managed arbitrage strategies.”
Lennix Lai, Chief Commercial Officer at OKX, said: “Leveraging the superior liquidity of Nitro Spreads, our strategic partnership with Hidden Road enables us to extend the reach of OKX’s deep liquidity and efficient execution of advanced strategies to an expanded network of institutional traders. Our collaboration further streamlines the trading experience for Hidden Road clients and underscores our technical expertise in the institutional trading space.”
OKX recently surpassed its all-time high in monthly futures spreads trading volume on Nitro Spreads, reaching nearly US$5 billion in March 2024. The crypto exchange has been enhancing its institutional offerings, namely with the launch of a ‘Quick Trading’ mode on Nitro Spreads, which enables users to instantly select the ‘Top of Book’ on any spread/side with a double-click, removing the need to manually open order books or input details.
Hidden Road offers Synthetic Prime Brokerage
Hidden Road removes complexity and costs in prime brokerage, clearing, and financing. A few months ago, Hidden Road launched a Synthetic Prime Brokerage offering, Route28.
Route28 was developed in collaboration with major global hedge funds, brokers, and market-making firms, and covers OTC Swaps across a range of asset classes including FX, Equities, Commodities, Digital Assets, Energy, and Rates.
Operated through Hidden Road’s FCA-regulated UK entity, the technology for the front-end and matching engine is supplied by Crossover Markets. With the introduction of Route28, Hidden Road became one of the few prime brokers worldwide to offer cross-margining and margin financing across Cash/Spot, Cleared Derivatives, and OTC Swaps in multiple asset classes.
The launch of Route28 is supported by a consortium of leading market makers, proprietary trading firms, quantitative hedge funds, brokers, liquidity aggregators, and technology providers. Among these are Capital.com, FXCM, Pepperstone, oneZero, Gold-i, PrimeXM, and Argamon Markets.
