A trading firm can hold a money market fund, earn yield on that position, and still need credit to trade. Bringing that asset into a collateral workflow has traditionally meant moving through separate custody, funding, and settlement processes. On September 28, @FTDA_US and @Bybit_Official launched a programme that lets eligible institutional clients use tokenised money market fund shares as off-exchange collateral for trading credit. The fund shares remain in custody while the client can access USDT or USDC credit on the venue. The collateral covers the exposure created by trading. The cash leg still needs to settle alongside it. In September, major UK banks completed interbank transactions using tokenised deposits, showing how commercial bank money can move through a digital settlement workflow. Together, these developments bring more of the trade lifecycle into the same operating environment: trade agreed → collateral allocated → eligibility and valuation checked → exposure recalculated → payment and asset transfer settled As prices and positions change, the collateral requirement changes as well. The process therefore depends on clear rules for asset eligibility, valuation sources, haircuts, custody, substitution, credit limits, and the transfer of assets between participants. Tokenisation allows collateral and cash to move through a shared digital workflow. The value appears when the trading desk, custodian, and venue can work from a current view of the same balances, positions, and settlement obligations. For execution infrastructure, this raises the standard for market data, reconciliation, reporting, and operational control. @bitmakerfi works on that market-facing layer by managing live execution, tracking balances and positions, and keeping venue state aligned with the trading system.

In Singapore for TOKEN2049? Meet @bitmakerfi at @ProofOfLiq

A token can move onchain at any hour. A continuously tradable market needs a price that remains meaningful when the underlying asset’s primary market is closed. This distinction is already visible in tokenized equities. @krakenfx offers 131 xStocks, while only ten trade 24/7 on Kraken Pro. The rest trade 24/5 on the venue, while tokens held in self-custody can trade onchain through DEX integrations around the clock. During regular market hours, xStocks are anchored to the underlying exchange price. Outside those hours, market makers use extended-hours venues, alternative trading systems, index futures, and internal models to estimate fair value. The asset remains available, while the reference price, available depth, and inventory risk change. The same shift is reaching traditional venues. @RobinhoodApp has announced plans for weekend trading in selected U.S. stocks, where lower liquidity outside standard hours remains a central consideration. @okx and Intercontinental Exchange have also filed with the SEC for approval to launch a 24/7 tokenized securities platform. These developments expand access and make market design more consequential. A functioning RWA market needs rules for how fair value is formed outside the primary session, who can trade and transfer the asset, how settlement and redemption work, and where sufficient liquidity comes from when traders want to enter or exit. Tokenization creates the instrument. Market infrastructure determines whether it can trade continuously with confidence.

@ProofOfLiq Seoul brought together funds, market makers, treasuries, DeFi and RWA projects, and infrastructure teams for a focused evening of networking and deal flow. @bitmakerfi was glad to join the event as a partner. The atmosphere was great, the conversations were strong, and we were happy to connect with so many teams, founders, investors, and industry peers. Thanks to everyone we met in Seoul — it was a great day

@bitmakerfi at KBW Let’s connect!

On September 18, @coinbase said it had sought approval to list perpetual futures tied to 50 to 60 large-cap U.S. stocks. Earlier in the month, Kalshi was preparing a filing for a perpetual WTI crude oil contract after filing for products tied to equity indices, metals, FX, and interest rates. @HyperliquidX already gives traders access to crypto, commodities, indices, and other markets through the same perpetual trading environment. The common feature is continuous leveraged exposure to instruments whose underlying markets still have their own trading hours, reference venues, and liquidity rhythms. This makes price formation part of the product. Once the underlying market closes or reprices sharply, the perpetual contract still needs a reference price participants can trust, funding and margin rules suited to the conditions, and enough depth for traders to enter and exit. A new perp market becomes meaningful once it meets volatility, gaps in underlying pricing, and live order flow.

When someone opens an order book, there is a simple question behind every trade: can I enter or exit this position at a price I can rely on? The answer starts with information the market needs to share: • executable bids and offers • available depth across price levels • recently completed trades These signals allow participants to assess liquidity, estimate price impact, and form a view on value. Behind those quotes sits a second view of the market. The team managing liquidity needs to understand: • current inventory and market-risk exposure • quote parameters and execution logic • balances, credentials, and counterparty information This information defines how a trading operation manages risk. Its access belongs with the people and systems responsible for execution, oversight, and audit. Market infrastructure has to serve both views at the same time. Participants need clear market information to make informed trading decisions. Risk teams need controlled visibility into the positions and processes behind that liquidity. At @bitmakerfi, execution infrastructure combines market-data processing and order-book analysis with tenant isolation, encrypted credential storage, role-based access, and audit trails for strategy and order actions.

@bitmakerfi has a new home online. We’ve rebuilt our website to give a clearer view of how we approach market making, from preparation and trading infrastructure setup to live deployment, optimization, monitoring, and expansion. → 6 years in the market → 50+ integrated exchanges → 40+ active clients → 35 professionals → 99% uptime → 24/7 execution All brought together in one place. Explore the new Bitmaker website ↓ 🌐 bitmaker.fi

Execution risk appears when the system’s view of the market starts to differ from what has already happened at the venue. - A market-data feed may be stale while the price has moved. - A cancel request may arrive after an order has filled. - A reconnect may leave the local position out of sync with the exchange. The trading strategy remains the same, while the actual exposure and execution price have already changed. This is why execution infrastructure needs controls of its own. Bitmaker’s technical design includes market-data freshness monitoring, idempotent order placement, retries and circuit breakers, as well as reconciliation of positions and PnL against venue state. The result is a system that can identify gaps between intended orders, reported orders, and actual fills while strategies are running.

Bitcoin traded down to $77,666 on Tuesday before recovering toward $79,000 as the market repriced expectations for next week’s FOMC decision. For a liquidity provider, a move like this changes the task within minutes. Aggressive flow alters inventory, the order book becomes more one-sided, and quotes calibrated for a quieter market can quickly carry too much directional risk. Keeping the same spread and balance target through that move can turn a temporary imbalance into a larger exposure. Liquidity management therefore continues long after capital has been placed in the book. Bitmaker’s execution framework tracks order flow, order-book imbalance, and market conditions, then adjusts quote skew, spread width, and balance limits within defined risk parameters. Visible liquidity is a snapshot. Maintaining it means responding to the market that exists now, rather than the one that existed five minutes ago.