We built the CROSSx crypto ECN to address a glaring need for institutional-quality market structure in spot crypto trading.
From the beginning, we established a series of guiding principles that shape every decision we make. We’ve unbundled execution from custody and brokerage, enabling us to maintain a laser focus on building the fastest venue in the market. We’re also lowering the cost to trade by focusing on tailored liquidity, low commissions and tight spreads.
This blog entry goes into more detail on how our guiding principles contribute to tighter spreads and deliver real value to CROSSx venue participants. In a nutshell:
- High-speed execution and market data
- No restrictions on orders or quotes
- Tailored liquidity
Let’s take them one by one.
High-Speed Execution and Market Data
Our CROSSx crypto ECN matches 99% of trades in single-digit microseconds, which directly correlates to lower spreads and reduced trading costs.
While CROSSx is matching trades in under 10 microseconds, it’s also updating the tape just as fast. This means market makers see hundreds of execution updates in the time they would see just one update on many crypto exchanges, enabling them to price more precisely and aggressively.
Similarly, with the ability to execute trades an order of magnitude faster (or more) than on other crypto venues, taker clients on CROSSx are better equipped to match to the prices they see.
No Restrictions on Orders or Quotes
Unlike many exchanges that throttle orders, the CROSSx crypto ECN empowers makers to price as aggressively as they need to, helping to tighten spreads and drive down trading costs.
Spreads are correlated with the amount of data that makers can send to a given platform. When makers gain the ability to send more frequent price updates — especially on a venue like CROSSx, which is far faster than incumbent exchanges — they are more likely to reduce spreads and compete more aggressively for flow.
CROSSx supports billions of quote and trade messages daily, with no order or quote restrictions on market makers. The result: tighter spreads and lower costs to trade crypto for all participants.
Tailored Liquidity
By tailoring liquidity on a per-participant basis, the CROSSx crypto ECN fuels optimized trading experiences that drive down spreads. Market makers and takers alike can trade with whomever they want based on desired trade size, spread, toxicity and skew protection.
Each taker on CROSSx has its own unique market data session and tailored pool of liquidity. They can trade against market data or can further optimize their execution experience by “flashing” their interest to other takers on the platform to earn spread and lower their overall market impact.
If you’re ready to start trading on the fastest crypto ECN in the market, get in touch today. Email sales@crossovermarkets.com for a demo or to begin onboarding.
