I
Market Making
Continuous two-sided quotes across spot and derivatives, on the venues that matter. We hold risk for milliseconds and get paid to price it correctly.
CEX · DEX / MILLISECONDS / LIVE
HASH PROTOCOL · PROPRIETARY TRADING
We engineer trading systems for digital asset markets.
Hash Protocol is a proprietary trading firm. Market making and quantitative strategies, fully automated, on centralized exchanges and on-chain venues.
$2.5B+
Cumulative volume traded
$30M+
Average daily volume
150+
Active markets · CEX and DEX
1.2M+
Orders executed per day
<1ms
Internal tick-to-trade
24/7
Fully automated operation
INTERNAL, UNAUDITED FIGURES · GENERATED BY OUR OWN SYSTEMS
Aboutwhat we are, and what we are not
§ 01 · THE FIRMWe trade our own capital. Nothing else.
Hash Protocol is a proprietary trading firm. We are not a fund, a broker, or an asset manager. We take no outside capital and serve no clients.
Every position is our own, opened and closed by systems we designed, on infrastructure we run. Nothing we trade passes through hands we do not control.
This keeps our incentives simple. We are not paid on fees or flow. We are paid when our models are right, and we pay when they are wrong. Discipline is how the firm survives.
Strategiesmarket structure, not price prediction
§ 02 · THE BOOKTechnologymarkets are an engineering problem
§ 03 · THE STACK§ 01 · EXECUTION ENGINE
Rust in the hot path
Lock-free data structures, zero-copy parsing, no garbage collector between us and the market. Tick-to-trade measured at the 99th percentile, not the average.
§ 02 · NETWORK AND HARDWARE
Co-located bare metal
Servers in the data centers that matter, next to the exchanges we quote. Kernel-bypass networking, NUMA-aware placement, PTP-synchronized clocks.
§ 03 · MARKET DATA
Raw feeds, full depth
Order books built from raw exchange feeds, not vendor aggregates. Every tick captured, timestamped and replayable, byte for byte.
§ 04 · RESEARCH STACK
Honest simulation
Exchange-accurate backtests with queue position, fees and latency. A strategy that cannot survive an honest backtest never touches capital. Most never ship.
§ 05 · RISK SYSTEMS
Limits in the path
Hard limits enforced in the execution path, not in a dashboard. Every order checked; the kill switch acts in milliseconds without asking anyone.
§ 06 · OBSERVABILITY
Everything traced
Every order traced end to end, from signal to fill. Latency budgets per component; regressions are production incidents.
§ EXECUTION LOG · REPLAYSYSTEMS OPERATIONAL
Where we operateactive where liquidity is real
§ 04 · VENUESSolana
Ethereum
BNB Chain
Base
Contactwe review every inquiry
§ 06 · THE MAILFor institutional matters.
Exchange partnerships, protocol integrations and counterparty conversations. We respond where there is a fit.
OFFICES
Singapore
New York
Received. We will review and be in touch.