Recursion& IterationDiscuss liquidity
Recursion& Iteration

QUANTITATIVE TRADING & MARKET MAKING

Liquidity,
engineered.

Systematic market making for digital asset markets.

Crypto market making shaped around your market structure, liquidity needs and risk constraints.

Discuss liquidityExplore our approach
01 / RECURSIVE STRUCTUREA continuous path. A repeatable principle.
Built on structure. Refined through iteration.

01 / LIQUIDITY

Different markets. A considered approach.

Crypto market making starts with the market itself. We discuss liquidity with trading venues, token teams and platforms connecting users to digital asset markets.

CEX · DEX · PERPETUAL VENUES

Discuss exchange liquidity: two-sided quoting, useful order-book depth and execution quality within agreed risk constraints.

  • Two-sided quoting and order-book structure
  • Market-specific inventory and risk considerations
  • Clear objectives for the trading experience

Start with your venue model, target markets and the liquidity challenge you want to address.

Discuss venue liquidity
Illustrative · normalized

Markets, assets and integration requirements are agreed for each engagement.

02 / APPROACH

Research.
Execute.
Iterate.

Precision is a process.

We approach liquidity as a system of connected decisions. Each observation informs the next.

  1. 01

    Understand the structure

    Start with market data, participants and the mechanics of the venue.

  2. 02

    Consider the whole system

    Connect pricing with inventory, hedging and explicit risk constraints.

  3. 03

    Refine with evidence

    Observe execution, review assumptions and adjust with purpose.

02 / ITERATIVE CONVERGENCE
x₀x*xyf(x, y) = c
xk+1 = xk − η∇f(xk)
f(x, y) = ½(3x² + 2xy + y²) · η = 0.48
A convex optimization study. An illustration of method, not a simulation of trading performance or a promise of returns.

03 / WORKING TOGETHER

Start with a conversation. Build a clear way forward.

You bring the market context. Together, we define what useful liquidity means.

  1. 01

    Understand your market

    Your participants, your market structure and the problem worth solving.

  2. 02

    Define the scope

    Agree on objectives, supported markets and the boundaries of the engagement.

  3. 03

    Plan the integration

    Work through access, technical requirements and communication.

  4. 04

    Review and refine

    Evaluate the collaboration and revisit the scope as needs change.

04 / PRACTICAL QUESTIONS

A clearer starting point.

What does a crypto market maker do?

A crypto market maker quotes buy and sell prices and manages the inventory and risk associated with trading. The aim is to support liquidity and execution. Market making does not guarantee an asset’s price, trading volume or returns.

Who can discuss a liquidity partnership with R&I?

Exchanges and trading venues, token projects and foundations, and wallets, aggregators or trading platforms can bring us a liquidity question. We assess the market context and requirements before agreeing on an engagement.

What information is useful for an initial liquidity discussion?

Tell us about your company or project, the markets you are considering and the problem you want to solve. Your venue model, listing stage or integration flow can help frame the conversation. No sensitive account credentials are needed.

How is the scope of a market-making engagement determined?

We discuss objectives, market structure, inventory and risk considerations, technical access and communication. Supported venues, assets and integration requirements are agreed for each engagement; availability and scope are not assumed.

05 / CONTACT

Let’s discuss your market.

Tell us what you’re building and where liquidity matters.

A specific challenge is a good place to start.

RECURSION
& ITERATION

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