DeFi
RWA DEX
Volatility models and index data for pricing derivatives on real-world and tokenized assets — commodities, equities, and FX pairs. Institutional-grade SVI surfaces and composite indices bridge DeFi infrastructure with traditional financial products for on-chain derivative protocols.
Tokenized real-world assets are moving on-chain — equities, commodities, FX pairs, treasury bills. The infrastructure to trade spot tokenized assets exists. What’s missing is the derivatives layer. Protocols want to offer options, perpetuals, and structured products on RWAs, but pricing these instruments requires volatility data that bridges traditional markets and on-chain infrastructure.
The challenge is unique to RWAs. A tokenized gold perpetual references an underlying that trades on COMEX during New York hours, on SGX during Asian hours, and in OTC markets around the clock. A tokenized equity option references a stock that halts trading overnight, pays dividends, and undergoes corporate actions. The vol surface for these assets needs to account for market hours, liquidity gaps, and cross-venue dynamics that crypto-native assets don’t face.
Implied volatility surfaces calibrated to the specific dynamics of the underlying RWA — not a generic crypto surface applied to a different asset class. SVI calibration adapts to the liquidity profile and trading patterns of each underlying, whether that’s a 24/7 crypto asset or a market-hours-only equity.
Composite indices that blend pricing from traditional venues and on-chain sources. An RWA perpetual needs a mark price that reflects both where the tokenized asset trades on-chain and where the underlying trades in traditional markets. Spot indices, perpetual indices, and forward curves provide the reference data that RWA derivative protocols need for settlement and margin.
RWA derivatives operating on-chain need the same oracle infrastructure as crypto-native derivatives — push-based and pull-based delivery with EIP712 signatures. Smart contracts pricing tokenized equity options need to consume vol surface data with the same cryptographic verifiability as those pricing BTC options.
Perpetual futures on tokenized gold, oil, and agricultural commodities. Mark price construction merges on-chain DEX activity with off-chain commodity exchange data from 30+ sources, providing fair settlement that bridges both worlds.
Options and structured products on tokenized equities. Volatility surfaces account for market hours, earnings events, and dividend schedules that affect the options pricing surface in ways unique to equities.
Perpetuals and options on major FX pairs brought on-chain. Cross-venue index data from traditional FX markets merged with on-chain activity for fair pricing in a market that already trades 24/5 but is now extending to 24/7 through tokenization.
Volatility models and index data support pricing across crypto-native and real-world asset derivatives. Data is sourced from 30+ venues including both centralised crypto exchanges and traditional market data sources. Oracle delivery is available via push and pull mechanisms with EIP712 signatures for on-chain verification.
