The thesis.

The most successful perpetuals venue of this cycle, Hyperliquid, proved one thing definitively: traders will leave centralized exchanges if you can give them a CEX-grade order book on-chain. But Hyperliquid is an alt-L1. Funds bridge in. Funds bridge out. And every bridge in crypto has, eventually, broken.

UltraLiquid takes the same architectural insight — decouple matching from settlement — and anchors the settlement leg directly to Bitcoin. We do this through Utexo, a stack that uses RGB for client-side validation of off-chain assets and Lightning for execution. The result is a perpetuals exchange where margin and settlement live one cryptographic commitment away from Bitcoin L1, without ever wrapping BTC or trusting a sidechain.

Three primitives, in one venue.

UltraLiquid offers crypto perpetuals (BTC, ETH, SOL, and HYPE at launch), native-USDT spot markets via Utexo's stablecoin rails, and a growing list of tokenized-equity perpetuals (SPYx, NVDAx, TSLAx, AAPLx, METAx) sourced through xStocks and Backed. One account. One margin engine. One book.

Legal structure.

The Ultra Foundation—which supports the UltraLiquid protocol—is incorporated in the Cayman Islands. Meanwhile, related public entities like UltraLiquid Strategies Inc. are incorporated in the state of Delaware, with operations based in New York City.

→ Read the architecture document.