getting-started
Introduction
What UltraLiquid is and why it exists.
UltraLiquid is a perpetual-futures and spot exchange that decouples its in-memory matching engine from a Bitcoin-anchored settlement layer (Utexo). It offers crypto perps, native-USDT spot pairs, and perpetuals on tokenized equities sourced from xStocks and Backed.
Who is this for
Traders who want CEX-grade execution without leaving the Bitcoin ecosystem; market makers who need tight spreads with deterministic settlement; institutions who need privacy of trading flow and finality on Bitcoin L1.
Three things to know
- ›Margin sits in a Utexo state channel; the venue cannot move funds unilaterally.
- ›Matching is off-chain (sub-50ms p99). Only commits and settlements touch L1.
- ›Native USDT settles via Tether on Utexo's RGB rails — no wrapped stablecoins.