0D Labs will provide liquidity on the Blink perpetual markets for the four names below ‐ quoting both sides continuously, and offsetting the resulting inventory on the deepest external venues: CME/COMEX futures for the metals (GC, SI) and the index (ES), CDF for gold and silver, and the consolidated US market for Nvidia. Our balance sheet does not seed the book; Blink provides the operating capital as a loan (see Commercial).
Spreads are quoted as the displayed, on-book spread a taker sees: per the RFP convention (Displayed = Target + 2×maker fee), Blink's 2.0 bps/side maker is already incorporated, so the target-equivalent is the displayed figure less ~4 bps. Each is floored by our real round-trip execution cost and anchored to what we already quote for the same underlyings live. Fair value is priced off CME futures for the metals, the ES future with SPY and the cash index for the S&P, and the consolidated US NBBO with pre/post prints for Nvidia. We target ≥99% quoting uptime during committed sessions, pausing only on oracle or venue incidents and widening automatically under extreme volatility.
Ahead of launching any ticker, Blink should provide, in reasonable advance, the oracle sources and fallback behaviour, the funding-rate methodology, the contract-rolling methodology where applicable, the OI cap, and the max leverage. These set the risk envelope the hedger operates inside and are the inputs we cannot infer.
The launch KPI set for the four names. Spreads are displayed on-book bps; depth and TOB in USD. RTH / AH (regular / after-hours) are committed; WKD (weekend) is best-effort only, not a committed KPI. Capital is the total capital to quote the name across both venues (trading + hedge), at our target utilization; the column foots to the operating loan in Commercial.
| Name | Depth ($) | TOB ($) | Spread (bps) | Capital | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| RTH | AH | WKD* | RTH | AH | WKD* | RTH | AH | WKD* | ||
| XAU | $200k | $200k | $150k | $50k | $35k | $15k | 8-22 | 15-34 | 39-85 | $166k |
| SPX | $200k | $200k | $150k | $50k | $35k | $15k | 7-18 | 13-29 | 33-73 | $136k |
| XAG | $175k | $175k | $125k | $42.5k | $30k | $12.5k | 11-24 | 26-82 | 92-286 | $255k |
| NVDA | $175k | $175k | $125k | $42.5k | $30k | $12.5k | 12-26 | 29-89 | 101-313 | $311k |
| Operating loan · 4 names | $868k | |||||||||
These figures are a launch calibration, not a fixed contract; we stay reactive to flow and re-rate the KPIs as each market builds volume. Weekend columns (WKD*) are best-effort ‐ we quote the tightest we can while traditional hedge venues are closed but commit no weekend KPI, and that naked exposure shrinks as crypto venue pairs come online for off-hours hedging.
Silver is the one name we would flag. Its committed RTH of 11–24 bps is ~7 bps target-equivalent, modestly wide of the <5 bps commodity target, because silver is running ~64% realized vol (roughly double gold) with a wider futures hedge. We commit the tightest we can clear rather than post a headline we would have to widen under the first stress; as the vol regime normalises, silver tightens toward the gold band.
The loan. The capital to quote the four names spans both venues — initial margin on the Blink perp and on the external hedge, a buffer for the variation-margin swings the two siloed venues cannot net in real time, and a concentration allowance. That two-venue risk capital sums to ~$347k. A desk cannot run at full margin utilization, though: it needs headroom to keep quoting into new flow, absorb those variation-margin swings, and carry the book through the weekend with the hedge off. Held at a 40% target utilization, the operating loan is ~$868k (risk capital ÷ 0.40) — the figure the Capital column above foots to. We propose Blink provides it as a 0% loan to 0D Labs Ltd: drawn to the market-making wallet, principal returned, trading risk sitting entirely with us. It is callable on 30 days' notice and prepayable without penalty. Carve-outs to our liability — an oracle failure, a Blink- or Solana-level incident, or any tooling Blink mandates — are written into the SLA; everything inside our control, we own.
The retainer. A flat $15k/month covers running the strategies and maintaining the infrastructure ‐ the multi-region execution stack, the cross-asset hedger (metals futures, ES and single-name equity), and the risk controls. It is priced above a single-venue equity mandate to reflect the new-venue integration and the cross-asset hedging surface, calibrated to this initial basket and revisited as the book scales or the KPIs are re-rated.
Timeline. We can quote on testnet from end of July for the metals and will be ready for mainnet launch on August 31st.