Private DEX

Orders are encrypted to the Sequencer's TEE public key before submission. No party — including Caviar operators or the node running the hardware — sees order content before execution.

Inside the enclave, KYC/KYB credentials are verified, session-key scope is checked, OFAC and sanctions screening runs. Non-compliant orders never enter the mempool.

The Matching Engine runs as a Product Enclave with confidential order book, position registry, and margin ledger. Price-time priority is hardware-enforced — even the operator cannot reorder.

Every block's fills, funding payments, and liquidations are bundled into an SP1 STARK proof verified on Ethereum. Settlement is mathematically final, not optimistically final.

Hardware-confidential order book

Order book, positions, and margin ledger live inside a Phala Intel TDX TEE. Counterparties cannot observe pending flow, large block intent, or liquidation queues. MEV protection is structural, not policy.

Commodity perpetuals on physical reference

Copper, aluminum, nickel, zinc, lithium, cobalt, crude, LNG, and FX perps reference the Sentinel + Oracle Network — LME settlement, AIS-grounded basis, observable physical spot rather than synthetic indices.

Cross-margin with correlation netting

Portfolio margin is computed inside the TEE on every oracle update. Offsetting commodity exposures share margin; long-copper / short-copper approaches zero margin. Capital efficiency at parity with prime broker desks.

CLP vault as enclave-resident maker

The Caviar Liquidity Provider vault places quotes from inside the Matching Engine TEE with access to aggregate flow. LPs earn maker rebates, spread capture, and a share of liquidation profits. The strategy is confidential to prevent front-running.

Insurance Fund + ADL backstop

15% of taker fees and liquidation surplus fund the Insurance Fund that covers bankrupt positions. ADL applies only when both the Fund and CLP vault cannot cover — extremely rare under normal conditions.

Trade finance index derivatives

Perpetuals and options on CTFYI, CCFSI, and Caviar commodity basis indices. The first venue where institutions can express directional or hedged views on the trade finance asset class itself.

Hedging physical commodity finance

PXF, Offtake Finance, Inventory Finance, and BBF counterparties hedge price exposure on their financed positions without telegraphing book composition to other tape readers.

Institutional commodity perps

Crypto-native funds and prop firms gain physical-economy commodity exposure with onchain custody and settlement, with order flow protected at hardware level.

Trade finance index expression

Allocators size into the trade finance asset class via CTFYI perpetuals; banks with concentrated supply chain exposure hedge with CTFYI shorts. The first venue to express a view on the benchmark itself.

Tokenized fund unit secondary

Securitization tranche tokens and tokenized fund units list as spot pairs. LPs gain pre-maturity liquidity; pricing converges to TEE-attested NAV.

Multilateral netting compression

Open interest across the institutional pool is netted through the Multilateral Netting Enclave — 85%+ gross-to-net compression for 15+ participant pools, no CCP novation.

CLP liquidity participation

Institutions allocate to the CLP vault and earn maker rebates, spread capture, and a share of liquidation surplus across the listed instrument set. LP tokens transferable subject to a minimum lock.