Capital Partners
Crypto Traders & Market Makers
Crypto-native funds and prop firms looking for physical-economy commodity exposure, commodity trading houses with crypto custody seeking faster hedge settlement, and market makers searching for early-stage liquidity provision in venues with TEE-protected order flow. Caviar's Private DEX is the dark-pool-equivalent for institutional commodity perpetuals — with physical-world settlement reference, ZK proofs, and a Hyperliquid-validated economic model.
Key figures
How it works
Dark-pool privacy meets physical-world reference.
Commodity perps that hedge physical exposure
CME and LME orderbooks broadcast position building. OTC bilateral demands ISDA paperwork and T+2 cash. Hyperliquid covers the wrong commodities. Caviar fills the gap with copper, nickel, lithium, and cobalt perps that settle against Sentinel oracle feeds in one block.
Matching Engine runs in a Phala TEE with SP1 settlement proofs. Resting orders and position building invisible to other participants. Equivalent to a dark pool with cryptographic settlement guarantees.
Copper, nickel, lithium, and cobalt perps reference Sentinel oracle feeds against actual physical spot. Not a synthetic basis — an observable one. CTFYI perpetuals follow the trade finance yield benchmark.
Liquidity provision in a venue without toxic flow
Active market making on TEE-protected order books materially lowers adverse selection rate compared to transparent venues. CLP vault is passive baseline; active strategies layer on top. The CVX governance model follows Hyperliquid's validated playbook for aligning makers, takers, and protocol over time.
Algorithmic market making returns without operating a dedicated desk. LPs earn maker rebates, Insurance Fund liquidation profits, and spread capture — structurally similar to Hyperliquid HLP at first principles.
Favorable fee tiers and potential CVX allocation for early liquidity providers. Sparse competitive landscape means more spread capture per unit of risk than mature venues. Order flow protection improves net realized spread.
Capabilities
Privacy, settlement finality, physical reference.
Battery & critical mineral perps
Lithium, cobalt, and rare-earth perpetuals where no institutional-grade venue currently exists. Spot markets are thin; Caviar provides the hedging infrastructure that the demand-growth commodities lack.
TEE-protected matching engine
Phala TEE with SP1 settlement proofs. Independent verification of settlement math via the proof; matching logic shielded from public observation. Code audit available.
CLP vault (passive LP)
Vault deposits earn maker rebates, Insurance Fund liquidation profit share, and spread capture. Same economic playbook as Hyperliquid HLP, applied to physical-economy commodity instruments.
CVX staker discount
10% off taker fees for stakers; protocol revenue alignment via governance token. Early adopters earn favorable fee tiers and potential CVX allocations.
ISDA-on-chain margination
Real-time variation margin for OTC commodity swaps and options via the Oracle Network. Eliminates phone-and-email VM during fast markets. Confirmation hashes anchored to the Document Attestation Registry.
Fireblocks / Anchorage onboarding
Institutional custody integrations standard. Two-week implementation, not a structural barrier. KYB and credential gating enforced at the order-routing layer.
Comparison
Venues for institutional commodity derivatives
| Existing venues | Caviar Private DEX | |
|---|---|---|
| Order flow privacy | CEX broadcasts position building | TEE-protected CLOB |
| Settlement | T+2 (LME) or daily ISDA cycle (OTC) | One-block 500ms atomic DvP |
| Battery/critical mineral perps | No institutional venue | Live with Sentinel oracle reference |
| Counterparty credit risk | Bank ATS / OTC ISDA exposure | Atomic settlement, ZK-proven margin |
Use cases
Real-world applications
Crypto-native commodity fund
PM running physical-economy commodity exposure through crypto rails. Adds copper, lithium, and cobalt perps with dark-pool execution and CTFYI perpetuals once live, capturing the trade finance yield premium previously inaccessible to crypto-native vehicles.
Physical trader hedging via crypto rails
Trading house with Fireblocks custody and ISDA relationships, hedging LME copper exposure on Caviar at 500ms settlement vs T+2 LME. USDC margin replaces cash collateral; capital efficiency improves without leaving regulated venue execution where required.
Crypto quant market maker
Firm running active strategies on Hyperliquid and dYdX. Deploys baseline capital to CLP vault for passive LP returns; layers active making in copper and lithium perps where the competitive landscape is thin and TEE protection lowers adverse selection.
Trade institutional commodity perps without telegraphing your book.
TEE-protected CLOB, 500ms settlement, battery & critical mineral coverage. Be early to a venue where the maker economics still favor liquidity providers.