The AXE board facilitates efficient block trading by matching Maker interests with Taker execution at mid-market pricing.
Initial Setup: Identity Configuration
If this is your first time utilizing the AXE board, you must configure your AXE Identity.
This unique identifier is what your counterparties will see once an order is executed.
Modification Policy: Choose carefully - once confirmed, your identity can only be modified by contacting the SignalPlus BD team.
For Makers - Posting Liquidity
To publish an order to the AXE board, navigate to the Block Trade section and define your parameters:
Specify the instrument structure, total notional size, and order expiry.
All orders are benchmarked to the Deribit Mid-Price at the moment of execution.
And once you hit Create AXE, you will find your open order on the Board (market view) or Open (your open order view) tab.
To manage privacy, orders exceeding 300 BTC or 5,000 ETH are automatically masked. Counterparties will only see these displayed as 300+ or 5,000+.
You will receive real-time trade notifications for partial fills; the remaining balance will update automatically in your Open tab.
Fully executed orders trigger a final confirmation and migrate to the Closed history.
For Takers - Executing Against Interest
Takers can browse the AXE board to source immediate liquidity with minimal slippage.
Identify your preferred structure from the live AXE board.
Define your desired execution size.
Review the trade details and select Confirm.
Once processed, a trade notification will appear, and the execution details will be logged in the Taker tab.
Note
Price Protection Buffer: To ensure fair execution in volatile conditions, the system utilizes a 5 bps slippage tolerance. If the Deribit mid-price fluctuates by more than 5 bps between the moment you click "Confirm" and the engine's execution, the trade will be rejected to protect you from adverse price movement. In some cases, your final filled price may differ slightly from the price displayed at the moment of interaction, but it is guaranteed to remain within the 5 bps protection threshold.
Benchmark: All fills occur at the Deribit Onscreen Mid-Price.
Accessibility: Utilize the New Axes Window to monitor live order flow from any view within the dashboard.
Customization: Advanced routing and notification settings can be adjusted in the Preferences menu.
