Edel Markets
Perpetual trading with off-chain execution, realtime data and asynchronous settlement on Canton.
Watch the technical overview
Follow the terminal, off-chain execution, account state and Canton settlement in one walkthrough. The sections below explain each system and its role in the trading lifecycle.
The execution path at a glance
Submit an order, execute and commit it off-chain, then settle the resulting obligations on Canton. Settlement runs asynchronously; it is outside the order acknowledgement path. An acknowledgement is not a fill, and a fill is not settlement finality.
From order to settlement finality
An order arrives from the terminal, the API or an approved agent, carrying its client order ID.
Risk checks run off-chain and the order reaches the durable journal commit. The acknowledgement returns here, without a Canton round trip.
Deterministic matching pairs the order with the other side. Each fill is a committed execution outcome; an unmatched order rests on the book.
Later, committed obligations are netted, so many fills settle as fewer transfers while the financial result stays the same.
Canton confirms the netted transfers. That confirmation establishes settlement finality.
Key highlights
Edel Markets uses a hybrid architecture: orders execute and commit off-chain, then settlement follows on Canton. The order path does not wait for blockchain confirmation, keeping settlement latency out of the trading response. See product availability.
Positions are private account data, while orders displayed on the orderbook are public. Our Canton integration extends privacy to on-ledger transaction data through selective disclosure to entitled participants. Explore privacy and market transparency.
Execution
Off-chain
Matching, risk and perpetual funding calculations run off-chain. Eligible orders reach durable commitment without waiting for a blockchain settlement response.
Asynchronous settlement
Canton
Committed obligations are netted and settled later on Canton, which holds collateral and establishes settlement finality. Owner funding approvals remain separate from trading authority.
Trading schedule
24/7
Perpetual markets have a continuous trading schedule, including weekends. Market restrictions, data quality and service availability still govern which actions can proceed.
Perpetual markets
Long / short
Go long or short without a scheduled expiry. Perpetuals are available today, with spot trading coming soon. A perpetual position provides price exposure, not ownership or delivery of the underlying asset.
Product APIs
REST + WS
Use REST for commands and initial snapshots, then WebSockets for ongoing market and account updates. Our APIs handle ledger integration behind the scenes.
Agent permissions
Scoped
Scoped keys enable permitted reads and owner-authorized trading, with optional MCP tools. These credentials do not authorize deposits or withdrawals.
Networks
Trade with test money in the TestNet app; MainNet is not open for trading yet. See Networks for every network and address.
Exposure, not delivery of an asset
A perpetual is a derivative with no scheduled expiry. A long position benefits when the relevant market price rises; a short position benefits when it falls, before fees and funding. The position is supported by collateral and remains subject to margin requirements.
Trading an equity-referenced perpetual does not make you a shareholder. Buying a perpetual is also different from holding a spot asset or an Edel Stocks token. Edel Markets offers perpetuals today; spot trading is coming soon.
Edel Markets is a perpetuals venue; Edel Stocks is a separate product, and using eligible Stocks as Markets collateral is planned. Start with Your first trade, or explore the system architecture.
Each market defines its own rules
The current market catalog, detail view and order preview determine what can be submitted. Check the market identifier, quantity step, price tick, minimum size, supported order options and risk limits. Do not reuse another market's leverage or precision assumptions.
Perpetual markets are designed for 24/7 trading, including equity-referenced perpetuals. A closed reference exchange can still affect price information and liquidity; always-on order entry is not a promise of constant spreads, fills or fresh external prices.
From instruction to account activity
An order and a position are different things. A submitted limit order may rest in the book without creating a position. A partial fill can create or change a position while an unfilled remainder remains open.
Accepted does not mean filled. Filled does not by itself mean every historical view or settlement record has caught up.
Use the right price for the question
Last price describes a recent execution. Index price represents a reference value. Mark price is the venue's position valuation reference. They serve different purposes and can differ.
A chart's selected candle series is another explicit choice. Do not assume the last chart close, a market-order execution estimate and the mark price are interchangeable. See Charts and Margin and liquidation.
Learn the controls before adding exposure
Read Market and limit orders, Order options, Take profit and stop loss, and Funding and fees. Then review how to close a position and withdraw.
Coming soon
Two additions to the venue are in preparation. Availability will be announced on product status.
Spot markets
Coming soon
Spot trading on Edel Markets, alongside the perpetual markets available today.
FIX protocol
Coming soon
FIX connectivity for order entry. Today, integrations use REST and WebSockets.
Explore Edel Markets
Explore the trading experience, follow the architecture or build an integration.
Get started
Prepare your account, understand the terminal and follow your first order.
Orders and positions
Choose order controls, follow fills and manage the exposure that remains.
Architecture and settlement
Explore off-chain execution, custody, account privacy and asynchronous Canton settlement.
Market makers
Understand quoting, account readiness and the controls for running a strategy.
Agents and MCP
Connect an approved agent, understand its permissions and explore the available tools.
Build an integration
Find API contracts, realtime protocols and owner-approved agent access.