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We've Launched the Industry's First 'Hybrid Spreads' Orderbooks for Cross-Currency Arbitrage Trading, Tailored for Market-Neutral Funds

Today, we're happy to announce the launch of our 'Hybrid Spreads' orderbooks, which enable professional traders and asset managers to execute spread trades between legs of different margin currencies from a single orderbook with zero leg risk and margin efficiencies gained from a delta-hedged atomic execution.

This addition to Nitro Spreads, a venue within our Liquid Marketplace for executing basis, futures spreads and funding rate arbitrage strategies, is the first of its kind in the industry and opens up new trading opportunities for institutional traders.

Hybrid Spreads

Exclusively available on our Nitro Spreads platform, Hybrid Spreads enables users to execute trades between legs with varying collateral currencies in a single execution, rather than multiple ones. For example, with Hybrid Spreads, users can hold an offsetting long BTC spot position and short BTC crypto-margined perpetual futures to accumulate funding payments in Bitcoin.

The innovative Hybrid Spreads unlocks advanced yield harvesting and arbitrage strategies, such as cross-margin funding rate arbitrage and basis trading, between major crypto perpetual futures. Additionally, implementing this functionality through Nitro Spreads enhances the marketplace experience - for both market makers and asset managers - by:

  • Eliminating leg risk through atomic execution

  • Reducing slippage with spread price limit orders

  • Offering greater liquidity due to portfolio margin efficiencies realized via spread orders versus individual orders

These benefits come without sacrificing execution certainty, pricing or composability of a portfolio, making Nitro Spreads a leading choice for advanced trading strategies.

We offer a range of trading solutions, such as the Liquid Marketplace platform, which includes Nitro Spreads, providing unmatched liquidity and adaptability for institutions. Moreover, we're continuously broadening our suite of institutional offerings and features. For example, we recently introduced a new 'Quick Trading' mode on Nitro Spreads, enabling users to instantly select the 'Top of Book' on any spread/side through a double-click, thereby eliminating the need to manually open order books or enter details.

This announcement follows the launch of our inaugural 'Institutional Basis Trading Report.' The report analyzes the institutional basis trading landscape and strategies, as well as drivers behind the nearly 30% Ethereum (ETH) and Bitcoin (BTC) annualized basis observed towards the end of March 2024.

For more information, please visit the Support Center.

Disclaimer
Questo contenuto è fornito esclusivamente a scopo informativo e potrebbe riguardare prodotti non disponibili nella tua area geografica. Non ha lo scopo di fornire (i) consulenza in materia di investimenti o una raccomandazione in materia di investimenti; (ii) un'offerta o un sollecito all'acquisto, alla vendita, o detenzione di asset/criptovalute digitali, o (iii) consulenza finanziaria, contabile, legale, o fiscale. La detenzione di asset/criptovalute digitali, comprese le stablecoin e gli NFT, comporta un alto grado di rischio e può fluttuare notevolmente. Dovresti valutare attentamente se il trading o la detenzione di asset/criptovalute digitali è adatto a te alla luce della tua condizione finanziaria. Consulta un professionista legale/fiscale/finanziario per domande sulla tua specifica situazione. Le informazioni (compresi dati sul mercato e informazioni statistiche, se presenti) disponibili in questo post sono fornite esclusivamente a scopo informativo. Sebbene sia stata prestata la massima cura nella preparazione di questi dati e grafici, non si accetta alcuna responsabilità per eventuali errori di fatto o omissioni in essi contenuti.

© 2025 OKX. Il presente articolo può essere riprodotto o distribuito nella sua interezza, oppure è possibile utilizzarne degli estratti di massimo 100 parole, purché tale uso non sia commerciale. Qualsiasi riproduzione o distribuzione dell'intero articolo deve inoltre indicare in modo ben visibile: "Questo articolo è © 2025 OKX e viene utilizzato con autorizzazione". Gli estratti consentiti devono citare il titolo dell'articolo e includere l'attribuzione, ad esempio "Titolo articolo, [nome dell'autore, se applicabile], © 2025 OKX". Non sono consentite opere derivate né altri utilizzi di questo articolo.

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