This search is about derivatives first. Spot is the side dish; the platform lives or dies on how it handles leverage.
A derivatives exchange is not a spot exchange with leverage added. It carries positions that can go wrong faster than a human can react, which means the risk machinery is the product.
Anyone can render a leverage slider. What matters is what happens at the moment a position goes underwater.
The risk machinery
The part that decides whether the venue survives a volatile hour.
- Mark and index price feeds per market, tracked and reconciled
- Funding rates on perpetual contracts
- An insurance fund, so a bankrupt position does not socialise across users
- Liquidation logic with configurable thresholds
- Position and margin limits per market
What a derivatives trader notices
Small things, and they leave over them.
- Take profit and stop loss set at entry, not afterwards
- Position and margin state visible without hunting for it
- An order book that does not lag the chart
- Funding costs shown before the position opens
- Closed orders and history that reconcile with the balance
What you operate
Derivatives generate operational work that spot does not.
- Contract, leverage and liquidation settings per market
- Insurance fund balance and its movements
- Price feed health, watched continuously rather than checked occasionally
- Background services — the stop and take-profit processor is one of them
- Reports covering futures separately from spot
Own it outright
A clone in the marketplace sense is a copy you rent or cannot read. This is the opposite arrangement.
- Complete source code, with no encryption and no obfuscation
- Deployed on infrastructure you control
- No recurring licence, and no vendor approval needed to change how it works
- $24,900 one-time for the Full Suite, with deployment and six months of support
What people mean by "like Bybit"
| The capability you are after | How it works here |
|---|---|
| Perpetual contracts with leverage | USDT-M perpetuals and dated contracts, leverage configured per market |
| Funding rates | Funding rate mechanics on perpetual markets |
| Liquidation that works | Liquidation logic with an insurance fund behind it |
| Options as well | Options module with strike, expiry and a configurable payout ladder |
| A fast trading interface | Order book, recent trades and TradingView charts beside the order panel |
| Knowing the engine is alive | Live health and start/stop control for every background service |
Questions you might have
Are futures included in the price?
Yes. Futures, options, P2P and prop trading all ship with the Full Suite at no extra licence cost.
Can we run derivatives without spot?
The modules license individually for exchanges that already exist. For a new venue, spot is usually where the liquidity starts.
Who sets the leverage limits?
You do, per market, from the admin panel.
What about the insurance fund?
It exists as a mechanism. What you capitalise it with is a treasury decision, not a software one.
See the stack behind the comparison
A private demo walks the platform with someone who deploys it. Bring the feature list you started with and check it off live.