The house maker, in the open
On day one somebody has to quote, and on this venue it is the house: an ordinary account with $2,000,000 of the venue's own capital that rests twelve levels a side on every market around the engine's mid, at a spread and size that follow the same confidence traders see. That makes it the price source's counterparty and, in the auction, a bidder. A venue should not hide that. This page is the house's own report: how much of the depth is ours on each market, how it steps back when somebody else quotes, what it holds and what it has made or lost.
Share of depth by market
Presence is the house's own size multiplier on a market: 100% means nobody else is resting inside 25 basis points of mid and the house quotes its full ladder; it falls toward a 15% floor as external orders appear in that band, so a maker programme that arrives shrinks the house rather than fighting it. Share is the house's part of the visible book right now, and the sparkline is that share over the last 24 hours.
| Market | Regime | Confidence | Presence | Share of book | 24h |
|---|---|---|---|---|---|
| loading… | |||||
Inventory and P&L
The house is margined like any account, pays the same fees and sits in the same liquidation waterfall. Its inventory is whatever the flow left it with; it skews its quotes to shed it, it does not hold a view. The numbers below are since the house account was seeded.
Limits and the plan for its retirement
The house has three limits it cannot cross: it never quotes a market whose regime is Unavailable, its ladder size is a function of confidence and volatility rather than of opportunity, and its presence falls to the floor the moment external depth appears. The maker API is the mechanism by which it retires: every external order inside the band reduces it, and the day a maker programme quotes a market, the house on that market is mostly gone. The venue publishes this so that the number is checkable rather than promised.