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Marex has launched a bilateral OTC crypto product that works like a perpetual contract but with institutional margin terms. Branded as “rolling spot crypto,” the product pitches features that centralized crypto exchanges don’t offer, a rated traditional counterparty and no automated liquidations or auto-deleveraging.
Like a typical perpetual, the product is cash settled with no expiry, rolling daily with a funding rate, the periodic payment or receipt that keeps a perpetual anchored to spot. That rate is benchmarked to perpetuals at large centralized crypto exchanges, plus a spread. It launched alongside Neon Crypto, a new module on the firm’s Neon trading platform that serves as the central record for client activity.
The core pitch is margin treatment. On centralized exchanges, positions that move against a trader trigger automatic liquidation and during volatile periods automated deleveraging kicks in. Marex instead runs T+1 margin calls, the same methodology it uses for listed futures clearing. “There’s no notion of auto liquidation,” said Samuel Leyne, co-head of crypto trading at Marex, in an interview. Liquidation thresholds still exist, but the process allows an orderly response rather than a mechanical close.
Marex says it transacted $400 billion in digital assets in 2025, generating about $150 million in group revenue. This product targets traditional hedge funds with digital asset pods that want crypto exposure but find it harder to face offshore exchanges on credit grounds. The margin treatment could also appeal to crypto native funds accustomed to automatic liquidation on centralized venues.
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Source: www.ledgerinsights.com