What Wintermute does

Wintermute is a London-headquartered algorithmic trading firm and one of the largest liquidity providers in digital asset markets, founded in 2017 by Evgeny Gaevoy (CEO) and Yoann Turpin, both former Optiver traders. The firm operates across OTC trading (spot, options, forwards, CFDs, and bespoke structures), proprietary algorithmic market making across 90+ centralized exchanges, 20+ DEXs, 15+ aggregators, and 15+ prime brokers, and DeFi-native market making including AMM liquidity, RFQ platforms, liquidation backstops, and DEX order books. Wintermute reports approximately $3.5 trillion in annual trading volume and serves an institutional counterparty base that includes hedge funds, banks, family offices, retail brokers, blockchain projects, and OTC desks, accessed via the proprietary NODE platform, FIX API, and chat-based OTC relationships on Telegram, Bloomberg IB, and Slack.

The firm monetizes primarily through bid-ask spreads on OTC and exchange trades, with bespoke bilateral pricing for institutional counterparties and no disclosed commissions on standard OTC flow. It is FCA-registered in the UK (Wintermute Trading Ltd., FRN 928764) and operates a Singapore entity (Wintermute Asia Pte. Ltd.) that anchors its APAC derivatives and crude oil CFD operations, plus a New York office for US market expansion. Wintermute Ventures deploys proprietary capital into 100+ early-stage DeFi and crypto companies and has incubated multiple protocols—Bebop (DeFi execution), GMCI (indices), Wildcat (credit), Rsync (block building), Rizzolver (DEX solver), and Armitage (Morpho vault curation)—creating a vertically integrated stack across trading, liquidity, DeFi infrastructure, and venture. The firm also serves as a designated liquidity provider for regulated products including CME and Eurex crypto derivatives, the Bitwise Hyperliquid ETF, and BlackRock's BUIDL via UniswapX.

Name

Wintermute

Legal name

Wintermute Trading Ltd.

Website

https://wintermute.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Wintermute is a London-based algorithmic trading firm and one of the largest digital asset liquidity providers, offering OTC trading, market making across 90+ venues, DeFi operations, and venture investments to institutional counterparties globally.

Ownership category

akta.pro rank

Product category

Algorithmic Trading & Crypto Market Making

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Crypto-Digital Asset Market Making (Spot & Derivatives) (FSACANAJ)

akta.pro secondary industries

On-Chain Limit Orders & Algorithmic Execution (FSADABAJ), Liquidity Aggregation & Smart Order Routing (FSADAJAD), Options (Vanilla) — Venues, Market Makers & Protocols (FSADAGAC), DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD)

Keywords

• Algorithmic trading
• Crypto market making
• OTC liquidity
• Digital asset trading
• DeFi liquidity

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure

Revenue model

1. OTC Trading (Spot, Options, Forwards, CFDs): Wintermute's primary revenue source: providing two-sided liquidity to institutional clients for spot, options, forwards, and CFD trading on digital assets. Revenue is earned through bid-ask spreads and fees on large bilateral OTC trades executed via chat, NODE platform, or API. The firm also trades structured/tailored products (swaps, exotic options, binary options) and has expanded into physical commodities (crude oil CFDs) and prediction market event contracts. Expansion into equity CFDs (SpaceX first trade) further broadens the revenue base.
2. Algorithmic / Exchange Trading: Proprietary trading across 90+ centralized exchanges, 20+ DEXs, 15+ aggregators, and 15+ prime brokers globally. Revenue generated from market-making spreads, arbitrage across venues, and ML-driven quant strategies. The firm exclusively trades using proprietary capital.
3. Token Liquidity Provision: Providing continuous liquidity for blockchain project tokens across exchanges, aggregators, and retail brokers. Revenue earned through liquidity fees and listing support arrangements with token issuers. Wintermute acts as a dedicated liquidity partner trusted by leading token issuers.
4. Wintermute Ventures (Equity/Token Investments): The venture arm invests proprietary capital in early-stage DeFi and crypto infrastructure startups (Seed to Series A), typically $0.5M–$5M+ per deal, using SAFTs, SAFEs, equity subscriptions, token warrants, and direct token purchases. Returns generated through portfolio value appreciation and exits. Over 100 companies and protocols invested since 2020.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Wintermute operates as an algorithmic trading firm and liquidity provider in digital asset markets, offering OTC trading (spot, options, forwards, CFDs, tailored products) to institutional clients via its NODE platform, FIX API, and direct chat channels. The firm also runs proprietary algorithmic trading across 90+ centralized exchanges, 20+ DEXs, 15+ aggregators, and 15+ prime brokers, provides token liquidity provision services, executes DeFi strategies across protocols, and runs a venture arm investing in early-stage crypto companies.

Product overview

Wintermute is a crypto algorithmic trading firm and market maker offering a comprehensive suite of institutional trading and liquidity services. The core offering consists of OTC trading (Spot, Options, Forwards, CFDs, Tailored Products) accessible via the NODE platform, API Liquidity, or direct chat. Supporting services include Liquidity Provision for token issuers across 40+ CeFi/DeFi venues, Algorithmic Trading with proprietary ML-powered strategies, and DeFi operations including governance participation and protocol incubation. Wintermute Ventures is the strategic investment arm having backed 100+ crypto startups. Key incubated products include Bebop (DeFi app/API), GMCI (institutional indices), Wildcat Protocol (uncollateralized credit), and Armitage (vault curation on Morpho). The company operates 24/7/365 with FCA registration in the UK and entities in Singapore.

Differentiator

Problem solved

Functional benefit

Brands

• Wintermute Ventures: Strategic investment arm focused on early-stage DeFi and crypto ecosystem companies, using proprietary capital to invest across Seed and Series A stages globally.
• Bebop
• GMCI
• Wildcat Finance
• NODE
• Wintermute API
• Armitage

Products and services

• OTC Trading Wintermute's institutional OTC trading platform providing liquidity for spot, options, forwards, CFDs, and tailored products across hundreds of digital assets with 24/7/365 access.
• Spot Trading Deep spot liquidity across hundreds of digital assets with algorithmic execution, tight spreads, no-fee settlement, and access via Node, API, or chat platforms.
• Options Bespoke bilateral or exchange-cleared options for hedging, advanced risk management, and yield generation with any strike, maturity, or notional value on hundreds of tokens.
• Forwards Flexible delivery forwards for hedging liquid and locked token positions, or cash-settled NDFs for non-custodial exposure to digital assets.
• CFDs Leveraged synthetic exposure to individual tokens or crypto indices with flexible funding schedules, multi-collateral support including crypto and LSTs, and 350+ trading pairs.
• Tailored Products Fully bespoke derivatives including swaps, one-touch options, binary or exotic options, and tailored notes for specific risk-return profiles on any underlying.
• NODE Platform Institutional gateway platform providing end-to-end tools for pre- and post-trade needs including trading (spot/derivatives), operations (settlement/reporting), data and analytics, financing, onboarding, and insights. Available via web and mobile.
• API Liquidity Programmatic liquidity access via industry-standard FIX API with local data centers for reduced latency, supporting spot and CFD trading with real-time pricing and RFQ capabilities.
• Liquidity Provision Market-making and liquidity services for token issuers across CeFi exchanges (Coinbase, Deribit, Kraken, Binance, Bitstamp, OKX) and DeFi venues (Uniswap, Orca, 1inch, Raydium, dYdX) with 24/7/365 provision.
• Algorithmic Trading Proprietary trading with integrated market signals from crypto and traditional finance, low-latency technology, and ML-powered arbitrage strategies across CeFi (CME, Deribit, Eurex, Coinbase, EDX, Fidelity, Kraken, Binance) and DeFi venues.
• DeFi Services DeFi operations including AMM liquidity provision, RFQ platforms (Jupiter, Cow, 1inch), liquidations (Perpetual, Aave), DEX order books (Hyperliquid, Vertex, Backpack), and incubation of protocols like Rsync and Rizzolver.
• Wintermute Ventures Wintermute's strategic investment arm focusing on early-stage DeFi and crypto startups since 2020, having backed 100+ companies. Invests $0.5M to $5M+ across Seed and Series A stages globally via proprietary capital.
• Armitage Vault curation business on Morpho for DeFi lending markets, bringing institutional-grade trading and risk management standards to on-chain lending.
• Bebop Comprehensive DeFi app and API suite for efficient execution and enhanced liquidity, incubated by Wintermute. Features include BopAMM (Block Oracle Priced AMM) private beta.
• GMCI Provider of institutional-grade, transparent indices on digital assets, built in partnership with The Block. Available for CFD trading on Wintermute's platform.
• Wildcat Protocol Ethereum protocol for uncollateralized, bespoke on-chain credit solutions, incubated by Wintermute.

Quantifiable outcome

• Wintermute handled approximately $3.5 trillion in annual trading volume as of mid-2026, making it one of the largest crypto market makers globally.
• +5 more outcomes

Named customers8 records

Segments9 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature11 records

Partnerships

20 partnerships are on record, tiered notable, core and minor.

• Orca (DEX on Solana)notableTechnology or Integration · 23 July 2026Orca is a permissioned decentralized exchange on Solana that serves as a secondary liquidity venue for Streamex's GLDY token alongside Wintermute's Bebop platform. Wintermute's institutional clients can access GLDY liquidity via Orca's compliant pool infrastructure as part of a multi-venue liquidity ecosystem.
• tZERO Alternative Trading SystemnotableTechnology or Integration · 23 July 2026tZERO ATS, an SEC-registered alternative trading system, serves as a third independent liquidity venue for Streamex's GLDY token alongside Wintermute and Orca. Wintermute's institutional clients can access GLDY via tZERO for compliant institutional trading within its regulated venue framework.
• BlackRock / Securitize (BUIDL)coreTechnology or Integration · 12 February 2026Wintermute is named as one of the whitelisted market makers and RFQ participants enabling BlackRock's BUIDL (USD Institutional Digital Liquidity Fund) token to trade via UniswapX technology, facilitated by tokenization firm Securitize. Wintermute quotes two-sided markets for BUIDL/USDC swaps, enabling near-instant on-chain liquidity for whitelisted investors 24/7 under RFQ framework.
• Streamex Corp.coreStrategic or Co-development PartnerStreamex Corp. uses Wintermute as its primary instant T+0 liquidity provider for its GLDY gold-backed tokenized security on the Bebop platform. Streamex seeded 1,069 GLDY tokens and $5 million USDC with Wintermute, enabling 24/7/365 purchases and redemptions with instant settlement, replacing a previous T+2 clearing cycle. Wintermute serves as the primary venue within Streamex's three-venue liquidity ecosystem alongside Orca DEX and tZERO ATS.
• SoFi Technologies (Big Business Banking)notableTechnology or IntegrationWintermute is a foundational ecosystem partner in SoFi's Big Business Banking platform, which enables enterprise clients to manage fiat and crypto banking from a single nationally chartered bank with 24/7 API-driven payment rails. Wintermute provides liquidity and trading infrastructure to support the platform's institutional crypto operations on Solana and other blockchain networks.
• CME GroupcoreTechnology or IntegrationWintermute executes first trades for new CME Group cryptocurrency futures products, including Cardano (ADA), Chainlink (LINK), Stellar (XLM), Solana (SOL), and XRP futures. The firm also participated in the first options trades on Solana and XRP futures via CME. Wintermute is a key liquidity provider and execution counterparty for CME's expanding crypto derivatives franchise.
• Paradigm (Institutional Trading Venue)coreTechnology or IntegrationWintermute operates as a bilateral OTC options market maker via Paradigm, one of the leading institutional crypto derivatives venues. The firm provides two-sided liquidity for bespoke OTC options structures to Paradigm's institutional client base, including covered call writing for project treasuries and put options for miners.
• DeribitcoreTechnology or IntegrationWintermute is a key liquidity provider and counterparty on Deribit, the world's largest crypto options exchange. The firm participates in major options expiry events (including the $14 billion BTC options expiry) and provides hedging flows and liquidity for Deribit's institutional client base.
• EurexcoreTechnology or IntegrationWintermute executes trades for Eurex's crypto derivatives products, providing institutional liquidity and market-making for Eurex's regulated European crypto futures and options.
• TalosnotableChannel Partner/ Reseller/ DistributorTalos, a leading institutional crypto trading platform, integrates Wintermute's spot and derivatives liquidity into its platform, enabling Talos's institutional clients (banks, brokers, asset managers) to access Wintermute's deep liquidity through Talos's aggregation infrastructure.
• Elwood TechnologiesnotableChannel Partner/ Reseller/ DistributorElwood, an institutional digital assets trading platform, integrates Wintermute's liquidity, enabling Elwood's institutional client base to access Wintermute's deep spot and derivatives liquidity as part of Elwood's aggregated liquidity network.
• CoinroutesminorChannel Partner/ Reseller/ DistributorCoinroutes, an institutional crypto execution and intelligence platform, integrates Wintermute liquidity for its institutional clients seeking optimal execution routing across top liquidity providers.
• Hidden RoadnotableChannel Partner/ Reseller/ DistributorHidden Road (now Ripple Prime), a prime brokerage platform, integrates Wintermute's liquidity as part of its multi-asset prime brokerage infrastructure for institutional clients, enabling access to Wintermute's spot and OTC liquidity within Hidden Road's execution network.
• oneZeronotableChannel Partner/ Reseller/ DistributoroneZero's infrastructure platform integrates Wintermute's spot and CFD liquidity, enabling oneZero's network of traditional banks and institutions to access Wintermute's deep liquidity for 350+ crypto trading pairs.
• Bitwise Asset Management (Hyperliquid ETF)coreTechnology or IntegrationBitwise filed an amendment with the SEC for its proposed spot Hyperliquid ETF, naming Wintermute and Flowdesk as approved trading counterparties. Wintermute will serve as a designated liquidity provider and execution counterparty for the ETF's underlying HYPE token trades on NYSE Arca (ticker BHYP).
• Bebop (Incubated)coreStrategic or Co-development PartnerBebop is a Wintermute-incubated comprehensive DeFi app and API suite for efficient execution and enhanced liquidity. Wintermute acts as a major RFQ liquidity provider on the Bebop platform and continues to seed liquidity for its token. Bebop recently launched BopAMM, a Block Oracle Priced AMM, and Wintermute serves as the primary market maker.
• GMCI (Incubated)coreStrategic or Co-development PartnerGMCI is a Wintermute-incubated provider of institutional-grade transparent indices on digital assets, built in partnership with The Block. Wintermute supports GMCI indices via CFD trading on its NODE platform and provides initial liquidity and market-making for GMCI-listed tokens.
• Wildcat Protocol (Incubated)coreStrategic or Co-development PartnerWildcat is a Wintermute-incubated Ethereum protocol for undercollateralized on-chain credit. Wintermute is the protocol's largest borrower, taking unsecured USDC positions via Wildcat's Wildcat app at 9.25% fixed APR and wrapping them into tokenized v-wmtUSDC for use in Armitage vaults as collateral. Wintermute simultaneously acts as vault curator, creating a vertically integrated position as borrower, issuer, market maker, and curator.
• Rsync (Incubated)notableStrategic or Co-development PartnerRsync is a Wintermute-incubated Ethereum block builder, one of the largest by volume, optimizing transaction sequencing to improve network efficiency. As an incubated initiative, Wintermute developed and supports Rsync's operations.
• Rizzolver (Incubated)minorStrategic or Co-development PartnerRizzolver is a Wintermute-incubated solver handling DEX order flows, ensuring efficient execution and improved liquidity distribution. The initiative demonstrates Wintermute's DeFi research capabilities and commitment to MEV and protocol design solutions.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• GSR Markets: GSR is a crypto-native market maker and liquidity provider operating across CEXs, DEXs, and OTC, with comparable depth in alt-coin liquidity and proprietary trading volume. Direct competitor in OTC and algorithmic trading for digital assets.
• B2C2: B2C2 is a leading institutional crypto liquidity provider and OTC trading firm, acquired by SBI Holdings. Offers comparable spot OTC, algo trading, and institutional API services. One of the closest direct competitors in institutional crypto OTC.
• Jump Crypto: Jump Crypto is the digital asset arm of Jump Trading, a global HFT firm. Competes directly with Wintermute in algorithmic trading, market making, and DeFi investments, with broader capital backing from Jump Trading.
• FalconX: FalconX is a digital asset prime brokerage and institutional trading platform offering OTC execution, derivatives, and credit. Competes with Wintermute for institutional hedge fund and bank counterparty relationships.
• Flowdesk: Flowdesk is a crypto market maker and liquidity provider across CeFi and DeFi, named alongside Wintermute as an approved trading counterparty for the Bitwise Hyperliquid ETF. Direct competitor in DeFi and exchange market making.
• Amber Group: Amber Group is a global crypto financial services firm offering market making, OTC, and asset management. Direct competitor in algorithmic trading and institutional liquidity provision with global presence in Asia and Europe.
• Keyrock: Keyrock is a Brussels-based crypto market maker and liquidity provider focused on DeFi and CeFi markets. Comparable in scale, multi-venue market making, and venture studio approach to crypto infrastructure.

Broad incumbents

• Cumberland (DRW): Cumberland is the digital asset trading arm of DRW, a diversified trading firm. Offers institutional OTC and market making across crypto with broader traditional finance parent backing. Comparable to Wintermute's institutional OTC franchise.
• Galaxy Digital: Galaxy is a publicly traded digital asset financial services firm with trading, asset management, and venture operations. Competes with Wintermute's trading business and Ventures arm, with broader capital markets exposure.

Emerging players

• Hidden Road (Ripple Prime): Hidden Road is a prime brokerage platform now part of Ripple. Integrates Wintermute liquidity as a partner while also serving institutional clients with multi-asset prime brokerage, partially overlapping Wintermute's OTC and prime broker distribution channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/wintermute_t
• YouTubeyoutube.com/@W_cryptoevents
• LinkedInlinkedin.com/company/wintermute-trading

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds4 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wintermute