Caladan
Caladan is a Singapore-based crypto market making and proprietary trading firm founded in 2017 that provides institutional-grade liquidity, OTC derivatives, DeFi infrastructure services, and venture investments to token projects, exchanges, and institutional counterparties across 70+ venues.
- Company typePrivate
- Founded2017
- HeadquartersSingapore, Singapore
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Caladan does
Caladan is a Singapore-headquartered crypto market making and proprietary trading firm founded in 2017 (previously operating as AlphaLab Capital Group) that provides institutional-grade liquidity, OTC trading, DeFi infrastructure services, and venture investments to digital asset markets. The firm operates five core product lines: a FIX-based API Liquidity platform launched in May 2026 that aggregates executable streaming quotes, RFQ, and order book execution across 100+ digital assets; market-making services covering 200+ tokens across 70+ centralized and decentralized exchanges; OTC trading in linear derivatives and structured options; DeFi services including on-chain RFQ, validator/node operations, oracle data streaming, and bespoke liquidity provision; and an early-stage venture arm (equity and token) across blockchain infrastructure, DeFi, analytics, and security. The underlying technology stack is a proprietary low-latency trading engine with sub-10ms execution, 99.9% uptime, a custom exchange simulator for strategy development, and multi-region validator infrastructure supporting >99.9% node uptime for Layer 1 partners.
The firm monetizes through three primary mechanics: (1) market-making retainers and token-loan-plus-call-option pricing for token projects and exchanges, with industry pricing in the $1.5K-$7K per exchange range plus 15-20% carry and 12-24 month contract terms; (2) OTC transaction fees on derivatives and structured products sold to foundations, buy-side funds, and family offices; and (3) DeFi managed-services and venture investment returns. Go-to-market combines an API-first distribution model (direct FIX API plus platform partners Talos, Finery Markets, and CrossX) with an enterprise field-sales motion led by a dedicated business development function targeting token projects pre-listing and institutional counterparties. Settlement is enabled through Hidden Road, BitGo Go Network, and Bank CUBIX. Caladan does not publicly disclose revenue; it claims to have been profitable every day since founding, with $170B+ in annual trading volume and 1,000+ tokens supported cumulatively since 2017.
Caladan firmographics
Firmographics- Name
- Caladan
- Legal name
- Caladan Group
- Website
- https://caladan.xyz
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Caladan is a Singapore-based crypto market making and proprietary trading firm founded in 2017 that provides institutional-grade liquidity, OTC derivatives, DeFi infrastructure services, and venture investments to token projects, exchanges, and institutional counterparties across 70+ venues.
- Ownership category
- akta.pro rank
Caladan industry classification
Industry- Product category
- Crypto Market Making and Digital Asset Trading
- NAICS
- Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- 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
- Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Settlement, Reconciliation & Merchant Treasury Tools (Crypto) (FSADAIAK), Institutional / OTC Crypto Credit & Bilateral Lending (FSADAFAD), Crypto Payment Gateways & Checkout APIs (FSADAIAA)
Keywords
Where Caladan is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices4 records
Markets served
Caladan business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Market Making Services: Provides institutional-grade crypto market making services to token projects and exchanges. Two pricing models: (1) Loan-Call Option Model with no upfront costs and token loan of 1-2% of FDV, (2) Retainer Model with fixed monthly fees per trading pair per exchange.
- OTC Trading & Structured Products: Voice or chat-based OTC trading to token foundations, buy-side funds, VC firms, brokers, and family offices. Offerings include linear derivatives (forwards, futures, swaps), options, and tailored structured solutions for yield, hedging, and directional positioning.
- DeFi Liquidity Provision: Bespoke on-chain liquidity provision for native tokens, LSTs, stablecoins, tokenized and wrapped assets. Includes node operations, data streaming to protocols and oracles, and automated capital deployment in top DeFi pools.
- Venture Investments: Strategic investments in pre-seed and seed stage companies across blockchain infrastructure, DeFi, analytics, and security. Caladan invests in both equity and tokens, providing liquidity expertise and technology support to portfolio founders.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Multi-year contract | Loan-Call Option Model - No upfront costs with token loan component |
| Subscription | Monthly | Retainer Model - Fixed monthly fees with partial token/USDT loan |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Caladan product offering
Product offeringCore offering
Caladan is a crypto market making and proprietary trading firm offering institutional-grade liquidity across digital assets. Its core services include market making for token projects and exchanges (200+ tokens, 70+ venues), OTC trading with linear and structured derivatives, the Caladan API providing FIX-based programmatic liquidity access, DeFi infrastructure services (on-chain RFQ, node operations, data streaming), and strategic venture investments in early-stage blockchain companies.
Product overview
Caladan is a crypto market making and trading firm offering a multi-product platform comprising five core service lines: Caladan API (programmatic liquidity access), Market Making (institutional-grade token and exchange liquidity), OTC Trading (derivatives and structured products), DeFi Solutions (on-chain liquidity and infrastructure), and Investments (venture investing in early-stage blockchain companies). The Caladan API provides FIX-based programmatic access to 100+ tokens with sub-10ms latency, while the Market Making service handles 200+ tokens across 70+ exchanges. OTC Trading offers linear derivatives, structured solutions, and treasury management. DeFi Solutions includes on-chain RFQ, node operations, data streaming, and TVL provision. The Investments arm backs pre-seed and seed companies in blockchain infrastructure, DeFi, analytics, and security. The firm has supported over 1,000 tokens and facilitates over $170 billion in annual trading volume.
Differentiator
Problem solved
Functional benefit
Products and services
- Caladan API
- Market Making
- OTC Trading
- DeFi Solutions
- Investments
- Node Operations
- On-Chain RFQ
- On-Chain Data Streaming
- On-Chain Liquidity Provision (TVL)
Quantifiable outcome
- $170B+ annual trading volume
- +4 more outcomes
Companies that use Caladan
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles5 records
Caladan technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature6 records
Caladan partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core.
- TaloscorePlatform partner enabling institutional counterparties to access Caladan's API liquidity through Talos's trading infrastructure and connectivity solutions.
- Finery MarketscorePlatform partner providing integration pathway for institutional traders to access Caladan's aggregated liquidity across digital assets.
- CrossXcorePlatform partner facilitating access to Caladan's liquidity services for institutional counterparties through CrossX's connectivity infrastructure.
- Hidden RoadcoreSettlement partner enabling institutional-grade settlement services for Caladan's API liquidity transactions.
- BitGo Go NetworkcoreSettlement partner providing USDC stablecoin settlement infrastructure through BitGo's Go Network for Caladan's API liquidity product.
- Bank CUBIX (Customers Bank)coreBanking partner enabling USD fiat settlement through Customers Bank's CUBIX platform for institutional clients requiring fiat settlement options.
- Leading Solana DEX AggregatorcoreCollaborated to deliver low-latency, on-chain RFQ liquidity for Solana DEX, enabling tighter spreads, institutional-grade execution, and establishing new standard for decentralized trading infrastructure.
- Leading Oracle NetworkcorePartnership to provide real-time on-chain market data for crypto assets, enhancing oracle network data feeds for DeFi applications while Caladan consumes oracle data for trading activities.
- Next-Generation Layer 1 ProtocolcoreValidator infrastructure partnership providing multi-region node operations with 99.9%+ uptime, automated monitoring and failover, and governance participation for L1 mainnet launch and growth.
Scale indicators8 records
Caladan competitors and assessment
Company assessmentDirect peers
- Wintermute: One of the largest crypto-native market makers globally, providing liquidity across CEXs, DEXs, and OTC for hundreds of tokens. Closest direct competitor to Caladan given similar product breadth (API, market making, OTC) and institutional focus.
- Jump Crypto: Quantitative crypto trading and market-making arm of Jump Trading, deploying sophisticated algorithms across CeFi and DeFi venues. Directly comparable to Caladan's algorithmic market-making model with deeper balance-sheet capacity.
- B2C2: Institutional crypto liquidity provider owned by SBI Group, offering OTC and electronic trading across spot and derivatives. Competes head-to-head with Caladan's institutional API and OTC offerings.
- Galaxy Digital: Public crypto-focused financial services firm with significant market making, trading, and asset management verticals. A scaled, listed peer that overlaps with Caladan's institutional trading and venture activities.
- Flow Traders: Publicly listed liquidity provider extending its ETF/equities trading franchise into crypto. Brings traditional finance market-making pedigree and competes for the same institutional execution business as Caladan.
- Cumberland (DRW): DRW's crypto trading arm providing OTC liquidity and market making across hundreds of tokens, including for institutions and trading firms. Long-standing, well-capitalized peer in the institutional crypto liquidity space.
- GSR: Specialized crypto market maker and trading firm with options, OTC, and DeFi offerings. Comparable in product mix and target customer segments (token projects, exchanges, institutions).
- Amber Group: Singapore-headquartered crypto trading and market-making firm offering OTC, derivatives, and institutional execution. Geographic and product overlap with Caladan, particularly in APAC institutional coverage.
Regional players
- QCP Capital: Singapore-based crypto trading firm specializing in derivatives, structured products, and OTC trading with strong APAC institutional presence. Comparable offering profile with regional rather than global emphasis.
Others
- Circle (USDC): While not a direct competitor, Circle provides stablecoin liquidity infrastructure underpinning much of Caladan's settlement flow (USDC via BitGo Go Network) and represents the broader stablecoin ecosystem Caladan helps distribute and trade.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Caladan social profiles
Digital presenceCaladan financial estimates
Financial estimateRevenue estimate
Valuation estimate
Caladan leadership team
Management profileNumber of profiles
Profiles11 records
Caladan funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Caladan M&A and investment
M&A and investmentM&A
Investments37 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Caladan
What does Caladan do?
Caladan is a crypto market making and proprietary trading firm offering institutional-grade liquidity across digital assets. Its core services include market making for token projects and exchanges (200+ tokens, 70+ venues), OTC trading with linear and structured derivatives, the Caladan API providing FIX-based programmatic liquidity access, DeFi infrastructure services (on-chain RFQ, node operations, data streaming), and strategic venture investments in early-stage blockchain companies.
Is Caladan a public or private company?
Caladan is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Caladan founded?
Caladan was founded in 2017. It employs 101 to 250 people.
Where is Caladan based?
Caladan is headquartered in Singapore, Singapore, in the Asia region.
How does Caladan make money?
Four revenue lines are on record. Market Making Services are the primary driver. The others are OTC Trading & Structured Products, deFi Liquidity Provision and venture Investments.
Who are Caladan's main competitors?
Direct peers on record are Wintermute, Jump Crypto, B2C2, Galaxy Digital, Flow Traders, Cumberland (DRW), GSR and Amber Group. QCP Capital is listed as a regional player. Circle (USDC) is listed as an others.
Does Caladan have an API?
Yes. Caladan API provides institutional-grade programmatic access to digital asset liquidity via industry-standard FIX API (4.4, 5.0SP2). Features include executable streaming quotes (ESP), RFQ (Request for Quote), and order book execution with IOC and FOK order types. The API supports 100+ tokens by default, accepts deals in under 10 milliseconds, maintains 99.9% uptime, and enables 24/5 settlement in stablecoins (USDT, USDC via BitGo Go Network) or fiat (USD via Customers Bank CUBIX). Use cases include algorithmic market-making, arbitrage and latency-sensitive strategies, OTC deal automation, NAV hedging and fund rebalancing, and pre-trade price discovery.
What industry is Caladan in?
Caladan's product category is Crypto Market Making and Digital Asset Trading. Its primary akta.pro industry code is FSACANAJ, Crypto-Digital Asset Market Making (Spot & Derivatives), with a secondary code of BPAMAFAL, Crypto Payments & Stablecoin Settlement Platforms. Its NAICS code is 523210 and its SIC code is 6200.