DeepBook
DeepBook is a fully on-chain central limit order book protocol on the Sui blockchain providing composable Spot, Margin, and Predict primitives with shared liquidity. It serves DeFi builders integrating via SDKs and active DeFi traders, with DEEP token as the native fee and governance asset.
- Company typePrivate
- Founded2004
- HeadquartersGrand Cayman, Cayman Islands
- Headcount—
- GTM typeB2B
- OfferingSoftware
What DeepBook does
DeepBook is a fully on-chain central limit order book (CLOB) protocol operating on the Sui blockchain, delivering three composable financial primitives — Spot, Margin, and Predict — that share a single liquidity pool. Spot provides Sui's canonical on-chain order book with real depth rather than synthetic pricing; Margin adds on-chain leverage with positions opening, executing, and closing atomically; Predict offers binary options priced via Block Scholes with continuous strikes and automatic on-chain settlement. Settlement finality is approximately 390ms via Sui's Mysticeti consensus. The protocol is operated by Sui Foundation Ltd., a British Virgin Islands entity, with core development by MystenLabs.
DeepBook serves two primary customer segments: DeFi builders and active DeFi traders. Builders integrate DeepBook via TypeScript and Rust SDKs or API to embed shared liquidity, margin logic, and settlement into their own applications; more than 15 ecosystem projects — including Aftermath Finance, Bluefin, Cetus, Scallop, Turbos, FlowX, and others — route trading through DeepBook. Traders access DeepBook's liquidity either directly through the DeepBook app or through these integrated front-ends, benefiting from deeper markets, tighter spreads, and self-custody. The protocol reports 13.75B in cumulative trading volume, 279.8K total users, and 27.35M in 24-hour volume.
The business model is transaction-fee-based with the DEEP token as the native utility and governance asset. Trading fees and pool creation fees are paid in DEEP; market makers receive liquidity rebates, takers receive volume discounts, and a token burn mechanism has retired 125.7M DEEP from fees to date. DEEP also enables pool-level governance via a quasi-concave voting system designed to resist large-holder capture. Builder revenue sharing redirects a portion of trading fees back to integrated applications from day one, reducing the typical bootstrapping friction for new DeFi venues. DeepBook does not disclose traditional pricing tiers, fiat-denominated fees, or audited financial statements; the entity is a private foundation-affiliated protocol with no disclosed external equity investors.
DeepBook firmographics
Firmographics- Name
- DeepBook
- Legal name
- Sui Foundation Ltd
- Website
- https://deepbook.tech
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Short description
- DeepBook is a fully on-chain central limit order book protocol on the Sui blockchain providing composable Spot, Margin, and Predict primitives with shared liquidity. It serves DeFi builders integrating via SDKs and active DeFi traders, with DEEP token as the native fee and governance asset.
- Ownership category
- akta.pro rank
DeepBook industry classification
Industry- Product category
- Decentralized Finance Trading Protocol
- NAICS
- Commodity Contracts Intermediation (52316), Other Financial Vehicles (525990)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Order-Book (CLOB) DEXs (FSADABAB)
- akta.pro secondary industries
- Liquidity Infrastructure (RFQ, order-book engines, matching, liquidity-as-a-service) (FSAPADAI), Liquidity Aggregation & Smart Order Routing (FSADAJAD)
Keywords
Where DeepBook is headquartered
LocationHeadquarters
- HQ city
- Grand Cayman
- HQ country
- Cayman Islands
Offices1 record
Markets served
DeepBook business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Trading Fees: DEEP token is used for payment of trading fees and pool creation fees in DeepBook. The protocol generates revenue through fee collection on spot, margin, and prediction trading activities.
- DEEP Token Utility: Token provides liquidity rebates to market makers during low liquidity periods and volume discounts to liquidity takers. Revenue is generated through the fee mechanism with token burning from trading fees (125.7M DEEP burnt).
- Builder Revenue Sharing: Every trade through integrations generates revenue for builders from day one. DeepBook provides shared liquidity infrastructure while builders capture revenue from their user base.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | No tiered pricing structure disclosed |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels7 records
DeepBook product offering
Product offeringCore offering
DeepBook operates a fully on-chain central limit order book (CLOB) protocol on the Sui blockchain, exposing three composable financial primitives — Spot trading, on-chain Margin, and Predict (binary options) — that share a single deep liquidity pool and settle atomically within ~390ms. Builders integrate these primitives via TypeScript and Rust SDKs to launch DEXs, perpetuals exchanges, and prediction markets without bootstrapping liquidity, while traders access the order book directly or through integrated ecosystem applications.
Product overview
DeepBook is a fully on-chain order book protocol for DeFi on Sui, providing three composable financial primitives: Spot (Sui's canonical on-chain order book), Margin (on-chain leverage with shared collateral), and Predict (binary options with Block Scholes pricing). The DEEP token serves as the native currency for fee payment, liquidity rebates, and governance. The ecosystem includes a Points Program for tracking user activity and a waitlist system for early access. Built by Sui Foundation Ltd, DeepBook powers multiple trading applications including Aftermath, Bluefin, Cetus, Turbos, and others.
Differentiator
Problem solved
Functional benefit
Products and services
- Spot Sui's canonical on-chain order book providing real order-book depth and shared liquidity across all DeepBook markets. Every order settles atomically in a single Sui transaction with no isolated vaults. Designed for DeFi builders and traders on Sui.
- Margin On-chain margin built directly into the DeepBook order book. Borrowers post collateral and draw from the shared liquidity pool; positions open, execute, and close atomically with no off-chain sequencer or separate margin engine. Enables leveraged trading applications for DeFi builders.
- Predict Binary options primitive powered by Block Scholes options pricing with continuous strikes at any price point. Enables developers to build prediction markets, options, leveraged products, and structured instruments with automatic on-chain settlement and no off-chain resolution or trusted intermediary.
- DEEP Token Native governance and utility token of DeepBook with max supply of 10,000,000,000. Used for payment of trading fees and pool creation fees, offers liquidity rebates to market makers, volume discounts to takers, and enables pool-level governance through a quasi-concave voting system designed to prevent capture by large holders.
- DeepBook Points Program Season-based rewards program tracking participation across margin-enabled applications built on DeepBook. Points are earned automatically based on trading activity and ecosystem interaction without sign-up or manual tracking; non-transferable and not tokens.
- DeepBook App Waitlist Early access registration system for the DeepBook trading platform. Opens in waves with referral system allowing users to move up the list. Built on Sui with ~390ms settlement finality.
Quantifiable outcome
- 13.75B total trading volume across ecosystem
- +4 more outcomes
Companies that use DeepBook
Customer profileNamed customers13 records
Segments3 records
Ideal customer profiles3 records
DeepBook technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
DeepBook partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- MystenLabscoreMystenLabs is the core developer of the Sui blockchain and DeepBook protocol. DeepBook v3 is developed by MystenLabs (evidenced by GitHub repository at github.com/MystenLabs/deepbookv3). The protocol is the canonical on-chain order book for the Sui ecosystem.
- Sui FoundationcoreSui Foundation Ltd. (trading as DeepBook) is the legal entity operating the DeepBook protocol. The Foundation is based in the British Virgin Islands and governs the DeepBook ecosystem.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
DeepBook competitors and assessment
Company assessmentDirect peers
- Drift Protocol: On-chain order-book perpetuals and spot exchange on Solana. Comparable as a CLOB-based DEX with margin and prediction primitives, though operating on Solana rather than Sui.
- Aevo: Order-book-based decentralized exchange on Optimism offering perpetuals, options, and pre-launch token trading. Directly comparable as an order-book DEX with options/structured products primitives.
- Hyperliquid: Decentralized perpetual futures exchange operating on its own purpose-built L1 with a fully on-chain order book. Closest comparable to DeepBook in offering CLOB-style on-chain execution, but with deeper liquidity and larger scale.
- Vertex Protocol: Hybrid order-book and AMM DEX on Arbitrum offering spot, perpetuals, and margin trading. Comparable integrated trading stack with shared liquidity across product types.
- Serum: Former Solana-native on-chain CLOB DEX that pioneered order-book infrastructure on Solana. Comparable as a fully on-chain order-book exchange model, though the original Serum is now defunct with successor projects (OpenBook) carrying on the model.
- dYdX: Decentralized order-book perpetuals exchange originally on Ethereum and now operating its own Cosmos-based appchain. Directly comparable as an order-book DEX targeting professional traders with on-chain settlement.
Emerging players
- Cetus Protocol: Leading concentrated-liquidity AMM DEX on Sui. While currently integrated with DeepBook for liquidity routing, it represents a competing liquidity venue on the same chain.
- Bluefin: High-performance perpetual futures exchange on Sui offering up to 50x leverage. While currently a DeepBook customer/integrator, it represents an emerging order-book DEX competitor on Sui.
- Aries Markets: Decentralized margin and spot trading protocol built on Sui/Move. Directly competes with DeepBook on the same Sui ecosystem, representing a Sui-native challenger.
Broad incumbents
- Uniswap: Largest decentralized exchange by volume across multiple chains. Operates AMM-based rather than order-book, but represents the dominant DEX incumbent whose product roadmap and CLOB explorations could compete with DeepBook.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
DeepBook social profiles
Digital presenceDeepBook financial estimates
Financial estimateRevenue estimate
Valuation estimate
DeepBook leadership team
Management profileNumber of profiles
DeepBook funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
DeepBook M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about DeepBook
What does DeepBook do?
DeepBook operates a fully on-chain central limit order book (CLOB) protocol on the Sui blockchain, exposing three composable financial primitives — Spot trading, on-chain Margin, and Predict (binary options) — that share a single deep liquidity pool and settle atomically within ~390ms. Builders integrate these primitives via TypeScript and Rust SDKs to launch DEXs, perpetuals exchanges, and prediction markets without bootstrapping liquidity, while traders access the order book directly or through integrated ecosystem applications.
Is DeepBook a public or private company?
DeepBook is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was DeepBook founded?
DeepBook was founded in 2004.
Where is DeepBook based?
DeepBook is headquartered in Grand Cayman, Cayman Islands.
How does DeepBook make money?
Three revenue lines are on record. Trading Fees are the primary driver. The others are DEEP Token Utility and builder Revenue Sharing.
Who are DeepBook's main competitors?
Direct peers on record are Drift Protocol, Aevo, Hyperliquid, Vertex Protocol, Serum and dYdX. Emerging players are Cetus Protocol, Bluefin and Aries Markets. Uniswap is listed as a broad incumbent.
Does DeepBook have an API?
Yes. DeepBook provides TypeScript and Rust SDKs for developers to integrate the protocol. The SDKs allow builders to tap into DeepBook's on-chain order book, shared liquidity, and composable primitives (Spot, Margin, Predict). The API enables integration with DeepBook's smart contracts for building trading platforms and financial products. Developer documentation is at docs.sui.io/onchain-finance/deepbookv3/deepbook.
What industry is DeepBook in?
DeepBook's product category is Decentralized Finance Trading Protocol. Its primary akta.pro industry code is FSADABAB, Order-Book (CLOB) DEXs, with a secondary code of FSAPADAI, Liquidity Infrastructure (RFQ, order-book engines, matching, liquidity-as-a-service). Its NAICS code is 52316 and its SIC code is 6200.