pascal

What pascal does

Pascal operates a noncustodial prediction market exchange on Solana and a parallel institutional OTC desk. On the exchange side, traders post USDC collateral into a Solana smart contract and route signed orders to an off-chain matching engine that settles matched trades back on-chain in 50ms batches, combining centralized-style matching speed with on-chain settlement guarantees. The exchange supports outcome contracts priced between $0 and $1 across macro, geopolitical, financial, corporate, and sports categories, and is accessible both through a self-serve web app and through REST/WebSocket APIs with Ed25519-signed authentication.

The institutional arm, Pascal OTC, serves Eligible Contract Participants — hedge funds, prop trading firms, banks, family offices, and corporations — under CFTC jurisdiction. The desk provides block trade execution on Kalshi, bilateral exposure to Pascal, Kalshi, and Polymarket markets without facing the venues directly, and bespoke binary or structured contracts tied to verifiable real-world outcomes. Settlement is bilateral under ISDA in USD or digital assets, or on-exchange via block trade facilities.

Pascal earns revenue primarily through taker trading fees (2% applied as size x price x (1-price)), a 25% maker rebate share, withdrawal fees ($0.10 default, $0.50 max), and a referral program. The company is in public beta, has raised approximately $15 million across a 2025 seed from DBA and Wintermute Ventures and a 2026 round led by Union Square Ventures, and is positioned at the intersection of regulated US derivatives infrastructure and on-chain prediction markets.

Name

pascal

Legal name

Pascal

Website

https://www.pascal.trade

Company type

Private

Founded year

2025

Operating status

Operating

Short description

Pascal is a noncustodial prediction market exchange on Solana paired with an institutional OTC desk serving Eligible Contract Participants, offering exchange trading, block execution on Kalshi, and bilateral exposure to Kalshi and Polymarket under CFTC jurisdiction.

Ownership category

akta.pro rank

Product category

Prediction Market Exchange

NAICS

Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

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

akta.pro primary industry

Derivatives Trading Venues (perps, futures, options) (FSAPADAE)

akta.pro secondary industries

Prediction Markets & Event-Based On-Chain Trading (FSADABAM), OTC Derivatives Market Making (Swaps & Options) (FSACANAE), Pricing & Valuation Services (Fixed Income, OTC, Derivatives) (FSAFAIAF)

Keywords

• Prediction market exchange
• Event contract trading
• Noncustodial crypto derivatives
• Institutional OTC desk
• Solana perpetual futures

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Supply Chain

Revenue model

1. Taker trading fees: Takers pay a fee of size x price x (1 - price) x taker_fee_rate. Default taker fee rate is 2% (0.020000). Fees are denominated in USD and rounded to 6 fractional digits.
2. Maker rebates: Makers receive a rebate share of the taker fee. Default maker rebate share is 25% (0.250000) of the taker fee. This incentivizes liquidity provision on the order book.
3. Collateral withdrawal fees: When users withdraw collateral from the Pascal smart contract, a signed withdrawal fee is charged. Default withdrawal fee is $0.10, with a maximum of $0.50 per withdrawal.
4. Referral program fee offset: The referral program creates a fee offset: referrers earn 10% of venue fees from referred users' taker fills (capped at $10,000 per referred user), while referred users receive a 5% taker fee discount (capped at $250 savings). This drives user acquisition and engagement.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Pascal operates a noncustodial prediction market exchange built on Solana where traders post USDC collateral in a smart contract and submit signed orders to an off-chain matching engine that broadcasts matched trades for on-chain settlement. Outcome contracts settle to prices between $0 and $1 across macro, geopolitical, financial, corporate, sports, and other categories. The platform also runs an institutional OTC desk providing block trade execution, bilateral exposure to listed prediction markets (Kalshi, Polymarket), and bespoke event-linked structured contracts for Eligible Contract Participants.

Product overview

Pascal is a prediction market exchange ecosystem consisting of two main products: the Pascal Exchange (a noncustodial prediction market exchange on Solana with USDC collateral) and Pascal OTC (an institutional over-the-counter desk providing liquidity and execution for prediction markets and custom event-linked contracts). The exchange operates via a hybrid architecture where traders post collateral in a Solana smart contract while orders are matched through an offchain matching engine with on-chain settlement. Both products are accessible programmatically through REST and WebSocket APIs, enabling algorithmic trading and market data integration. The exchange supports trading across macro, geopolitical, financial, corporate, sports, and other outcome categories.

Differentiator

Problem solved

Functional benefit

Products and services

• Pascal Exchange A noncustodial prediction market exchange built on Solana where traders post USDC collateral in a Solana smart contract and submit signed orders to an off-chain matching engine. Supports outcome contracts that settle to prices between $0 and $1, with trading across various event categories including macro, geopolitical, financial, corporate, and sports. Accessible to both retail self-serve traders and institutional counterparties via the web app and APIs.
• Pascal OTC An institutional over-the-counter desk providing liquidity and execution for prediction markets and bespoke event-linked contracts. Offers block trade execution on exchanges like Kalshi, bilateral exposure to listed markets (Pascal, Kalshi, Polymarket), and custom binary/structured contracts tied to verifiable real-world outcomes. Settles in USD or digital assets under ISDA agreements.
• Pascal REST API RESTful API offering write endpoints for order placement, cancellation, trading key management, collateral withdrawal, and deposit address registration. Read endpoints provide market data, order books, trade history, account state, and market statistics. Uses Ed25519 signature authentication with wallet and trading key separation.
• Pascal WebSocket API WebSocket API for real-time market data and order entry. Order entry WebSocket supports placing and cancelling orders with guaranteed submission ordering. Market data WebSocket enables subscribing to order book updates, trades, candles, and live account updates. Supports up to 10,000 concurrent connections and 250 subscriptions per connection.

Quantifiable outcome

• Taker fee: 2% of size x price x (1 - price). Maker rebate: 25% of taker fee. Default withdrawal fee: $0.10 per withdrawal (max $0.50).
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Drift Protocol: Drift is a Solana-based perpetual futures and prediction market venue using an off-chain order book with on-chain settlement. Its technical architecture (Solana, hybrid matching, USDC collateral) closely parallels Pascal's, and its prediction market product overlaps with Pascal's core offering on the same chain.
• SX Bet (SportX): SX Bet is a decentralized sports prediction market with on-chain settlement and a peer-to-peer order book. It is comparable to Pascal as a noncustodial prediction market venue, though it focuses narrowly on sports and lacks Pascal's institutional OTC desk.
• Limitless Labs: Limitless is a Base-based prediction market exchange with on-chain settlement and USDC collateral, focused on crypto-native traders. It is comparable to Pascal's retail exchange as a non-custodial prediction market venue, though it operates on Base rather than Solana and targets retail rather than ECPs.
• Azuro Protocol: Azuro is a decentralized liquidity protocol for prediction markets and sports betting, operating on EVM chains with an on-chain order book. It is comparable to Pascal as on-chain prediction market infrastructure, though it targets the betting operator ecosystem rather than ECP institutional flow.

Broad incumbents

• Robinhood Derivatives: Robinhood operates event-contract trading through its CFTC-registered subsidiary, bringing prediction markets to a large retail user base. It is comparable to Pascal as a regulated US prediction market distributor, though it serves retail rather than ECPs and lacks Pascal's noncustodial architecture.
• CME Group: CME Group is the largest US-regulated derivatives exchange, listing futures and options on rates, FX, equities, commodities, and increasingly event-linked products. It is comparable to Pascal as a regulated venue for institutional derivatives trading, and represents a potential strategic threat if it expands into binary event contracts.
• Interactive Brokers: Interactive Brokers is a large multi-asset brokerage serving institutional and professional traders with global market access. It is comparable to Pascal as an institutional counterparty for sophisticated derivatives and event-related exposure, though it spans all asset classes rather than specializing in prediction markets.

Others

• Wintermute: Wintermute is a leading crypto-native market maker and liquidity provider that participated in Pascal's seed round. It is comparable as a liquidity/OTC counterpart in digital asset markets and an investor in Pascal, representing the type of institutional trading partner Pascal's OTC desk is built to serve.

Direct peers

• Polymarket: Polymarket is the largest crypto-native prediction market, operating on a noncustodial model with USDC collateral. Pascal's OTC desk offers bilateral exposure to Polymarket markets and accepts deposits from Polymarket, making Polymarket the natural direct peer for on-chain prediction market liquidity that Pascal aggregates.
• Kalshi: Kalshi is a CFTC-regulated event-contract exchange offering binary outcome markets on macro, political, sports, and other categories. Pascal's OTC desk directly executes block trades on Kalshi and surfaces Kalshi market prices on its homepage, making Kalshi the closest direct comparable — both target institutional counterparties under CEA jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/pascal-research-inc
• Xx.com/pascaldottrade

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors4 records

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

M&A

Investments

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

Frequently asked questions about pascal