What halcyon waters does

Halcyon Waters sp. z o.o. is a privately held Polish limited liability company (KRS 0001245653, registered in Wrocław) that builds analytical software and market-data products for crypto-asset derivatives markets. The company was founded by Pawel Lachowicz, PhD (astrophysics, 15+ years of quantitative finance experience across prop trading, risk, and bank quant desks), who developed the firm's core ORIA and Cayø Largo analytics engines prior to incorporation. Halcyon Waters operates a single analytical platform, Cayø Largo, which reads the full Deribit options chain every ten minutes and produces structured outputs: 37 Greeks per contract (including third and fourth order), a 127-column volatility surface per coin per cycle, gamma exposure signed by the taker flow that actually traded, and the activity state of every option. Coverage spans six coins — BTC, ETH, SOL, XRP, AVAX, and TRX — on a dataset the firm began collecting in 2025 and continues to own.

The platform is exposed through free live analytics boards (Volatility Landscape, GEX Landscape, Vol Surface Explorer, Greeks Tectonics, Options Thermography, Greek Exposure Projection), free written research, and a paid REST API with a Python SDK. The API offers 26 endpoints across 11 domains, up to 1,086 documented fields, with every formula published rather than only described. Adjacent products include the Soundings monthly positioning newsletter (launched 2026) and Punta Allen, a reactive options strategy backtester currently in design. MCP access for AI agents is explicitly described as planned.

Halcyon Waters sells exclusively to business accounts via a B2B, API-first model. The base subscription is $650 per month with month-to-month billing and no minimum term; higher tiers add history depth, sampling cadence, and proprietary layers. Distribution is founder-led direct sales, targeting trading desks, hedge funds, and market makers globally through the API. The company appears bootstrapped and founder-owned, with PLN 5,000 of share capital and no disclosed external funding rounds, headcount figures, or revenue.

Name

halcyon waters

Legal name

Halcyon Waters spółka z ograniczoną odpowiedzialnością

Website

https://halcyonwaters.com

Company type

Private

Founded year

2025

Operating status

Operating

Short description

Halcyon Waters builds analytical software for crypto-asset derivatives, operating the Cayø Largo platform that computes Greeks, volatility surfaces, and taker-flow-signed positioning from Deribit data. It sells B2B API subscriptions to trading desks, hedge funds, and market makers.

Ownership category

akta.pro rank

Product category

Crypto-Derivatives Analytics

NAICS

Securities and Commodity Exchanges (52321)

SIC

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

akta.pro primary industry

Decentralized Exchanges (DEX) & AMMs (FSAPADAB)

Keywords

• Crypto derivatives analytics
• Options market data
• Volatility surface analytics
• Gamma exposure analysis
• Trading risk analytics

Headquarters

HQ city

Wrocław

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Cayø Largo API Subscription: Monthly subscription to the Cayø Largo analytics platform and data API. Priced at $650/month, month to month with no minimum term. Business accounts only. All tiers include direct access to the founder rather than a support queue. Higher tiers add history depth, sampling cadence and proprietary layers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Halcyon Waters develops and licenses the Cayø Largo crypto-options analytics platform, which reads the Deribit options chain every 10 minutes and computes 37 Greeks per contract, a 127-column volatility surface, gamma exposure signed by actual taker flow, and the activity state of every option across 6 coins (BTC, ETH, SOL, XRP, AVAX, TRX) on history owned since 2025. The platform is delivered to institutional clients (trading desks, funds, market makers) via a paid REST API (26 endpoints across 11 domains, up to 1,086 documented fields) and Python SDK from $650/month, accompanied by free live analytics boards, free published research, and the free monthly Soundings positioning newsletter.

Product overview

Halcyon Waters is a crypto-derivatives intelligence company operating a single unified data platform, Cayø Largo, which owns historical Deribit options data since 2025 and processes it continuously to produce structured analytics. Cayø Largo's modules span free live analytics boards, free research analysis, a paid REST API with Python SDK, and an upcoming MCP integration for AI agents. Built on top of this platform is Punta Allen (a strategy backtester, in design) and the Soundings newsletter (a free monthly positioning report). The portfolio is anchored by owned data history — the critical prerequisite for Punta Allen and any future tools — and every product routes through the same analytical layer derived from reading the full Deribit book every ten minutes.

Differentiator

Problem solved

Functional benefit

Brands

• Cayø Largo: Live crypto-options analytics platform reading the Deribit options chain every 10 minutes. Computes 37 Greeks per contract, 127-column volatility surface, gamma exposure signed by taker flow, and activity state of every option. Covers 6 coins (BTC, ETH, SOL, XRP, AVAX, TRX) with 26 REST endpoints across 11 domains, up to 1,086 fields. Available via REST API and Python SDK.
• Punta Allen

Products and services

• Cayø Largo API & SDK The paid REST API and Python SDK product for the Cayø Largo crypto-derivatives analytics platform, exposing 26 endpoints across 11 domains (up to 1,086 documented fields) covering 37 Greeks per contract, a 127-column volatility surface per coin per cycle, taker-flow signed gamma exposure, and activity state for 6 coins (BTC, ETH, SOL, XRP, AVAX, TRX). Licensed to business accounts (trading desks, funds, market makers) from $650/month, month to month with no minimum term. Every field is documented with the underlying mathematics and a live response.
• Soundings Newsletter Monthly structural positioning report on the crypto-options book, reading where dealer gamma sits and flips, what was built and unwound, and what the market is set up to do, dealer-signed and read at cohort depth. Free, no account required, distributed by email sign-up and republished on the Halcyon Waters site.

Quantifiable outcome

• Every option on Deribit priced and cohorted every ten minutes
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• CoinGlass: CoinGlass provides crypto-derivatives market data including liquidation heatmaps, options GEX, and funding-rate analytics across multiple venues. It is one of the closest direct competitors to Halcyon's positioning analytics for crypto options, though with broader venue and coin coverage.
• Amberdata: Amberdata provides institutional-grade crypto market data, analytics, and on-chain intelligence, including derivatives metrics. It is a direct peer because it serves trading desks and funds with similar real-time crypto-market analytics infrastructure.
• Kaiko: Kaiko delivers institutional crypto market data including order book, trades, and derivatives reference data across centralized venues. It is a direct peer because it serves the same institutional segment with comparable market-data APIs covering Deribit and other exchanges.
• Genesis Volatility: Genesis Volatility focuses specifically on crypto options and volatility research with institutional clients. It is a direct peer because its specialization on crypto-options analytics and skew/vol-surface products overlaps tightly with Cayø Largo's focus.
• Block Scholes: Block Scholes provides crypto-derivatives research and structured products analytics, including options skew and volatility reports. It is a direct peer because its research-driven approach to crypto-options positioning mirrors Halcyon's Soundings model and institutional focus.
• Glassnode: Glassnode provides on-chain and market intelligence for digital assets, including institutional-grade dashboards and metrics. It is a direct peer because it serves the same institutional analyst audience with paid analytics subscriptions, although its emphasis is more on-chain than derivatives-specific.
• Velo Data: Velo Data provides derivatives analytics and historical market data for crypto markets, including options metrics. It is a direct peer because its product surface overlaps with Cayø Largo's paid API for institutional crypto-options data.

Others

• Deribit: Deribit is the dominant centralized crypto-options venue and the primary data source Halcyon reads from. It is a key ecosystem participant rather than a direct competitor, though it also offers some analytics and is a potential partner or channel.
• GSR Markets: GSR is a large institutional crypto market maker and liquidity provider. It is a representative end customer of Halcyon's positioning analytics rather than a competitor, illustrating the institutional segment Halcyon targets.
• Wintermute: Wintermute is a leading crypto market maker with significant options and derivatives activity. It exemplifies the institutional market-maker customer profile Halcyon's Cayø Largo API is explicitly designed to serve.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Halcyon_Waters
• LinkedInlinkedin.com/company/halcyon-waters

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 halcyon waters