Tokenhive
Liquidity, pulled to one book.
Continuous two-way quotes draw flow across roughly 350 INR pairs into a single, orderly market — hedged in real time against global venues.
Two structural problems in INR order books
Both hold back turnover, institutional participation and revenue diversification.
The spread barrier
Quoted spreads on non-core and mid-cap pairs widen to four percent or more on most Indian exchanges. At that level the spread itself becomes the barrier: it caps turnover, keeps institutional flow away, and erodes retail confidence on exactly the volatile days when liquidity matters most.
Single-pair concentration
Most Indian platforms live or die on USDT/INR, sometimes BTC/INR, while the rest of the listed catalogue stays largely dormant. That reliance leaves the exchange exposed to localised volatility shocks and caps revenue diversification.
What we do about it
A proprietary high-frequency engine quoting continuously, two-way, across a defined basket of pairs — aimed at three outcomes.
Spread compression
We drive spreads on non-core and mid-cap pairs down to competitive, institutional levels, so price is no longer the reason flow goes elsewhere.
Volume redistribution
We broaden the actively traded catalogue, so the exchange stops depending on one or two pairs to make its month.
Volatility absorption
During global macro events we act as a localised shock absorber — keeping the book orderly, preventing crossed-book scenarios and damping sudden price gaps.
Infrastructure and risk management
Our desk runs a risk system built specifically for cross-venue crypto market making. Two things carry it.
Net-position netting and hedging
We aggregate localised INR delta and hedge it in real time against deep global liquidity pools such as Binance and OKX. Directional exposure is known at every moment, and it is covered.
Real-time risk monitoring
Margin ratios, unrealised P&L and mark-to-market exposure are evaluated on every price tick, in under one hundred milliseconds — so the desk is never running blind, even in a fast tape.
Exchange integrations required
The standard institutional API set — nothing exotic.
- WebSocket connectivity — low-latency market data and order entry
- Master and sub-account APIs — each strategy in a risk-isolated portfolio
- Wallet-to-wallet transfer APIs — capital rebalancing without operational drag
The desk behind it
Market making is not a system you switch on and leave. Ours is watched continuously by the people who built it.
Proven in production
We have served as primary institutional liquidity provider to a leading Indian exchange for more than twelve months, scaling continuous two-way quotes across roughly 350 trading pairs — through live market conditions, not a test harness.
Round-the-clock coverage
Crypto does not keep market hours. A dedicated team monitors quoting, positions and system health twenty-four hours a day, seven days a week — so anomalies are caught and acted on as they happen, not discovered the next morning.
Chartered Accountant at the helm
Our founding partner is a Chartered Accountant with 15 years of post-qualification experience and eight years in this industry, having worked closely with institutional market making firms and Indian exchanges before becoming a counterparty to one.
Built by practitioners
The partnership brings together quantitative trading, exchange engineering and capital markets — the engine, the risk system and the books are all built and run in house.
Why a domestic counterparty
Indian exchanges have long leaned on offshore desks for INR liquidity, where the jurisdiction, the audit standard and the incentives all differ. We were founded on the view that a domestic, capital-backed, compliance-fluent provider can simply do this better.
On our own balance sheet
Every quote is backed by proprietary capital. The exchange carries no balance sheet exposure to Tokenhive.
CA-led, audit-grade books
Leadership is Chartered Accountant led. Our records are maintained to audit standard, with reconciliation and tax computation run on systems we built for the purpose.
Indian regulatory stack
TDS under Section 194S and FIU-IND alignment are part of how the desk operates, not an afterthought at year end.
How an engagement starts
A time-bound pilot of sixty days on a curated basket of high-priority INR pairs, measured against four agreed metrics. If the pilot performs, we scale to the full eligible catalogue under a commercial framework agreed at that point.
| Pilot metric | What it measures |
|---|---|
| Quoted spread | Target spread achieved, by pair tier |
| Quote uptime | Proportion of market hours with live two-way quotes |
| Book depth | Resting depth at defined basis points from mid |
| Volume delta | Traded volume against the pre-pilot baseline |
Let's talk INR liquidity.
If you run an Indian exchange and INR liquidity is on your roadmap, we would be glad to walk you through how we would approach your book.
gowtham@tokenhive.in