Advanced risk engine for institutional risk management

Run sophisticated scenario analyses using intuitive, multi-variable slide tools. Stress-test your portfolio to measure its capital resilience.

Scenario Simulation

Stress-test your portfolio across price & volatility shocks, and correlation breakdowns: Pre- and post-trade.

Advanced Greek Analytics

Real-time risk exposures, detailed PnL breakdowns by 2nd and 3rd order Greeks across expiries and strikes

Path & Liquidity Modeling

Analyze path dependency with custom price trajectories, intraday volatility simulation and liquidity/execution-cost forecasting

How it works under the hood:

Industry-leading Volatility Engine

The advanced volatility engine calculates implied volatility surfaces in real time, converting live market data streams into a precise 3D surface matrix.

Volatility surface fitting

Implied volatility surface

Stable, arbitrage-free volatility surfaces even in the far wings and illiquid products

Selection of highly flexible volatility vol smile & surface fitters, including SVI, SSVI, ESSVI, and SABR

Based on modern Bayesian ideas, superior numerics, and 30 years of trading and research. Robustness is achieved by transferring information across strikes, expiries and time (filtering).

Estimates additional event variance at known event times from a vol surface or term structure of “dirty” vol.

Connected to our
trading engine.

Our volatility engine is tightly integrated with our trading engine,
the real-time, sophisticated strategy execution.

Our volatility engine is tightly integrated with our trading engine, the real-time, sophisticated strategy execution.

Options market making

Provide liquidity across listed options on-screen and via RFQ, building on top of our volatility engine. Capture spreads and manage risk.

Cross-exchange options arbitrage

Exploit price differentials and inefficiences across listed options markets, including digital asset options on CME, OPRA & Deribit.

What can users do?

Event modeling

What does the market imply about the implied moves and probabilities for this event? Do different expiries price in the same event distribution?

Greeks simulations

Run scenario analysis on Delta, Gamma, Theta, Vega. Stress-test under different market conditions.

Algorithmic delta hedging

Automated hedging driven by live volatility data. Neutralize directional risk instantly and precisely.

Portfolio sensitivity analysis

Visualize how your portfolio responds to market shifts. Anticipate P&L impact from vol changes and time decay.

A new way to
trade is here.

OrderX equips serious traders with the tools they’ve been waiting for: Structured execution, integrated systems, and built-in intelligence.

Get started