Bridging liquidity across CeFi and DeFi

Kaida quotes 24/7/365 at agreed size and spreads on RWA and crypto pairs, spot and perpetuals.

Contact us What we do

  • 39 RWA pairs quoted with 7-figure size on books, 24/7/365
  • 6 crypto pairs quoted 24/7/365
  • $200M+ 30-day trading volume

What we do

Continuous top-of-book liquidity, on your venue

Kaida is a dedicated market maker for centralized exchanges. We quote continuously at the top of the book on 39 real-world-asset (RWA) markets and a growing set of crypto pairs — bid and ask, in size, at spreads agreed with each venue.

We quote 24/7/365. That includes the hours when organic liquidity is thinnest: overnight, pre-market and post-market, weekends, and public holidays. RWA markets track equities that only trade a few hours a day on their home exchange — for the other ~18 hours of the day, and all weekend, our quotes make up a substantial share of the size on the book. The case study below shows that share, measured through both a trading day and a full market holiday.

Every quote is live top-of-book size, not a passive order deep in the book: two-sided depth at a defined spread, resting on the pair and venue where it is quoted.

Who we work with

We partner with CeFi exchanges to increase liquidity across their platform

Real-world assets

Tokenized equities, metals, and commodities. Two-sided depth through the long hours their underlying markets are closed.

Crypto

Majors and long-tail assets, spot and perpetuals. Continuous two-sided quotes, maintained through volatile periods.

Stablecoin issuers

Consistent two-sided size close to peg, on each venue where the stablecoin trades.

We work with CeFi exchanges on crypto and RWA spot and perpetual pairs, and with issuers who need consistent two-sided markets. In each engagement, liquidity is bridged from the venues we already trade onto the pair being quoted.

Our approach

Size and spread, committed and measured

Traders judge a market by what is visible on the book: the size resting there and the spread between bid and ask. Our quoting is built around those two measures — size within an agreed spread, maintained around the clock and recorded snapshot by snapshot.

We are clear about what the service is. We commit to quoting spread and size uptime — the depth and tightness of our two-sided quote, measured continuously. We do not guarantee trading volume; volume follows genuine demand, and we do not claim otherwise.

Engagements are for a fixed retainer. We bridge liquidity from the venues we already trade onto the pairs a client chooses, so that depth is present through the hours organic liquidity is thinnest — overnight, weekends, and market holidays.

Case study

Two days on Bitget RWA perpetuals — production data

Measured directly from our quoting systems and Bitget's public order books, one snapshot every 20 seconds. Thursday 2 July 2026 was a regular NYSE trading day. Friday 3 July 2026 was a full NYSE trading holiday (Independence Day, observed) — the underlying equities did not trade at all, while the perpetuals stayed open around the clock. Six RWA markets shown, plus ETHBTC — a crypto pair with no market hours at all — on both days. All times New York (ET).

Daily averages per market. Share of book = our resting size as a share of total book size within each market's depth window; snapshots where we are not quoting count as 0%. Quoted value = our combined bid + ask notional.
DateMarketDepth windowAvg share of bookAvg quoted valueQuote uptimeQuoted spread
2 Jul — NYSE trading dayHOODUSDT±20 bps17.6%$44.2k85.9%19.5 bps
2 Jul — NYSE trading dayCOSTUSDT±40 bps16.3%$17.7k89.5%39.9 bps
2 Jul — NYSE trading dayCOINUSDT±20 bps16.3%$41.8k85.4%19.6 bps
2 Jul — crypto, 24/7ETHBTC±20 bps66.7%$586.0k96.8%18.3 bps
3 Jul — NYSE holidayAMZNUSDT±20 bps25.7%$48.4k98.2%19.7 bps
3 Jul — NYSE holidayCRCLUSDT±20 bps20.7%$44.4k90.8%19.5 bps
3 Jul — NYSE holidayCRWVUSDT±40 bps16.7%$18.0k99.2%39.2 bps
3 Jul — crypto, 24/7ETHBTC±20 bps65.1%$590.0k96.7%17.9 bps

Method. Every 20 seconds we record our live quotes and the total resting size within the depth window around mid — ±20 bps or ±40 bps depending on the market. Share of book divides the first by the second; snapshots where we are not quoting count as 0%. Quoted value is the combined bid + ask notional of our resting quotes, split roughly evenly per side.

Transparency

Full dashboard access, for every client

Every engagement includes live access to the same dashboards we run internally. Qualified-quote uptime, spread, quote size per side, and account health for every market we quote for you — refreshed every 30 seconds, with full history.

Grafana dashboard overview: a grid of markets (XAUT, PAXG, AMD, AAPL, ARM, CRCL, AMZN, BABA, EWJ, AVGO, COST, META, COIN, CRWV, NFLX, EWT, EWY, PLTR and more), each showing its qualified-quote rate over the last 24 hours — mostly in the 90s — with a 24-hour uptime sparkline.
Fleet overview — qualified-quote rate and 24-hour uptime history for every market, at a glance.
Grafana per-market drill-down for one pair: qualified-snapshot rate at 94.1%, qualified rate over time, spread in basis points with invalid snapshots excluded, and quote size per side in USD holding above a $100,000 floor — each panel with last, min, and max values over 24 hours.
Per-market drill-down — qualified rate, spread, and quote size per side against the agreed floor for a single pair.

Contact us

Tell us the venue and pairs you want to deepen

Send us a note on your liquidity requirements. Prefer Telegram? Leave your handle and we will reach out there.