Confidential SWAP

Swap Any Size, Confidentially.

Confidential Swap keeps your amount, direction, and price limit encrypted, so you can trade stablecoins, RWAs, and treasury positions at size without moving the market against yourself.

Learn more

Every visible swap is a target. So the biggest trades never happen onchain.

Showing your size before you trade invites front-running, and onchain it's worse: every pending swap sits in the mempool for anyone to see and act on before it settles. Confidential Swap rebuilds the swap for confidentiality, with your trade encrypted end to end.

Encrypted intent

Your amount, direction, and price limit stay encrypted onchain, so your order reveals nothing before it executes.

No front-running

There is no visible order to sandwich and no mempool signal to race. To the bots that feed on public order flow, your trade does not exist.

Deep liquidity

Professional market makers compete in a blind auction to fill your trade, so you get the best available price.

Compliant by design

Confidentiality is built into the protocol, and every market maker is a known, whitelisted, professional entity.

$50-60B
Daily crypto OTC volume traded off-exchange
Source: CoinLaw ↗
109% YoY
Growth in crypto OTC volume
50%+
Of US equity volume trades off-exchange, in dark pools
Source: CBOE ↗

Built for the trades too large to show the market.

Institutional investors trade at size onchain, with full confidentiality.

VCs & funds

Liquidate a large allocation without moving the market against yourself first.

Foundations & treasuries

Rotate treasury positions without signaling a sale before it's done.

RWA desks & vault curators

Rotate between vault positions and tokenized assets without unshielding, waiting for redemptions, or exposing the rebalance.

Portfolio managers

The OTC workflow you already run, with onchain settlement and a verifiable audit trail.

How it works

A blind auction, run entirely onchain.

1.

Submit your swap

Your amount, direction, and price limit remain encrypted at all times. Onchain, buy and sell orders look the same.

2.

Market makers compete blind

Only whitelisted market makers see your swap size, never the direction. They quote blindly.

3.

Best quote wins

When quoting ends, the contract selects the best quote onchain. Only the winner sees the direction. Losing bids are never revealed

4.

You receive your assets

 The winer settles the swap confidentially, and your assets arrive without exposing your balance.

No trusted auctioneer. Quotes are submitted, compared, and settled entirely onchain, encrypted end to end. There is no operator who sees the bids, and nothing to leak.

The swap, rebuilt for confidentiality.

An onchain, RFQ-based venue where your trade is filled through a blind auction, encrypted end to end.

Confidentiality end-to-end

Your amount, price, and direction stay encrypted through the full trade lifecycle. Observers learn only that a swap settled on the pair. Your strategy stays yours.

No MEV or front-running

There is no visible order to sandwich and no mempool signal to race. To the bots that feed on public order flow, your trade does not exist.

Better execution

Market makers can’t see each other’s quotes, so each has to offer their best price. Your price limit stays hidden, so they can’t simply quote at your limit.

Compliant by design

Confidentiality is built into the protocol. Every market maker on the venue is a known, whitelisted, professional entity. Confidential to the market, transparent to compliance.

Common questions

What is Confidential Swap?
Who sees my trade?
How do I know I'm getting a fair price?
Can I trade in and out of Confidential Vault positions?
What happens if my trade doesn't fill?
What are the fees?
What can I trade today?

Contact

Talk to our team

Trading at size, or integrating the protocol: tell us what you need and we'll follow up within one business day.

JOIN PRIVATE BETA

Invite-only and white-glove. Request access to the private beta and we'll onboard you with the next cohort.
Let’s talk
For institutions, platforms, and market makers.