How This Compares to What You Know
| CEX/DEX Market Making | Musubi | |
|---|---|---|
| Order model | Continuous order book or AMM pool | RFQ — you quote on demand per request |
| Counterparty | Exchange (CEX) or smart contract (DEX) | Atomic DvP with institutional counterparties — no exchange intermediary |
| Anonymity | Pseudonymous on-chain / exchange account | Fully anonymous — you see currency pair and amount only, never the counterparty |
| Settlement | Instant (CEX internal) / block confirmation (DEX) | Atomic 4-leg DvP in ~4 seconds |
| Counterparty risk | Exchange custody risk (CEX) / smart contract risk (DEX) | Eliminated — atomic swap, both legs or neither |
| Inventory | Held on exchange or in smart contract | Held in your own custody (Canton Holding) — never deposited into an exchange |
| P&L visibility | Exchange dashboards / on-chain analytics | Settlement record with exact amounts, rate, and cryptographic proof |
The Key Difference: Anonymized Flow
You never see who is asking for a quote. The RFQ contains only:- Currency pair (e.g., JPYSC0/USDCx)
- Target amount (e.g., 100,000 USDCx)
- Deadline for quotes
Even after your quote is accepted and the trade settles, you still do not see the sender or receiver identity. Your settlement record contains swap amounts, rate, and settlement proof — nothing more.
Guide Structure
Quoting Workflow
How RFQs arrive, competitive dynamics, quote lifecycle, and what you see.
Liquidity & Settlement
What happens when you win: DvP mechanics, P&L, risk profile, and liquidity management.
Compliance
Your regulatory position, privacy guarantees, and audit trail.
Security
Authentication, data isolation, and visibility boundaries.
Integration Guide
Architecture, automated quoting setup, onboarding, and monitoring.
API Reference
Endpoints, request/response examples, quote status flows, and SSE events.