OrBit
Institutional liquidity provider for crypto options and structured products
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About OrBit
OrBit Markets is an institutional-grade liquidity provider specializing in digital asset options and structured products. Its core business revolves around offering over-the-counter (OTC) options and customized derivative solutions to institutional clients such as hedge funds, asset managers, and corporate treasuries. The firm operates primarily through a Request-for-Quote (RFQ) model, allowing clients to request bespoke option contracts tailored to their specific risk management or yield enhancement needs, with market makers competing to provide competitive pricing and liquidity.
The key competitive edge of OrBit lies in its deep expertise in exotic options and complex structured products, combined with proprietary quantitative pricing models and risk engines. This enables the firm to provide tight bid-ask spreads and efficient execution even for large notional trades and non-standard payoff structures. Unlike traditional crypto options venues that focus on standardized, exchange-listed contracts, OrBit differentiates itself by addressing the market gap for tailor-made derivative solutions in the digital asset space.
The primary market pain point OrBit solves is the lack of institutional-grade, customizable options liquidity in crypto markets. Standardized options on centralized exchanges often fail to meet the precise hedging or investment objectives of sophisticated players, while bilateral OTC trading historically suffered from opacity, high counterparty risk, and inefficient price discovery. OrBit addresses these issues by combining a transparent RFQ process, robust risk management, and deep liquidity provision.
In the past six months (2026-02-28 to 2026-08-28), OrBit has made notable strides. In May 2026, the firm integrated with Bybit's RFQ platform, enabling Bybit users to access OrBit's institutional liquidity for options trading directly. In June 2026, OrBit partnered with Bybit to launch Tether Gold (XAUT) options trading, marking the first major crypto exchange to offer options on tokenized physical gold. This expanded its product suite into commodity-linked derivatives. Additionally, OrBit completed its SOC 2 Type II audit for the fourth consecutive year in August 2026, reinforcing its commitment to security and operational excellence. The firm also reported strong demand for Bitcoin call options in July 2026, driven by market optimism around the CLARITY Act, though some positions were unwound as expectations were tempered.
Caroline Mauron (Co-Founder & CEO): Previously Managing Director and Co-Head of FX APAC at Deutsche Bank, responsible for currencies and precious metals trading and structuring. Holds a degree in Statistics from ENSAE Paris and an MSc in Economics and Finance from the London School of Economics.
Tianjiao Sun (Co-Founder & CTO): Former engineer specializing in performance optimization for deep learning. Prior to OrBit, spent 6 years as an FX derivatives trader at Deutsche Bank. Holds a BA in Physics from the University of Cambridge, and an MRes and PhD in Computer Science from Imperial College London, with research experience at Microsoft Research, DeepMind, and Cerebras Systems.
Zhiming Yang (Co-Founder & COO): Previously Managing Director and Head of FX Derivatives APAC at Deutsche Bank. Holds an MSc in Quantitative Finance from the University of Paris, an MSc in Statistics from ENSAE Paris, and a BA in Finance from Peking University.