Blog

Notes from the order book.

Engineering write-ups, market-structure research and the occasional decision we had to argue about internally.

What we learned rebuilding the matching engine in Rust

Eighteen months, one rewrite, and a 94% reduction in tail latency. The parts that worked, the parts that did not, and the benchmark we now publish every quarter.

Priya Raman

Aug 19, 2026 · 11 min read

Security8 min

Proof of reserves is not an audit, and pretending otherwise is dangerous

A Merkle root tells you your balance was included in a total. It tells you nothing about liabilities you cannot see. Here is exactly what our attestation does and does not prove.

Marcus Vogel

Jul 30, 2026 · 8 min read

Research9 min

The case against payment for order flow, in one order book

We modelled the same 10,000 retail orders against an internalised venue and an open book. The difference showed up entirely in the tail — and it was larger than the fee.

Amara Okonkwo

Jul 8, 2026 · 9 min read

Product7 min

Designing for the worst network in the room

We built the Trust Base mobile app on a throttled 3G connection for a quarter. It changed the architecture, the animation budget, and what we let the interface promise.

Tolu Adeyemi

Jun 21, 2026 · 7 min read

Company6 min

Why we publish every postmortem, including the embarrassing ones

Fourteen public postmortems in three years. What we gained, what it cost, and the one we nearly did not publish.

Daniel Reyes

May 14, 2026 · 6 min read

Research10 min

What stablecoin settlement actually looks like in emerging markets

Corridor-level data from 14 months of flows through Paris, Nairobi, Manila and Buenos Aires — and why the remittance framing misses the point.

Amara Okonkwo

Apr 2, 2026 · 10 min read

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