Satoshi Order
Execution System
The first institutional Bitcoin exchange with real-time clearing and settlement
See the exchange model in under 2 minutes
The SOES model delivers capital efficiency for participants through low collateral requirements, full custody of assets, and no counterparty risk.
Not an incremental improvement - this is a next generation exchange
Institutional grade infrastructure partners
works
HFT matching
Institutions access direct liquidity through a high frequency matching engine built for execution speed and fair price discovery via a central limit order book (CLOB).
Continuous net settlement (CNS)
Participant obligations are netted in real-time and cleared continuously with settlement sweeps on the SOES Lightning Network.
The SOES Lightning Network
SOES leverages it's proprietary Lightning Network to ensure that settlement is nearly instant with high frequency throughput channel capacity.
Verifiable execution quality
Every order and trade produces a proof receipt, and SOES anchors a cryptographic fingerprint to the Bitcoin blockchain for verification and reporting.
Why we built SOES on the Lightning Network
Layer 1 (L1)
Bitcoin’s blockchain or “base layer” is excellent for settlement of large consolidated transactions, but it is not designed for constant high-frequency micro payments or trades.
Layer 2 (L2)
The Lightning Network is a payment layer optimized for instant micro transfers. It sits natively on top of the Bitcoin blockchain and uses the Bitcoin protocol to process over 5 million payments monthly.
TradeFi Analogy
Card payments are processed instantly while the bank settlements happen later on an aggregate basis. Similarly, Lightning cryptographically “locks in” transactions immediately, without writing them to Bitcoin’s blockchain.
SOES Lightning Network
Built for trust, control, and verification
Private Lightning Channels
Participants have at least two dedicated channels connected to SOES. This optimizes continuous net settlement and channel capacity requirements.
Participant controlled nodes
SOES Lightning based design gives institutions full control and self custody of assets - eliminating exchange held reserve deposits.
Execution quality proofs
The Bitcoin blockchain is uniquely well suited to store transaction related proofs due to it's decentralized and secure design.
SOES supports a range of participants with a fully managed Lightning solution, API/FIX connectivity, and colocation.
SOES helps institutional firms move from review to live deployment through a structured onboarding process built around connectivity, operational readiness, and implementation clarity.
Who we work with
We support financial services companies, market makers, brokers, trading platforms, liquidity aggregators, and payment processors with active Bitcoin flows.
Optional managed infrastructure
SOES offers a managed solution for participants that want a faster, simpler path to launch, reducing operational lift while providing exchange-grade reliability from day one.
Supported connectivity
Participants can connect to our gateways via FIX, REST API, and WebSocket access, making it easy to integrate execution, market data, and reporting into existing trading workflows.
The onboarding process
With a certification sandbox, clear technical documentation, and hands-on support, institutional participants can go live quickly and without the need for large integration teams.
Built by people who understand markets
Alexander Shapiro
CEO/Founder
Mohamed Saidi
COO/Founder
Kosta Corriveau
Engineering/Infrastructure
Jorge Mesquita
Back-end Team Lead
Hassan Bittar
Front-end Team Lead
Andrii Boichuk
Head of Product Design
Vera Wang
Strategy/Legal Advisor
Stefan Feissli
Technical Advisor
Alexander Shapiro
CEO/Founder
Mohamed Saidi
COO/Founder
Kosta Corriveau
Engineering/Infrastructure
Jorge Mesquita
Back-end Team Lead
Hassan Bittar
Front-end Team Lead
Andrii Boichuk
Head of Product Design
Vera Wang
Strategy/Legal Advisor
Stefan Feissli
Technical Advisor
Frequently Asked Questions
The Satoshi Order Execution System, or SOES, is an institutional exchange built for high-frequency trading and settlement of small Bitcoin orders. The primary denomination used for quotes is the native base unit of Bitcoin, the Satoshi, or SAT, which works better for trading and market data by representing even the smallest orders in whole units. The name SOES pays homage to the original system with the same name (standing for Small Order Execution System), which helped accelerate the shift toward modern electronic markets. Similarly, we believe that by denominating Bitcoin in SATs and using the Lightning Network for real-time settlement, we can revolutionize Bitcoin market structure.
SOES is different from other exchanges because it's designed to combine institutional-grade trading with Bitcoin-native settlement. Rather than relying on large prefunded balances, delayed withdrawals, and traditional exchange custody models, SOES is built to offer a more efficient and transparent way to trade by pairing exchange-style execution with continuous settlement, lower capital friction, and verifiable records of trading activity. At a high level, the goal is to give institutions a faster, more capital-efficient, and more transparent Bitcoin market structure than what most exchanges provide today.
Continuous net settlement, or CNS, means trades are matched immediately, but instead of settling every trade one by one, the system continuously tracks each participant’s net Bitcoin and net USD obligations and then settles only the net amount in highly frequent periodic sweeps. In SOES, that lets execution stay fast while clearing and settlement happens in real-time over Lightning for SATs and Taproot Assets for the USD/Stablecoin leg. CNS is important because it reduces collateral and prefunding needs, lowers trapped capital and operational friction, and keeps risk bounded with deterministic throttles if settlement degrades, rather than allowing exposure to grow unchecked.
SOES is built for institutional participants that want direct access to a Bitcoin market with HFT execution and Bitcoin-native settlement. That includes traditional financial services firms, market makers, brokers, trading apps, liquidity aggregators, and other firms trading on behalf of customers or managing trading flow. It is designed to support both crypto-native participants that want to bring their own Lightning and Taproot Assets stack and firms that prefer a managed setup with self-controlled keys.
Yes, under the SOES model, participants maintain control of funds rather than leave assets in a traditional exchange reserve custody structure. SOES has different onboarding options that include bringing your own Lightning and Taproot Assets stack, as well as a managed-node model with client controlled keys where the client keeps their keys private and the exchange operates channels and uptime within predefined guardrails. There is also an optional fully hosted tier for the smallest participants. As a result the degree of direct sole control depends on the onboarding model chosen.
Bring real-time settlement into your Bitcoin trading workflow
SOES is built for institutions that want faster settlement, lower exposure, and stronger control of funds in a 24/7 Bitcoin market.