Supply chain of financial markets.
One map from an underlying resource or claim to issuance, trading, risk, settlement and access. Every stage is connected to its formation gates, markets, companies and news.
- Stages
- 8
- Markets
- 8
- Companies
- 2
Connected structure
From formation to access.
Open a stage to see its operating components and the live entities filed against it. The same links are used in the Market Formation Index.
Open Market Formation Index →01Underlying market formationTurns a scarce resource or economic claim into a measurable, standardized and financeable market unit.
- Resource and commodity definition
- Product and contract standardisation
- Supply and capacity aggregation
- Physical and spot-market procurement
- Reference pricing and benchmark indices
- Market data and intelligence
- Collateral and residual-value assessment
- Compute markets
- Formation gates
- LegibilityStandardisationTrustPrice discovery
- Markets
- GPU compute contracts
- Companies
- Ornn
02Asset creation and issuanceCreates the legal, contractual or protocol-native claim that can be owned, transferred and financed.
- Traditional securities
- Tokenized securities and real-world assets
- Crypto-native assets
- Structured compute-linked financial products
- Formation gates
- LegibilityStandardisationTrustRegulation
- Markets
- Tokenized public equitiesPrivate SaaS secondariesTokenized real estate
03Trading and price discoveryMatches buyers and sellers, concentrates liquidity and produces an observable market price.
- Traditional exchanges
- Alternative trading systems
- Onchain exchanges
- Spot markets
- Derivatives
- Futures and options
- Perpetual futures
- Tokenized equities, commodities and indices
- 24/7 markets
- TradFi–DeFi convergence and hybrid venues
- Formation gates
- Price discoveryLiquidityTrustRegulation
- Markets
- Builder-deployed marketsGPU compute contracts
- Companies
- HyperliquidOrnn
04Clearing and riskMargins, nets and mutualises obligations so market participants can transfer risk without destabilising the venue.
- Central clearinghouses
- Onchain clearing
- Margin and collateral
- Stablecoin-based collateral
- Liquidation engines
- Hedging and risk-transfer instruments
- Formation gates
- TrustLiquidityClearingRegulation
- Markets
- Builder-deployed marketsGPU compute contractsSynthesized exotic options
- Companies
- HyperliquidOrnn
05Settlement and custodyMoves cash and ownership with reliable finality, then protects the resulting assets and records.
- Depositories and settlement networks
- Blockchains and onchain settlement
- Custodians and wallets
- Interoperability and bridges
- Formation gates
- TrustClearingSettlementRegulation
- Markets
- Instant FX settlementBuilder-deployed markets
- Companies
- Hyperliquid
06Market access and distributionConnects participants to markets through regulated intermediaries, wallets, APIs and embedded products.
- Broker, dealer and institutional access
- Wallet-based market access
- API and embedded distribution
- Global and continuously open access
- Formation gates
- TrustLiquidityRegulation
- Companies
- Hyperliquid
07Regulation and market integrityDefines who can issue, operate, access and enforce a market while protecting its integrity.
- Digital-asset market-structure legislation
- Issuer and product compliance
- Identity, AML and sanctions screening
- Market surveillance and enforcement
- Cross-border access and jurisdiction
- Formation gates
- TrustRegulation
- Companies
- Hyperliquid
08Market-enabling infrastructureProvides the data, payment rails, verification and operating systems that let the rest of the chain function.
- Stablecoins and payment rails
- Oracles, indices and market data
- Physical-resource delivery and verification
- Collateral, financing and structured-product infrastructure
- Formation gates
- LegibilityTrustPrice discoverySettlement
- Companies
- OrnnHyperliquid