Most institutional options flow runs through OTC desks. Private, bilateral, and deliberately off-exchange.In crypto, Paradigm alone routes over $800M in daily OTC volume, contributing roughly a third of Deribit's flow.Onchain options have never touched this market.
Whales route 8-figure options off-venue because listed venues can't size them.The cost: monopolistic quotes and no way to verify the best price.
A $10M put earns a desk $20k at 20bps. A $100k put earns $200.Below $1M, dealers won't quote, and the long tail doesn't exist.
DOVs peaked above $280M last cycle. All DeFi options vaults now hold under $12M combined.Vaults can't price bespoke trades, can't negotiate, can't offer privacy.
Bespoke options need a venue built around negotiation, not pools.That's how TradFi OTC has always worked. Anneal brings that model onchain.
A bespoke options venue at chain scale needs agents to absorb coordination cost,privacy to keep pricing honest, and settlement that trusts no one. Anneal builds all three.
OTC used to require chats, term sheets, and human dealers. That coordination cost is why bespoke trades below $1M don't exist. Anneal agents collapse it to seconds, working within mandates the writer sets.
In an RFQ, the buyer's budget is the most valuable piece of information. Anneal uses Groth16 range proofs: the buyer proves their willingness-to-pay is in [X, Y] without revealing the number. Writers see the constraint, never the value.
Once humans sign, the terms hit a Solana program. PDA escrow holds collateral. Oracle TWAP determines payout. Settlement is automatic at expiry. No counterparty risk.
Remove any one pillar and the venue collapses. Together, they make a market that's been impossible until now.
The pilot runs on an invited writer set. Permissionless participation ships once trustless collateral commitment is live.
LIVE · DEVNET ORACLE
SOL/USD is the onchain Pyth feed, read live from Solana devnet.XAUT/USDT is the Binance spot reference, shown while the onchain gold oracle ships.
Agents make the market possible. Privacy makes it fair. The chain makes it trustless.
Listed venues, vaults, and perps each serve a slice of options-adjacent flow well.None coordinates bespoke OTC trades onchain with privacy-preserving pricing. That gap is Anneal.
Anneal is the only venue where a buyer runsa private, bespoke RFQ for options on tokenized assets and Solana-native crypto.
Tokenized RWAs are growing faster than the venues built to hedge them. We're exploring with issuers like Oro so options can add a second yield surface where the assets already live. Onchain, with privacy, and without a custodian in the middle.
Onchain gold backed 1:1 by Swiss-vault bars. Liquid on CEXes, easy to mark, easy to settle. The asset most desks already understand, now in a venue that can quote bespoke options on it.
Anneal is exploring with Oro how $GOLD holders could use private RFQs and covered-call markets to add an onchain yield layer around yield-bearing gold collateral, without pretending a public $GOLD market feed exists before Oro publishes one.
Each new RWA on Anneal expands the set of trades that can clear without a custodian.If you're an issuer and want options markets on your asset, talk to us.
