# EVEDEX vs Ostium in 2026

Cross-Asset Desk Research; Updated 24 September 2026; Terms read 18 September 2026

Weights: What one account reaches 32 · Cost of getting in and out 28 · Custody of the margin 18 · How the venue has held up 12 · The book behind the quote 10, on a scale of 100. Version 1.1, fixed 23 September 2026. Method: https://gerhardandlinger.net/method

## The short answer

EVEDEX vs Ostium is a choice between two designs. EVEDEX matches orders in a book and keeps every market
open around the clock; Ostium prices against an oracle, fills from a pool and follows the session of each
underlying market. One of the two can be measured from outside; the other cannot.

## EVEDEX vs Ostium side by side

| What differs | EVEDEX | Ostium |
|---|---|---|
| Score of 100 | 67 | not scored |
| Pricing model | Central limit order book, matched off-chain, settled on Arbitrum | Oracle price, positions filled from a shared liquidity pool |
| Markets listed | 52 across six asset classes | 83 across crypto, equities, ETFs, FX, commodities and indices |
| Non-crypto breadth | 5 shares, 1 index, gold via XAUT, silver, crude oil, 2 FX pairs, 2 pre-IPO | 43 equities, 8 ETFs, 9 FX pairs, 7 commodities, 7 indices |
| Trading hours | All markets 24/7, shares and commodities included | Stocks 9:30-16:00 ET weekdays; commodities and indices Sun 18:00 - Fri 17:00 ET; crypto 24/7 |
| Orders outside those hours | Not applicable, markets stay open | Limit and stop orders queue, market orders are rejected |
| Fees | 0.015% maker / 0.045% taker, fixed, with cashback on fees already paid | Opening and closing fees per position, plus rollover while it is held |
| BTC leverage | 200x up to $50,000 of notional, stepping down above that | 100x on BTC-USD by its live pairs API |
| Median BTC depth within 10 bps | $19.1 million | No resting order book to measure |
| Sign-in | Wallet signature | Email with a smart account, or a wallet |
| Margin | Cross only, posted in USDT | Per-position collateral in USDC |

Read from each venue's own documentation and trading terms on 18 September 2026.

## What separates them

1. Pricing: a resting order book on EVEDEX, an oracle and a shared pool on Ostium.
2. Hours: EVEDEX documents 24/7 on every market; Ostium's stocks run 9:30-16:00 ET on weekdays.
3. Breadth: Ostium lists 83 markets including 43 equities and 8 ETFs, against 52 on EVEDEX.
4. Depth you can check: EVEDEX held a median $19.1 million of BTC within 10 bps; a pool has no resting book to measure.

## EVEDEX — for an order book that never closes

Score 67 of 100.

Six asset classes, 52 perpetual markets, and trading terms that keep every one of
them quoting 24/7 (18 September 2026, EVEDEX documentation). Orders meet off the chain, Arbitrum settles, a
wallet signature is the whole sign-in, and deposits go through automated AML screening. Cross margin in USDT only; 0.015% maker / 0.045% taker ahead of cashback.

- In favour: Every market documented as open 24/7; Median BTC depth of $19.1 million within 10 bps.
- Against it: Five equity markets against 43 on Ostium; Positions written to Arbitrum in batches rather than trade by trade.
- Wrong fit for: UK retail clients.

## [Ostium](https://docs.ostium.com) — for the widest real-world market list

Score not scored of 100.

Ostium prices 83 markets against an oracle and fills them from a pool: 43 equities, 8 ETFs, 9 FX
pairs, 7 commodities and 7 indices alongside 9 crypto pairs
([Ostium pairs API](https://builder.prod.bedrock.ostium.io/v1/pairs), checked 18 September 2026). Sign-in is an email that creates a smart
account, or a wallet, and the site states there are no account approvals.

- In favour: 43 equities and 8 ETFs, far beyond any order-book venue here; Email or wallet sign-in with no approvals.
- Against it: No resting order book to inspect before sizing an order; Non-crypto markets close with the underlying session.
- Wrong fit for: traders who need a market open at the weekend.

## Two ways to price a barrel of oil

Ostium quotes what its oracle quotes and fills from a pool: there is no book of resting orders, so
there is nothing to walk through and nothing to measure. Its own site frames that as the selling
point — full custody, no account approvals, no hidden spreads
([Ostium home page](https://www.ostium.com/), checked 18 September 2026) — and the capacity constraint sits in the pool rather
than in a bid stack.

EVEDEX runs a central limit order book matched off-chain, with position data written to Arbitrum as
changes accumulate and on every withdrawal (18 September 2026, EVEDEX documentation). That gives a trader
something to inspect before sizing an order: in the readings its BTC book held a median
$19.1 million within 10 basis points, the middle of 28 polls taken ten
minutes apart rather than a figure anyone published.

## The hours, which is where they differ most

Ostium inherits the session of each underlying market. Its documentation puts stocks at 9:30 to 16:00
ET on weekdays with day trades auto-closed at 15:45, commodities and indices from Sunday 18:00 to
Friday 17:00 ET, and forex from Sunday 17:00, while crypto runs continuously
([Ostium market reference](https://docs.ostium.com/traders/reference/markets), checked 18 September 2026). Outside those windows limit and stop
orders queue and market orders are rejected, and the documentation warns that queued orders fill at
the first available price after a gap.

EVEDEX states that all 52 of its markets trade 24/7, shares, FX and commodities
included (18 September 2026, EVEDEX documentation). A trader can cut a gold or equity position on a Sunday
afternoon. The other side of that is worth stating plainly: when the cash market is shut, the price
comes from the venue rather than from a broad market, and that quote can move sharply when the
underlying reopens.

## Breadth against depth

Ostium wins breadth by a wide margin: 43 equities and 8 ETFs against five shares and one index market
on EVEDEX, and its BTC market runs to 100x on its live pairs API. If the goal is a specific mid-cap share, the oracle venue is likely to be the only one
listing it.

EVEDEX wins on what can be verified before a trade. A pool's capacity is a parameter; a book is a
queue of real orders, and the impact of a $100,000 market order on it was 2.06 bps in
the readings. For a large position, that difference decides more than the listing count does.

## Which one fits which trader

Ostium suits a trader who wants many real-world markets, is comfortable with an oracle price and
trades inside the underlying session. EVEDEX suits one who wants a book to inspect, a single
cross-margined USDT balance across six asset classes, and the ability to act when the cash market is
closed. Neither offers spot markets, options or a fiat off-ramp. And on either of them the same
thing is true at the end of a bad hour. The margin behind a leveraged position is all it has, and a market that gaps can take the lot.

## The order-book readings

BTC order books read on a timer, ten minutes apart, closing 17:58 UTC on 20 September 2026; medians of the snapshots behind each row.

| Venue | Median spread | Median depth within 10 bps | Median impact, $100,000 order | $10,000 round trip, taker fees | Snapshots |
|---|---|---|---|---|---|
| EVEDEX | 4.12 bps | $19.1 million | 2.06 bps | $9.00 | 28 |

Ostium: Nothing was polled. Ostium quotes from an oracle and fills from its pool, so there is no resting bid or offer to time, to add up or to walk an order through.

## How the comparison was made

Every column here but one is read rather than measured. On 18 September 2026 the desk read each
venue's terms and documentation for what it lists, when those markets are open, what it charges, who
can move the collateral. Depth nobody publishes, so the desk took it: each BTC perpetual book read
on a timer, ten minutes apart, closing 17:58 UTC on 20 September 2026. The desk keeps an account at none of them.
The same five criteria, settled on 23 September 2026 and set out on the [method](/method) page, order
the single venue scored here. One half of this pair sits outside the register. A venue is scored on this
site only when its own documentation lists four or more asset classes beyond crypto, and Ostium clears
that line with five. It is unscored for the other reason: it prices from an oracle and fills from a pool,
so the liquidity criterion has no resting book to read on it. Ostium keeps its place in the pair and
carries no mark, and the comparison below is set out column by column rather than settled by a total.

The hours are the softest column here, and one page is ordered by them — a line in a venue's own
document about when a market is open, not something anyone watched. Custody is read the same way.
Depth is measured, but only on BTC, the one contract all of these venues run; thickness there says
nothing about the XAUT book beside it. Fees are the day-one rate, nothing a trader earns back taken
off.

## In their own words

> "Stocks: Monday-Friday, 9:30 AM - 4:00 PM ET. Crypto: 24/7, 365 days." — Ostium documentation, Markets reference, 21 September 2026. https://docs.ostium.com/traders/reference/markets
> "With Ostium, you keep full custody of your funds. There are no account approvals, no frozen positions, no hidden spreads, and no intermediaries." — Ostium, home page, 18 September 2026. https://www.ostium.com/
> "our temporary wallet is a smart contract deployed on the Arbitrum network. This smart contract temporarily receives your funds when you make a deposit." — EVEDEX documentation, deposit and withdraw, 18 September 2026.
## FAQ

### Is EVEDEX better than Ostium?

They answer different questions. For the widest set of real-world markets, Ostium lists 83 against
52. For a book a trader can measure and markets that stay open at the weekend,
EVEDEX is the one documenting both, with a median $19.1 million of BTC depth in the readings.

### What is the difference between an order book and an oracle venue?

An order book fills a trade against resting orders from other traders, so depth can be inspected
before sizing. An oracle venue takes a price from a feed and fills from a shared pool, so capacity is
a pool parameter rather than a queue of bids and offers anyone can see.

### Does Ostium close at the weekend?

Its non-crypto markets do, following the underlying session: stocks trade 9:30 to 16:00 ET on
weekdays, commodities and indices from Sunday evening to Friday evening. Limit orders placed outside
those windows queue until the market reopens, and market orders are rejected.

### ostium nasdaq equity perpetuals

Both list a TSLA market. The difference is when: Ostium follows the New York session, while EVEDEX
states its equity markets trade around the clock. Neither gives ownership of a share, a dividend or a
vote — both are contracts on the price.

### Which has higher leverage?

On BTC, EVEDEX at 200x for positions up to $50,000 of notional, against 100x on Ostium's live pairs
API. On equities and commodities the ladders are lower on both, and the higher the multiple the
shorter the distance to liquidation on a gapping market.

### Do either of them require KYC?

Neither asks for identity documents to open a position. Ostium's site states there are no account
approvals at all; EVEDEX states that it does not operate traditional KYC and screens deposits
automatically. Both still exclude sanctioned persons and several countries in their
terms of use, which apply whichever one you pick.

### What collateral do they use?

USDT on EVEDEX, in a single cross-margined balance that covers every position at once. Ostium takes
USDC as per-position collateral, which isolates a losing trade from the rest of the account but ties
up capital in each one separately. The choice is whether one position's loss may reach the others or
has to stop where it is.

### Which is cheaper?

They charge in different shapes, so it depends on holding time. EVEDEX charges 0.015% maker / 0.045% taker
per trade with cashback on fees already paid; Ostium charges opening and closing fees plus a rollover
cost while the position is held, which grows the longer it stays open.

### Are positions on-chain?

On Ostium, yes: it is an Arbitrum protocol and positions live in its contracts. On EVEDEX, matching
happens off-chain and position data is written to Arbitrum once enough changes accumulate, and on
every withdrawal, which is a weaker guarantee than per-trade settlement.

### Can I short commodities on either?

Yes on both, without borrowing anything: a short is the other side of a perpetual contract and pays or
receives funding accordingly. The practical difference is again the session — a short on Ostium cannot
be closed while the commodity market is shut.

## About this comparison

This desk is paid to publish, and a venue in this comparison may be the party that commissioned the note. Both sides are read out of their own documents. Corrections: desk@gerhardandlinger.net.

— Cross-Asset Desk Research. Edition of 24 September 2026.

This desk is paid to publish, and a venue covered here may be the party that paid.