did:orbit: registry and trade across all five without re-papering.Wavestar Markets · Five asset classes
The five cleared markets of the orbital economy.
Wavestar clears five classes of orbital resource. Every contract is standardised, every delivery is observer-signed, every cash leg is atomic. Operators onboard once to the
- Asset classes
- 5 · live by M4
- 2030 fee pool
- $625M+
- Settlement rails
- USDC · Fedwire · SWIFT
- Regulator
- FinCEN · SEC · CFTC · FCC · ITU
Market directory
One catalogue. Five resource classes.
Each market has its own rulebook, its own fungibility classes, its own settlement cadence. All share one identity registry and one central counterparty.
- Class I · Cash market
Downlink minutes
Authenticated data-transfer time at a named antenna, band, and polarization. The first cleared market — because every operator touches it, weekly, today.
- 2026 → 2030 spend
- $1.8B → $9B
- Clearing take · 2030 fees
- 1.5% · $135M
- Settlement
- T+0 · atomic
- Counterparties
- KSAT · AWS Ground Station · Viasat RTE · Atlas · Leaf
- Class II · Cash market
ISL capacity
Optical inter-satellite link capacity traded per Gbps-hour between named constellations. Kepler-grade persistent mesh is the substrate; Wavestar is the settlement layer.
- 2026 → 2030 spend
- $0.3B → $6B
- Clearing take · 2030 fees
- 2% · $120M
- Settlement
- T+0 · atomic
- Counterparties
- Kepler · SDA Tranche 1/2 · LEO broadband fleets
- Class III · Forward market
Propellant / ISAM
Physical delivery of propellant and in-space servicing to a named orbit slot, verified by docking telemetry and mass-change attestation. Contingent performance contracts.
- 2026 → 2030 spend
- $0.1B → $3B
- Clearing take · 2030 fees
- 3% · $90M
- Settlement
- T+event · forward
- Counterparties
- Orbit Fab · Northrop · Astroscale · Impulse · Kall-Morris
- Class IV · RFQ forward
Hosted-payload slots
Bus slots graded by mass, volume, power, pointing, and orbit window. Staged escrow across contract, integration, and on-orbit handover — with a first-commission attestation.
- 2026 → 2030 spend
- $0.9B → $4B
- Clearing take · 2030 fees
- 2% · $80M
- Settlement
- T+launch · forward
- Counterparties
- Loft Orbital · Apex · Muon · Spire
- Class V · Lease market
Spectrum-hours
Short-term lease of authorised transmit rights within a named ITU coordination zone. v1 scope is ≤30-day leases on already-licensed rights; long-term transfers follow ATS registration.
- 2026 → 2030 spend
- $4B gray → $20B
- Clearing take · 2030 fees
- 1% · $200M
- Settlement
- T+0 · atomic
- Counterparties
- ITU SNS · FCC IBFS · national administrations
Participant directory
Members, observers, counterparties, regulators.
Every enrolled entity on Wavestar — operators, ground-station providers, ISAM servicers, observers, regulators — in one registry-anchored directory.
Browse participantsClearing principles
Four mechanics that apply to every market.
Standardised contracts, observer-signed delivery, atomic cash-and-resource, and mutualised default. The same design across five very different asset classes.
- 01
Standardised contracts
Every cleared instrument is defined in the Wavestar rulebook: unit of trade, tick size, delivery methodology, margin schedule, settlement rail. Standardisation is what converts OTC bilateral flow into cleared flow. - 02
Observer-signed delivery
The resource leg settles against a BLS-aggregated quorum of independent observers — ground-station RF telemetry, fleet-telemetry, SSA tracks, ITU/FCC reconciliation. Trust the underlying, not the vendor. - 03
Atomic cash-and-resource
USDC, Fedwire, and SWIFT settle the cash leg in the same atomic step as the resource-delivery attestation. No pre-funding, no race conditions, no one-sided exposure. - 04
CCP novation, Cover-2 fund
Every match novates to Wavestar as the central counterparty. The mutualised default fund is sized to the Cover-2 standard that regulators accept for DCOs, with a documented waterfall in the rulebook.
Capacity · 2030 fee line
The fee-pool geometry.
Wavestar's 2030 addressable fee line exceeds $625M across the five asset classes at their modelled clearing take-rates. Spectrum is the largest notional market; ISAM commands the highest take-rate.
- 2030 gross cleared flow
- $42B
- 2030 clearing fees
- $625M
- Asset classes live
- 0
- Blended take-rate
- 1.5%
Sum across downlink, ISL, propellant, hosted-payload, spectrum.
Direct clearing fees only. Terminal, Market, Attest, derivatives additive.
Downlink first (M4), then ISL, propellant, hosted-payload, spectrum.
Within the 0.5–3% historical range for clearing utilities.
Every liquid, fragmented, multi-counterparty asset class on Earth grew a clearing layer that captured outsized economics. The orbital economy is that asset class today.
Design partners · Q3 2026
Five operators. Five ground stations. Zero fees through first $10M.
Design-partner cohort terms across all five markets. Permanent seat on the rulebook working group. First-look at every new market class.