Wavestar ORCH · Central counterparty
The clearing engine for orbital resources.
ORCH novates every match to Wavestar as the central counterparty. Buyer faces us; seller faces us. The cash leg, the resource leg, the attestation, and the transparency log advance in one atomic step — with deterministic behaviour under member default.
- Regulator
- CFTC DCO · Form 7-R
- Contract
- CCP novation
- Settlement
- USDC · Fedwire · SWIFT
- Match latency
- < 2 ms
How it clears
One counterparty. Four tracks. One atomic step.
Click through a live match to see the novation handshake, the observer quorum attestation, and the transparency-log append.
Step 1 / 4
Why ORCH
CCP mechanics, adapted for orbit.
- 01
Deterministic novation
Every match produces a pair of buyer-leg and seller-leg contracts with Wavestar as the counterparty. The bilateral risk pairs are gone on the trade timestamp. - 02
Mutualised default fund
Members contribute graduated margin (IM + VM) plus a default-fund tranche sized to the Cover-2 standard. The waterfall is documented in the rulebook. - 03
Orbital-native attestation
The resource leg settles against a BLS-aggregated observer signature — ground-station RF telemetry, fleet-telemetry, or in-orbit sensors. Trust the underlying, not the vendor. - 04
Atomic cash-and-resource
Cash and resource settle together. No pre-funding, no race conditions. Failures unwind via documented recovery procedures. - 05
Multi-rail cash
USDC (Base + Ethereum L1), Fedwire, SWIFT, and domestic rails. Members elect per-trade or standing preference. - 06
Transparent rulebook
Every rulebook change is filed publicly, subject to a comment period, and versioned in the transparency log. No retro-active amendments.
Contract specifications
Standardised instruments across five asset classes.
Every cleared instrument is defined in the Wavestar rulebook with spec sheets, valuation methodology, and the operator-obligations boilerplate.
- Ticker
- DLM · [station] · [operator]
- Unit of trade
- 1 downlink-minute (UTC-aligned)
- Delivery
- Signed RF telemetry completion attestation
- Tick size
- $0.01 per minute
- Minimum block
- 120 min (2 hours)
- Settlement
- T+0 atomic · USD/USDC
- Margin
- 7.5% IM · 2% VM band
Capacity · Steady state
Engineered for the 2030 tape.
- Trades / second
- 0
- Match latency p99
- 1.8 ms
- Settlement finality
- < 1.2s
- Uptime target
- 99.995%
Sustained; 120k burst.
Membership
Design-partner terms through $10M cleared.
Zero fees through clearance of the first $10M notional. Permanent seat on the rulebook working group. First-look at every new contract class.