The Hidden Burden: How Much Capital Are You Really Locking Away?

In professional crypto trading, collateral management is often the silent killer of performance.

You structure smart trades, hedge exposures, and time the market perfectly—yet your return on equity (ROE) looks anemic because too much capital sits idle as margin.

On most centralized exchanges (CEXs) like Deribit, Binance, and OKX:

• Each position demands isolated collateral.
  
  
• Cross-asset hedging receives little to no credit.
  
  
• Volatility shocks trigger unexpected margin calls even on risk-neutral portfolios.
  
  

This capital drag is massive.

Example: A prop trading desk running a delta-neutral BTC options book often locks 60-80% more collateral than its true risk profile would justify.

Multiply that by hundreds of positions, and you’re sitting on millions—frozen.

CVEX Changes the Game: Smart Clearing for Real Capital Efficiency

CVEX introduces decentralized smart clearing — a first for crypto derivatives.

Powered by a deterministic Value-at-Risk (VaR) margin engine, CVEX allows traders to:

• Post one collateral pool across all positions.
  
  
• Unlock 30% to 90% more usable capital.
  
  
• Achieve portfolio-wide cross-margining automatically.
  
  

How CVEX Margining Works

Imagine you’re balancing a see-saw.

• On CEXs, each side of the see-saw is weighed separately—no offset recognized.
  
  
• On CVEX, the full structure is assessed—weight that balances cancels out.
  
  

Technically:

• CVEX measures real-time volatilities and correlations.
  
  
• It models "worst-case" loss using heavy-tailed Student-t distributions (perfect for crypto's crazy volatility).
  
  
• It deterministically calculates the exact margin needed—no guesswork, no overkill.
  
  

Analogy: Trading on a CEX is like packing for a trip by carrying each item individually. Trading on CVEX is like using smart luggage that balances and compresses everything efficiently.

Real Numbers: CVEX Capital Savings in Action

Impact:

• More active positions with the same capital.
  
  
• Higher flexibility for hedging and risk management.
  
  
• Stronger liquidity provisioning (especially in options markets).
  
  

Why CVEX's Model is Built for Prop Traders

• Deterministic & Transparent: Same inputs = same outputs. No black-box margin games.
  
  
• Instant Solvency Proof: Collateral is held on-chain, auditable in real-time.
  
  
• Dynamic Portfolio Recognition: CVEX constantly updates margin based on live market dynamics.
  
  
• Risk-First Philosophy: Margining truly reflects portfolio risk, not arbitrary haircuts.
  
  

With CVEX, you don’t just post less collateral—you trade smarter.

Bonus: Position for the Future with CVEX's TGE

As CVEX revolutionizes clearing, the $CVEX Token Generation Event (TGE) offers traders an additional opportunity:

• Stake $CVEX for fee rebates and priority access.
  
  
• Vote on protocol governance to influence product expansion.
  
  
• Participate early in what could become the "decentralized CME Clearing" of crypto.
  
  

Timeline:

• Pre-TGE Campaign: Live now!
  
  
• TGE Launch: May 2025
  
  

Don't just free your capital—own a piece of the future of DeFi clearing.

Final Takeaway: Stop Letting Your Capital Sit Idle

If you're serious about:

• Scaling your trading strategies,
  
  
• Maximizing your ROI, and
  
  
• Protecting your downside with smarter margining,
  
  

then CVEX is the platform you've been waiting for.

The age of fragmented collateral and black-box margining is over. The future is deterministic, transparent, and capital-efficient.

Unlock your capital. Trade smarter. Move to CVEX.

Explore CVEX:

• Documentation →
  
  
• Join Early TGE Access →
  
  
• Follow Us for Updates →
  
  

Disclaimer:

This material is provided for informational and educational purposes only and does not constitute financial or investment advice. Trading cryptocurrencies and derivatives involves risk. Always do your own analysis.

‍

The Problem: Centralized Derivatives Markets Are Breaking

Crypto’s derivatives markets today are powerful—but fundamentally flawed.

Even the largest venues (like Deribit, Binance, and OKX) operate on models that traders are growing increasingly wary of:

• Opaque Risk Management: Margin requirements are set by private algorithms. Traders have no visibility into how their risk is assessed. 

‍

• Unregulated, but portrayed as regulated: Most large centralised exchanges have no market license, they are usually regulated for payments services, like Mica, but not markets, meaning they can’t offer real futures and options or proper clearing.

‍

• Centralized Custody Risks: Your collateral is locked with the exchange—meaning hacks, mismanagement, or bankruptcy (remember FTX?) could wipe you out overnight.
  
  
• Lack of Real Cross-Margining: True portfolio margining barely exists. Most "cross-margin" is little more than pooling collateral without offsetting risk across assets to reduce the “locked” component.  Enabling P&L to move between assets is not Cross-Margin.
  
  
  

Case Study: After the May 2021 crash, numerous traders reported having profitable positions forcibly closed due to rigid, poorly-optimized margin systems at major CEXs.

The status quo? A fragile ecosystem balancing on trust in a few offshore entities.

Traders deserve better.

The Solution: CVEX's Transparent Smart Clearing

CVEX introduces a new paradigm: deterministic, transparent, decentralized clearing.

Key upgrades over centralized platforms:

Analogy: Trading on a CEX today is like flying blind in a foggy cockpit, hoping the plane is going the right way. Trading on CVEX is like flying with a full instrument panel — real-time data, verifiable outcomes, and no surprises.

How CVEX Guarantees Capital Efficiency and Fairness

CVEX doesn't just decentralize for the sake of it. It uses advanced financial engineering to materially improve trader outcomes:

• VaR-Based Margin Engine: Your entire portfolio is analyzed for correlations, volatilities, and tail risks to optimize margin requirements.
  
  
• Deterministic Calculations: Same inputs always lead to the same margin—no random re-margining shocks.
  
  
• Transparent Risk Parameters: Traders can independently verify how margin is calculated from published data.
  
  
• Self-Custody Collateral: Assets stay under your control, not in an opaque offshore account or an unregulated also opaque custody intermediary.
  
  

Real Results:

• Traders report 30-90% collateral savings compared to legacy systems.
  
  
• Lower margin requirements allow for larger trading sizes without additional risk.
  
  
• Liquidations happen only when mathematically justified
  
  

Example:

• On Deribit, running a BTC/ETH basis spread might require full margin on both legs.
  
  
• On CVEX, the model recognizes the hedge and cuts margin by up to 50%.
  
  

Why Traders Are Shifting: Real Trends

• Institutional desks are increasingly uncomfortable leaving 8-9 figures of collateral on lightly regulated exchanges.
  
  
• Prop shops demand cross-venue portfolio margining to maximize capital velocity.
  
  
• OTC desks seek transparent clearing that doesn't depend on trust in a single counterparty.
  
  
• Hedging by onchain Web 3.0 based DAOs and foundations happens via offchain OTC trading mechanics.

‍

• Retail traders want the same protections and efficiency that professionals enjoy.
  
  

CVEX solves these pain points in one coherent protocol.

And with the CVEX Token Generation Event (TGE) approaching in May 2025, early adopters have the chance to shape and benefit from this new financial infrastructure.

Moving to CVEX: How to Get Started

1. Explore the Protocol: Read the CVEX documentation to understand the margining engine.
   
   
2. Sign Up for TGE Early Access: Position yourself to stake, vote, and earn alongside CVEX’s growth.
   
   
3. Start Trading: Connect your wallet, deposit collateral, and experience truly capital-efficient, transparent trading.
   
   

The shift is already underway.

Will you stay in the centralized chaos—or move into on-chain clarity?

Learn More:

• Explore CVEX Documentation →
  
  
• Join Early Access to TGE →
  
  
• Follow CVEX on X (Twitter) for updates →
  ‍
  

Disclaimer:

This material is provided for informational and educational purposes only and does not constitute financial or investment advice. Trading cryptocurrencies and derivatives involves risk. Always do your own analysis.

‍

A Rare Moment in Crypto: Building the Infrastructure Layer

Every few years, a project comes along that doesn’t just offer another token — it builds essential infrastructure and defines a new category in Defi.

CVEX is doing exactly that.

With its upcoming Token Generation Event (TGE) soon in 2025, traders, investors, and builders have a unique opportunity to be part of the first truly decentralized clearinghouse for crypto derivatives.

Not another DEX. Not another CEX. CVEX is the clearing layer that unlocks the future of capital-efficient, transparent, on-chain trading.

Think of it like this: if Uniswap built the pipes for spot trading, CVEX is building the pipes for the $30+ trillion crypto derivatives market.

And you can be a founding participant.

What Makes CVEX Special: Real Innovation, Not Hype

Here's why CVEX is a genuine infrastructure play:

• Smart Clearing: True portfolio margining and cross-asset risk optimization—live on-chain.
  
  
• Deterministic Clearing: No opaque algorithms. Same inputs = same outputs. Fully auditable.
  
  
• Self-Custody Collateral: Collateral remains under trader control. No CeFi custody risks.
  
  
• Real-Time Solvency Proof: Overall risk visible on-chain 24/7.
  
  

In numbers:

• Collateral efficiency improved by 30-90% over CEX and OTC models.
  
  
• 77+ smart contracts deployed on Arbitrum One.
  
  
• First full DeFi clearinghouse for both futures and options.
  
  

Simply put: CVEX is clearing made for crypto’s speed, transparency, and global accessibility.

The CVEX Token ($CVEX): More Than Just a Token

The upcoming $CVEX token isn’t just for speculation. It’s integral to the system’s governance, economics, and growth.

Key Benefits for Token Holders:

• Fee Reduction: Stake $CVEX to get major discounts on trading fees.
  
  
• Governance Rights: Propose and vote on risk parameters, new product listings, incentive structures, and more.
  
  
• Protocol Rewards: Earn a share of protocol revenues (20% of total fees distributed via staking).
  
  
• Early Participation Perks: Access future airdrops, loyalty programs, and trading competitions.
  

Timeline: How to Get In Early

How to Participate:

1. Register for Early Access: Sign up on cvex.xyz
   
   
2. Join the Community: Get updates via Telegram and X (Twitter).
   
   
3. Prepare to Stake: Plan to stake $CVEX to maximize your benefits.
   
   
4. Spread the Word: Help build the future of decentralized derivatives infrastructure.
   
   

Pro Tip: Early users get exclusive advantages in staking and trading programs—be there before the crowd.

Why Timing Matters: The Strategic Land Grab

CVEX isn’t entering a saturated market—it’s entering a $30+ trillion clearing opportunity to enable defi to fight for a $1.4 quadrillion RWA market.

Traditional clearing (CME, ICE, EUREX) dominates TradFi. DeFi has nothing comparable yet.

In numbers:

• Crypto derivatives open interest already exceeds $450 billion (CEX and OTC combined).
  
  
• Clearing inefficiency ties up $60+ billion in excess margin.
  
  
• DeFi derivatives clearing = <2% of total crypto volumes—ripe for explosive growth.
  
  

Early movers in infrastructure plays — whether it was Uniswap, Aave, or Lido — captured huge market shares that became almost unassailable.

This is that moment for clearing.

Final Call: Build with CVEX

• Tired of opaque, centralized exchanges?
  
  
• Ready to trade with maximum capital efficiency?
  
  
• Want to shape the next layer of crypto financial infrastructure?
  
  

Then the CVEX TGE is your opportunity.

Be a founder of the future of DeFi clearing.

Join CVEX. Own the clearing layer.

Get Started Now:

• Register for TGE Early Access →
  
  
• Read the Docs →
  
  
• Join the Community →
  
  

Disclaimer:

This material is provided for informational and educational purposes only and does not constitute financial or investment advice. Trading cryptocurrencies and derivatives involves risk. Always do your own analysis.

‍

The Big Problem: Why DeFi Options Have Been Broken

Options are one of the most powerful tools in trading. Yet in DeFi, options protocols have struggled to gain serious traction with professionals and institutions.

Why?

• Collateral Inefficiency: Traders often have to over-collateralize by many multiples of actual portfolio risk.
  
  
• Isolated Risk: In Defi no cross-asset margining; every option is treated in isolation.

‍

• Support OTC: No Defi protocols to date support OTC trading.  The dominant mechanic in the market across all options markets.  Matching will happen bi-laterally, but clearing needs to be pooled.

‍

• No Delta Hedge: No Defi protocol enables a delta leg to offset risk in the same margin pool.
  
  
• Custody Risks: CeFi venues require giving up asset control, exposing traders to counterparty failures.
  
  
• Poor Liquidity: Without efficient clearing, spreads are wide and sizing is small.
  
  

Case Study: A market maker providing liquidity on an AMM-based DeFi options platform needed 300% margin for a basic call spread. In TradFi or on Deribit, the same structure needed only ~20% margin.

In short: Options trading was expensive, risky, and inefficient in DeFi.

Until now.

Enter CVEX: Clearing Options the Right Way, On-Chain

CVEX brings institutional-grade clearing to DeFi options—without sacrificing transparency or custody control.

Here's how:

1. Smart Clearing with Dynamic Portfolio Margining

CVEX doesn't margin positions one-by-one. It uses a Value-at-Risk (VaR) approach across the entire portfolio.

• Long options offset short options.
  
  
• Hedged spreads get proper margin credits.
  
  
• Volatility surfaces dynamically adjust margin as market conditions change.
  
  

Result: Margin reflects actual portfolio risk, not arbitrary per-position haircuts.

Example: Running a BTC call spread (long $50K call, short $60K call)

• Traditional CEX margin: ~$25,000 locked.
  
  
• CVEX margin: ~$5,000 locked.
  
  
• 80% less collateral needed—freeing capital for other trades.
  
  

2. Deterministic Risk Engine

Margin calculations are transparent, auditable, and deterministic:

• No hidden "trust us" black boxes.
  
  
• Same inputs always produce the same margin outputs.
  
  
• Built-in risk oracles feed real-time volatilities and correlations.
  
  

This makes CVEX’s clearing system trustless yet verifiable—exactly what institutions demand.

3. Self-Custody Collateral Management

On CVEX:

• Traders retain ownership of their collateral at all times.
  
  
• Smart contracts only conditionally control assets (e.g., liquidation triggers), never through custodial wallets.
  
  

Compare that to centralized options venues, where a user's collateral can be frozen, misused, or lost during insolvency events.

In DeFi, control equals security.

Why Institutions and Pros Are Paying Attention

‍

Example: An institutional desk clearing $50M notional of options saves up to $35M in margin when trading via CVEX instead of a traditional CEX or DeFi AMM. That’s real capital back into strategies, not sitting idle.

Key Points Institutions Care About:

• Proof of Solvency: All margin balances visible on-chain.
  
  
• Risk Governance: CVEX allows token holders to vote on risk parameters.
  
  
• Compliance Compatibility: Options to gate certain pools for KYC'd institutional access in the future if needed.

‍

CVEX: Unlocking the Future of On-Chain Options

With CVEX's launch:

• Options trading becomes capital-efficient enough for serious players.
  
  
• Risk management becomes transparent and programmable.
  
  
• Collateral stays safe, decentralized, and always in your control.

• OTC Supported from Day 1.
  
  

This isn’t just an upgrade. It’s the missing infrastructure that makes real on-chain options liquidity possible.

Quote: "Clearing isn't just another trading venue feature. It's the foundational layer. Without smart clearing, options markets can't scale. CVEX fixes that." — Institutional Crypto Trader, 2025

The market trades OTC and will continue to trade OTC, on Orderbook trading will exist to support gamma adjustments and retail.  Clearing will enable balance sheet exposure reduction, counterparty risk reduction and free up capital for trading whilst retaining the same workflow for complex price discovery.

How to Get Involved

• Start Trading: CVEX mainnet is live—trade futures today and get ready for options launch.
  
  
• Participate in the TGE: Stake $CVEX to shape the future and earn rewards.
  
  
• Build on CVEX: If you're a DEX, options venue, or OTC desk—integrate CVEX's clearing for your backend.
  
  

The on-chain options market is about to take off. CVEX is the launchpad.

Don't miss it.

Learn More:

• Explore CVEX Documentation →
  
  
• Join Early Access to TGE →
  
  
• Follow CVEX on X (Twitter) for updates →

Disclaimer:

This material is provided for informational and educational purposes only and does not constitute financial or investment advice. Trading cryptocurrencies and derivatives involves risk. Always do your own analysis.

‍

If you are a trader and actively trade on crypto exchanges using leverage, you have probably encountered a number of unpleasant situations. For example, you want to open more positions, but suddenly you run out of spare funds. This is because every position requires collateral. And the more positions you have, the more locked capital you have. As a result, you cannot realize even half of your trading ideas.  Only those that are directional are affordable.

‍

This is a systemic problem of most exchanges Binance, Hyperliquid, OKX and others. They require a separate margin for each position. But there is a solution that already allows traders to trade many times more efficiently and without fear of liquidations.

‍

If, after reading this article, you would like to try out your new knowledge in practice, we are waiting for you at CVEX!

‍

Why Do Traders Lose Capital Efficiency?

On popular centralized and decentralized exchanges, margin is calculated separately each time a trader opens a position. This means that each trade is treated separately, and each one requires a different margin.

‍

For example, you open Long on BTC for $10,000 with 10x leverage, the exchange locks $1,000. Do you want to open another position, say, on ETH? You need another $1,000 of collateral. The exchange does not take into account that these positions could hedge each other or reduce the overall risk. It just demands more money. And if the price goes against the trader, he will be liquidated, even if the whole portfolio is fine from a risk perspective. 

‍

So, traders lose:

• Freedom to identify and trade arbitrage opportunities
• Reduced returns on trades
• Money on liquidations

‍

Is there any other way?

‍

CVEX's Solution

At CVEX, we have solved this problem with smart clearing based on the Value at Risk (VaR) model. This means that we don't look at each trade individually, but rather we evaluate the entire portfolio as a whole.

‍

If the positions balance the risks, we block only the minimum amount of capital. And if the market is volatile, but positions remain balanced, the user continues to trade without liquidations.

‍

An example from one of the traders:

‍

‍

We didn't just recalculate margins. We've revised our entire approach to risk management. Here are the main differences:

‍

‍

This is smart clearing, a system that takes real risk into account, not just locking capital.

‍

What is Value at Risk (VaR)?

VaR is a statistical approach that calculates how much a portfolio can lose over time, given a given probability level. It takes into account:

‍

1. The overall composition of the portfolio
2. Asset volatility
3. Correlations between positions

‍

If the risk is low, the collateral is kept to a minimum. In this way, liquidity can be maintained, and is less dependent on random market fluctuations, the risk of forced liquidations can be reduced.

‍

Read more about the model in our whitepaper: https://docs.cvex.xyz/margin-and-liquidations/value-at-risk-model 

‍

Start Trading Smarter with CVEX

Most platforms keep your capital locked and your options limited. CVEX changes that.

‍

Thanks to smart clearing and portfolio-based margining, traders now unlock capital they used to waste — and trade with confidence, not fear.

‍

‍

And that's just the beginning. In the very near future we will be holding a Token Generation Event (TGE). This means that a trader will not only be able to use the platform, but also become a part of it by gaining access to the token and growth opportunities of the CVEX ecosystem.

‍

If you want to experience all the benefits of portfolio margin and smart clearing in practice, follow the link and connect your wallet to CVEX: https://app.cvex.trade/.

‍

Stay tuned so you don't miss the TGE:

‍

Telegram: https://t.me/cvex_xyz 

Twitter: https://x.com/cvex_xyz 

Discord: https://discord.com/invite/DRma7Z9BTz 

‍

Disclaimer:

This material is provided for informational and educational purposes only and does not constitute financial or investment advice. Trading cryptocurrencies and derivatives involves risk. Always do your own analysis.

‍

CVEX is thrilled to introduce our very own Telegram Trading App. It’s a major step forward in bringing DeFi clearing infrastructure to the masses. With millions of traders and crypto enthusiasts already active in the Telegram ecosystem, we’re making crypto futures trading easier, more secure, and cost-efficient. Right where you are.

‍

To help you get started, we’ve created a simple, step-by-step onboarding guide tailored specifically for our TG community.

‍

Disclaimer: This guide is for informational purposes only and does not constitute financial advice or a call to action. The features and functionalities described in this text may differ from those available in the actual application or may not be implemented at all. Always conduct your own research and trade responsibly.

Authorisation 

‍

Unlike traditional Telegram-based exchanges, our authorisation process follows a different sequence of steps. This approach allows us to maintain full compatibility with EVM and the Arbitrum blockchain, ensuring lower fees and faster transactions. Now, let's walk through the sign-up process.

‍

Step 1: Create a PIN Code

‍

After clicking “Sign Up”, you’ll be prompted to set up a PIN code. This PIN is your first layer of security, protecting your account from unauthorised access. Enter a secure PIN and confirm it to proceed.

‍

Step 2: Set Up a Recovery Method

Forget complicated seed phrases! We've opted for a more familiar and user-friendly recovery method: security questions. If you ever need to restore access, simply answer a control question. Just like in the early days of the internet.

‍

Example:

What was the name of your first pet?

→ Satoshi Liquidoto

‍

You can find a visual guide in the screenshots below.

‍

‍

‍

‍

Step 3: Final Confirmation

‍

⚠ Important: If you forget both your PIN and recovery answers, you will lose access to your wallet. We highly recommend writing them down and keeping them safe.

‍

To finalise your setup, simply type “I agree” and click Continue on the confirmation screen.

‍

‍

Once you’ve completed these steps, you’re all set to start trading seamlessly within Telegram! 

‍

Depositing

‍

To trade, you’ll need stablecoins, right? We’ve made depositing as effortless as possible. So, even if it’s your first time dealing with crypto, you’ll know exactly what to do.

‍

You’ll have three options to deposit:

‍

• USDC via Arbitrum One
• TON or USDT via TON network
• Almost every other crypto via ChangeNow network
• Fiat (coming soon)

‍

Here’s how it works:

‍

Step 1: Setting Up Your Deposit

‍

Tap “Deposit” on the Home page. Next, choose your preferred payment method and enter the amount of crypto you’d like to deposit (ChangeNow and TON network) or just copy the address (using Arbitrum One). Whether it’s a stablecoin or any other crypto, we’ve got you covered. 

‍

Pay attention that your deposit will be automatically converted to USDC.

‍

‍

Step 2: Review & Proceed

‍

Before sending funds and approving, double-check all transaction details. Then copy the address (for TON and Arbitrum One) and send the amount of funds you want to deposit. When it’s done, hit “I’ve sent funds” to move forward.

‍

‍

Step 3: PIN & Final Confirmation

‍

For security, enter your PIN code (the one you created during authorisation). Then, wait a little bit until the blockchain proceeds your transaction.

‍

‍

When the transaction will be finished, you’ll receive a notification. 

‍

Please carefully read all the instructions on the screen during depositing. Features are subject to change without prior notice, so this guide may be irrelevant at some points.

Trading

‍

Trading on CVEX’s Telegram app is designed to be effortless, even for first-time users. Just follow these three simple steps:

‍

Step 1: Choosing a Contract

‍

Head over to the “Trade” tab. At the top of the screen, you’ll find a list of available contracts. Select the asset you want to trade. Let’s use BTC as an example.

‍

‍

Step 2: Placing an Order

‍

Currently, the app supports market orders for buying and selling. Simply choose whether you want to open a long or short position, then enter the amount of stablecoins you’d like to trade.

‍

‍

Step 3: Confirming Your Order

‍

To finalise your trade, confirm the transaction in your wallet and enter your PIN code for security.

‍

‍

Once your first position is open, you can track your portfolio anytime in the “Home” tab. Happy trading! 

‍

‍