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Wintermute
InstitutionalInstitutional digital asset market maker & proprietary trading firm. NOT a retail prop firm — no evaluations or funded accounts. 5 business lines: OTC, Liquidity, DeFi, Ventures, Algorithmic Trading. OTC: spot, options, forwards, CFDs, tailored. No fees. 24/7/365. Offices: NY, London, HK. CEO: Evgeny Gaevoy.
Visit WebsiteKey Stats
Max Leverage
Institutional
Max Account
Institutional — bespoke OTC trades, no published account sizes
Profit Split
N/A — institutional proprietary trading with own capital, not retail profit split
Payout Speed
N/A — institutional OTC settlement, not retail payouts
Crypto Pairs
All crypto
Execution
Proprietary capital; algorithmic trading across CeFi (CME, Deribit, Binance, Coinbase) and DeFi venues
Overview
Wintermute is one of the world's largest institutional digital asset trading firms and market makers, founded by CEO Evgeny Gaevoy. The firm "harnesses chaos in digital asset markets" by making them liquid and efficient. Unlike retail prop firms that offer evaluation challenges to individual traders, Wintermute is an institutional proprietary trading firm that trades exclusively with its own proprietary capital across both CeFi and DeFi venues, providing liquidity, OTC trading, and algorithmic trading services to institutions, protocols, and counterparties worldwide.
The firm operates across five core business lines: OTC trading, liquidity provision, DeFi, ventures, and algorithmic trading. Wintermute's OTC desk offers spot, options, forwards, CFDs, and tailored products across hundreds of digital assets, with tightest spreads, no fees or commission, and bespoke execution (any size, any time, any parameter). The firm provides global 24/7/365 access and support with best-in-class algorithmic execution and rigorous risk and compliance standards.
Wintermute trades on major venues including CME Group, Deribit, Eurex, Coinbase, EDX, Fidelity, Kraken, and Binance. The firm's algorithmic trading engine combines low-latency technology with cutting-edge algorithms, integrating market signals from both crypto and traditional finance. Wintermute serves institutional clients including Revolut, OSL, BitGo, and Crossover, and is available via partner platforms including CME Group, Talos, Elwood, Eurex, Wyden, and others.
With offices in New York, London, and Asia (Hong Kong), Wintermute has expanded into new markets including prediction markets (as a liquidity provider), crude oil CFDs (24/7 trading via its OTC desk), and DeFi vault curation through its Armitage product. The firm also operates Wintermute Ventures, investing in early-stage DeFi protocols, and publishes industry-leading research through its insights platform.
Features & Offerings
Institutional Proprietary Trading Firm
Wintermute is an institutional proprietary trading firm — not a retail prop firm offering evaluation challenges. The firm trades exclusively using its own proprietary capital across both centralized (CeFi) and decentralized (DeFi) venues, providing liquidity and market-making services to the digital asset ecosystem.
Five Core Business Lines
| Business Line | Description |
|---|---|
| OTC Trading | Trade spot or derivatives across the widest range of digital assets, with an OTC desk that sits at the source of liquidity |
| Liquidity Provision | Create liquid and efficient markets for tokens globally, the partner of choice for top-tier protocols |
| DeFi | Leading builder, liquidity provider, blockchain researcher, and governance contributor in DeFi |
| Ventures | Investor focused on providing value-add for early-stage DeFi protocols |
| Algorithmic Trading | Algorithmic trading engine powering Wintermute's edge in digital assets |
OTC Trading Products
Wintermute's OTC desk offers a comprehensive suite of products for institutional traders:
| Product | Description |
|---|---|
| Spot | Trade spot across hundreds of digital assets, with new tokens regularly added moments after launch |
| Options | Access bespoke bilateral or standard exchange cleared options for hedging, advanced risk management, and yield generation |
| Forwards | Hedge both liquid and locked token positions by trading forwards, or get indirect exposure via cash-settled NDFs |
| CFDs | Gain synthetic exposure to individual tokens or baskets of digital assets with a flexible CFD product |
| Tailored Products | Trade fully tailored derivatives, from swaps to exotic options, on any underlying, including long-tail alts or crypto indices |
OTC Trading Features
- Tightest spreads — no fees or commission
- Broad coverage — major and alt-coins
- Bespoke execution — any size, any time, any parameter
- Global 24/7/365 access and support
- Best-in-class algorithmic execution
- Rigorous risk and compliance standards
Ways to Access OTC
| Access Method | Description |
|---|---|
| Node | Trade and manage all pre- and post-trade activities through an intuitive interface, available via web and mobile app |
| API | Integrate with industry-leading FIX APIs for reliable programmatic liquidity, market data, and reporting tools |
| Chat Trading | Access white-glove service from Wintermute traders around the clock |
Also available via partner platforms: CME Group, Talos, Elwood, Eurex, Wyden, Lucera, oneZero, Cypator, Crossover, and Integral.
Algorithmic Trading Engine
Wintermute's algorithmic trading engine combines low-latency technology with cutting-edge algorithms to provide liquidity across both DeFi and CeFi venues.
| Feature | Details |
|---|---|
| Market Signals | Integrated from crypto and traditional finance |
| Infrastructure | Vast global network of strategically located servers |
| Volatility Management | Engineered to manage high volatility and rapid market ticks |
| Team Structure | Non-siloed trading team across products and strategies |
| Capital | Exclusively trading using proprietary capital |
| Strategies | Innovative arbitrage strategies combining ML and quant |
Trading Teams
| Team | Focus |
|---|---|
| CeFi Trading | Devise innovative trading algorithms that capitalize on short-term opportunities and arbitrage in a delta-neutral capacity. Traders work as one team across all tokens, products, and strategies. |
| DeFi Trading | Work across all DeFi venues and opportunities, designing diverse trading strategies. Harness deep on-chain insights and develop connectivity across all major chains and liquidity pools. |
| Quant | Use advanced statistical and ML methods to analyze crypto and traditional financial market data, develop signals, and design efficient pricing models. Strategies range from latency-sensitive short-term to mid-term holding. |
| Technology | Drives the edge in proprietary trading using best-in-class HFT technology expertise applied to digital asset market structure. All technology is proprietary and built in-house using low-level programming languages. |
Venues Where Wintermute Trades
Wintermute provides liquidity and trades on major venues:
- CME Group
- Deribit
- Eurex
- Coinbase
- EDX
- Fidelity
- Kraken
- Binance
Institutional Clients & Partners
Wintermute serves leading institutional clients and partners:
| Client/Partner | Role |
|---|---|
| Revolut | Senior Market Maker — Wintermute provides deep liquidity, fast listings, and competitive pricing |
| OSL | Chief Commercial Officer — Wintermute manages substantial volumes with compliance and risk management |
| BitGo | Director of OTC Trading APAC — Wintermute provides liquidity and settlement ability |
| Crossover (CROSSx) | Co-founder — Wintermute is a key trading counterparty for their execution-only ECN |
Recent Innovations & Expansions
- Armitage — Wintermute launches Armitage, bringing its DeFi and trading expertise to vault curation
- Prediction Markets — Entered prediction markets as a liquidity provider as event contract trading surpasses $60 billion in 2026
- Crude Oil CFDs — Launched 24/7 crude oil CFD trading via Wintermute Asia's OTC desk with leveraged WTI exposure, weekend and holiday trading, zero-fee execution, and fiat/crypto collateral
- NODE Insights — Trader-curated market insights platform
- CFDs with GMCI Indices — Most flexible CFD offering with support for GMCI indices
- Options-Based Yield — Unlocking electronic pricing for options-based yield across majors and 50+ altcoins
Global Offices
| Office | Focus |
|---|---|
| New York | 7 teams including trading operations and DeFi |
| London | Operations and trading operations teams |
| Asia (Hong Kong) | OTC trading and Asia-Pacific operations |
Key Features
| Feature | Details |
|---|---|
| Firm Type | Institutional proprietary trading firm / market maker |
| Capital | Exclusively proprietary capital (not retail-funded accounts) |
| Business Lines | 5 (OTC, Liquidity, DeFi, Ventures, Algorithmic Trading) |
| OTC Products | 5 (Spot, Options, Forwards, CFDs, Tailored Products) |
| Trading Venues | 8+ (CME, Deribit, Eurex, Coinbase, EDX, Fidelity, Kraken, Binance) |
| Access Methods | 3 (Node, API/FIX, Chat Trading) |
| Offices | 3 (New York, London, Hong Kong) |
| CEO | Evgeny Gaevoy |
| OTC Fees | No fees or commission |
| Support | Global 24/7/365 |
| Ventures | Wintermute Ventures — early-stage DeFi protocol investor |
Why Institutions Choose Wintermute
- One of the largest digital asset market makers — institutional scale and depth
- Exclusively proprietary capital — aligned incentives, no conflict of interest
- OTC desk at the source of liquidity — tightest spreads, no fees
- 5 OTC product types — spot, options, forwards, CFDs, tailored
- Bespoke execution — any size, any time, any parameter
- Global 24/7/365 support — always-on service
- Algorithmic trading engine — low-latency, ML and quant-driven
- Trades on 8+ major venues — CME, Deribit, Binance, Coinbase, and more
- DeFi expertise — builder, liquidity provider, researcher, governance contributor
- Wintermute Ventures — early-stage DeFi investor
- Trusted by Revolut, OSL, BitGo, Crossover — institutional client base
- Available via partner platforms — CME Group, Talos, Elwood, Eurex, and more
- Rigorous risk and compliance standards — institutional-grade
- 3 global offices — New York, London, Hong Kong
- Industry-leading research — insights, reports, and market commentary
- Innovation leader — Armitage, prediction markets, crude oil CFDs, NODE Insights
Pros
- ✓One of the world's largest institutional digital asset market makers
- ✓Exclusively trades using proprietary capital — aligned incentives, no conflict of interest
- ✓OTC desk at the source of liquidity — tightest spreads, no fees or commission
- ✓5 OTC product types — spot, options, forwards, CFDs, tailored products
- ✓Bespoke execution — any size, any time, any parameter
- ✓Global 24/7/365 access and support
- ✓Algorithmic trading engine — low-latency, ML and quant-driven
- ✓Trades on 8+ major venues — CME, Deribit, Eurex, Coinbase, EDX, Fidelity, Kraken, Binance
- ✓DeFi expertise — builder, liquidity provider, researcher, governance contributor
- ✓Wintermute Ventures — early-stage DeFi protocol investor
- ✓Trusted by institutional clients — Revolut, OSL, BitGo, Crossover
- ✓Available via partner platforms — CME Group, Talos, Elwood, Eurex, Wyden, and more
- ✓Rigorous risk and compliance standards — institutional-grade
- ✓3 global offices — New York, London, Hong Kong
- ✓Industry-leading research and insights — reports, market commentary, NODE Insights
- ✓Innovation leader — Armitage (DeFi vaults), prediction markets, crude oil CFDs
- ✓CEO Evgeny Gaevoy — recognized industry thought leader
- ✓Head of Research recognized as one of Ethereum's top security experts
- ✓Non-siloed trading team across all tokens, products, and strategies
- ✓Best-in-class HFT technology built in-house
- ✓Hundreds of digital assets traded — broad coverage of majors and alt-coins
- ✓FIX API integration — reliable programmatic liquidity
- ✓Node platform — intuitive web and mobile app for trade management
- ✓Chat trading — white-glove service from Wintermute traders
- ✓Featured in Fortune, CoinDesk, and other major financial media
Cons
- ✕NOT a retail prop firm — does not offer evaluation challenges or funded accounts to individual traders
- ✕Institutional-only — not accessible to retail traders
- ✕No profit split, no account sizes, no challenge phases — different business model entirely
- ✕No pricing transparency — OTC trades are bespoke and quoted individually
- ✕No retail platform — access via Node, API, or chat requires institutional onboarding
- ✕KYC and institutional compliance required — high barrier to entry
- ✕No published account sizes or evaluation costs
- ✕No published profit split or reward structure
- ✕No free trial or demo for retail traders
- ✕No Trustpilot or retail review presence — institutional reputation only
- ✕No published payout speed or frequency — OTC settlements vary
- ✕Limited public information on specific leverage or margin requirements
- ✕No published maximum account or trading size — bespoke per trade
- ✕No retail customer support — institutional account managers only
- ✕No published regulatory status on main page — compliance handled per jurisdiction
- ✕Complex product suite — options, forwards, NDFs, tailored derivatives require expertise
- ✕No retail-focused educational content — research is institutional-level
- ✕Not suitable for individual traders looking for funded accounts
- ✕No published daily trading volume or counterparty numbers on main page
- ✕Geographic restrictions may apply — not available in all jurisdictions
Frequently Asked Questions
What is Wintermute?
Wintermute is one of the world's largest institutional digital asset trading firms and market makers, founded by CEO Evgeny Gaevoy. The firm makes digital asset markets liquid and efficient by trading exclusively with its own proprietary capital across both CeFi and DeFi venues. Unlike retail prop firms that offer evaluation challenges to individual traders, Wintermute is an institutional proprietary trading firm providing OTC trading, liquidity provision, DeFi services, ventures investment, and algorithmic trading to institutions, protocols, and counterparties worldwide. The firm has offices in New York, London, and Hong Kong.
Is Wintermute a prop trading firm?
Yes, but at the institutional level — not a retail prop firm. Wintermute is an institutional proprietary trading firm that trades exclusively using its own proprietary capital. It does NOT offer evaluation challenges, funded accounts, profit splits, or account sizes to individual retail traders. Instead, it provides OTC trading, liquidity provision, and market-making services to institutional clients like Revolut, OSL, BitGo, and Crossover. If you're an individual trader looking for a funded account, Wintermute is not the right fit.
What services does Wintermute offer?
Wintermute offers five core business lines: (1) OTC Trading — spot, options, forwards, CFDs, and tailored products across hundreds of digital assets; (2) Liquidity Provision — creating liquid and efficient markets for tokens globally; (3) DeFi — building, providing liquidity, researching, and contributing to governance in DeFi; (4) Ventures — investing in early-stage DeFi protocols; (5) Algorithmic Trading — a low-latency trading engine providing liquidity across CeFi and DeFi venues.
What OTC products does Wintermute offer?
Wintermute's OTC desk offers five product types: (1) Spot — trade spot across hundreds of digital assets; (2) Options — bespoke bilateral or exchange-cleared options for hedging and yield; (3) Forwards — hedge liquid and locked token positions, or get indirect exposure via cash-settled NDFs; (4) CFDs — synthetic exposure to individual tokens or baskets with flexible institutional-grade products; (5) Tailored Products — fully tailored derivatives from swaps to exotic options on any underlying.
How can I access Wintermute's OTC desk?
Wintermute offers three access methods: (1) Node — an intuitive web and mobile app interface for managing pre- and post-trade activities; (2) API — industry-leading FIX APIs for reliable programmatic liquidity, market data, and reporting; (3) Chat Trading — white-glove service from Wintermute traders around the clock. The OTC desk is also available via partner platforms including CME Group, Talos, Elwood, Eurex, Wyden, Lucera, oneZero, Cypator, Crossover, and Integral.
What are the fees for Wintermute's OTC desk?
Wintermute's OTC desk offers tightest spreads with no fees or commission. The firm provides bespoke execution (any size, any time, any parameter) with best-in-class algorithmic execution and rigorous risk and compliance standards. Pricing is built into the spreads rather than charged as separate fees.
Does Wintermute allow crypto trading?
Yes — crypto is Wintermute's core business. The firm trades hundreds of digital assets across spot, options, forwards, CFDs, and tailored products. Wintermute provides liquidity across major cryptocurrencies (BTC, ETH, SOL, DOGE, etc.) and alt-coins, with new tokens regularly added moments after launch. The firm also trades crypto indices via CFDs and has launched crude oil CFDs for 24/7 energy exposure.
What venues does Wintermute trade on?
Wintermute trades on major venues including CME Group, Deribit, Eurex, Coinbase, EDX, Fidelity, Kraken, and Binance. The firm provides liquidity across both CeFi (centralized finance) and DeFi (decentralized finance) venues, with a vast global network of strategically located servers for low-latency execution.
Who are Wintermute's institutional clients?
Wintermute serves leading institutional clients including Revolut (Senior Market Maker partnership), OSL (Chief Commercial Officer partnership for substantial volume management), BitGo (Director of OTC Trading APAC for liquidity and settlement), and Crossover/CROSSx (key trading counterparty for their execution-only ECN). These clients rely on Wintermute for deep liquidity, fast listings, competitive pricing, and compliance standards.
What is Wintermute's algorithmic trading engine?
Wintermute's algorithmic trading engine combines low-latency technology with cutting-edge algorithms to provide liquidity across DeFi and CeFi venues. It integrates market signals from crypto and traditional finance, uses a vast global network of strategically located servers, is engineered to manage high volatility and rapid market ticks, and employs innovative arbitrage strategies combining ML and quant methods. All technology is proprietary and built in-house.
What is Wintermute Ventures?
Wintermute Ventures is the firm's investment arm, focused on providing value-add for early-stage DeFi protocols. As an investor, Wintermute Ventures collaborates with promising DeFi projects, leveraging Wintermute's deep expertise as a builder, liquidity provider, blockchain researcher, and governance contributor in the DeFi ecosystem.
What is Armitage by Wintermute?
Armitage is Wintermute's DeFi vault curation product, bringing the firm's DeFi and trading expertise to vault curation. This represents Wintermute's expansion into DeFi yield-generating products, leveraging its deep on-chain insights and trading capabilities to curate high-quality vaults for institutional and sophisticated DeFi users.
Does Wintermute trade crude oil?
Yes. Wintermute Asia launched 24/7 crude oil CFD trading through its OTC desk, offering leveraged WTI exposure, weekend and holiday trading, zero-fee execution, and fiat and crypto collateral. This allows clients to manage oil exposure 24/7, even when traditional markets are closed — addressing demand for weekend liquidity in energy markets.
What is NODE Insights by Wintermute?
NODE Insights is Wintermute's trader-curated market insights platform, providing market commentary, research, and analysis to its OTC clients. The platform offers insights into digital asset markets, including OTC flow analysis, market color reports, and announcements about new products and features.
Who is the CEO of Wintermute?
Wintermute was founded by CEO Evgeny Gaevoy, who is a recognized thought leader in the digital asset space. He has been featured in Fortune Magazine discussing crypto market cycles, blockchain competition, and the future of digital assets. Under his leadership, Wintermute has grown into one of the largest digital asset market makers globally, with offices in New York, London, and Hong Kong.
