About

Iridium is a 24/7 options exchange: fractional options on stocks, indices, crypto and commodities, one share per contract, priced off perpetual futures that never close.

What we are building

Options are the instrument retail traders choose, and the contract they are sold in was designed for a 1973 clearing house: 100 shares, six and a half hours a day, one time zone. Perpetual futures on stocks, indices, commodities and crypto now trade around the clock and can be hedged at any hour. Iridium puts a listed-style option chain on top of them: fractional options, cash-settled and European, one share per contract, dailies to LEAPS, trading 24/7, with the perps in the same margin account.

What is live today

  • A public test with mock USDC: every account opens with 100,000 tUSDC that has no cash value.
  • Fractional option chains on stocks, indices, crypto and commodities, repriced on every change of the perp, 24/7.
  • The perps themselves, at the venue's book prices and under its rules, in the same account.
  • Multi-leg orders, covered and capped short options, portfolio margin, stops and take-profits.
  • A house that quotes both sides and hedges on the perp venue.
  • A leaderboard, referral codes and a weekly account of how the house did.

How we think

  • Liquidity is the product. We quote first and build the order book once there is flow to fill it.
  • One record of truth. Every order is written down before it is acknowledged, and everything else follows that record.
  • Hedged, with the receipts. The house's P&L after hedging is the number we manage to and the number we will publish.
  • Professional by default. The app speaks a broker's language and does not try to teach anyone how to trade.
  • Crypto as the rails. Settlement in USDC on a venue that never closes, with a sign-in and not a seed phrase in the way.

The company

Iridium Options Exchange is a working name for a company formed in 2026 and currently in its first funding round. Real-money trading is not offered yet; when it is, it will be offered only where it is permitted.

Team

The founder was formerly a quant at the world's largest derivatives exchange by volume and an engineer at a top brokerage. We are looking for founding engineers, quants and marketing people; see careers.

Press

Boilerplate: “Iridium is a 24/7 options exchange: fractional options on stocks, indices, crypto and commodities. Every contract is one share, every chain runs from dailies to LEAPS, and the perps trade in the same account. Iridium is in public test with mock USDC.” For interviews, screenshots and the logo, write to [email protected].