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LedgerX 소개
LedgerX is a CFTC-regulated US derivatives trading and clearing venue holding designated contract market and derivatives clearing organisation licences. It offers physically delivered options and swaps mainly on bitcoin: contracts settle in actual BTC rather than cash, and its clients are institutions and professional traders who need to hedge or take a directional view.
The architecture separates trading, clearing and custody: orders match in a central limit order book, the clearing house acts as central counterparty, collecting margin and managing a default waterfall, delivery runs through an affiliated custody wallet, and risk control relies on daily mark-to-market and margin calls. Compared with offshore perpetual venues it offers no high leverage or stablecoin-margined products, and both contract variety and book depth are far narrower. The entity was acquired with FTX US in 2022, sold to MIAX in 2023 and folded into the MIAXdx brand.
On 20 January 2026 LedgerX changed its legal name to Rothera Exchange and Clearing after a corporate transaction, making Rothera a regulated venue jointly owned by Robinhood and Susquehanna with both a designated contract market and a derivatives clearing organisation registration. The brand changed; the licences and clearing capability stayed.
LedgerX's migration was concrete: a late-May soft launch with economic data and baseball contracts, World Cup markets self-certified on 27 May and live for the tournament's 11 June opening. Core high-volume markets such as match outcomes, tournament winner and totals moved to Rothera, while player props and parlay-style contracts stayed on Kalshi.
LedgerX aims to replicate the market-making and clearing advantage into more asset classes, widen institutional distribution through futures commission merchants, and answer regulatory interest in routing transparency.
폴 저우 (공동 창립자 겸 CEO, 트위터: https://x.com/paul_l_chou) - 이전에 소프트웨어 회사 Opez(Y 컴비네이터 2011)를 설립했으며, 골드만삭스에서 퀀트 현금 트레이딩 데스크의 트레이더로 근무했고, MX9를 설립했습니다. MIT를 졸업했습니다. 주티카 저우 (공동 창립자 겸 COO, 링크드인: https://www.linkedin.com/in/juthica/, 트위터: https://x.com/juthica) - 이전에 크라켄에서 OTC 옵션 트레이딩 책임자를 역임했으며, 골드만삭스에서 7년간 파생상품 트레이더로 근무하며 알고리즘 트레이딩을 전문으로 했고, 옵션 마켓 메이커로 시작했습니다. MIT에서 수학과 컴퓨터 과학을 전공했습니다.
LedgerX charges binary range contracts, including the BTCRB option, on a per-fill basis: the buyer pays $0.05 per contract when the trade price is $7.50 or less and the seller pays $0.05 per contract when the trade price is $2.50 or more, while outside those levels the fee is 2% x ($10.00 minus the trade price) or 2% x the trade price.
LedgerX charges fixed withdrawal fees of 0.00025 BTC and 0.0004 ETH, and applies a weekly storage fee of 0.0003 BTC or 0.008 ETH to collateral still on deposit at 5 pm Eastern Time on Friday.
LedgerX holds Commodity Futures Trading Commission registrations as a designated contract market, swap execution facility and derivatives clearing organization, gained between 2017 and 2019, allowing it to list and clear fully collateralized bitcoin futures, options and swaps.