6. Supported venues and asset coverage¶
Connectivity is described as a layer in section 3.3. What follows is why each of the five venues is supported, and the transport, authentication, and symbol-level mechanics are specified in the Product specification under Using Dio.
6.1 Post-only support by venue¶
Whether a venue can enforce a passive order is an adapter-level capability, and it differs. A strategy that quotes passively gets a genuine guarantee only where the venue honours the flag; where the adapter discards it, the intent never reaches the exchange and a passive-quoting strategy's behaviour here depends on engine-side clamping.
| Venue | Post-only flag | Enforcement |
|---|---|---|
| Kraken | Honoured | Venue rejects a crossing order |
| Hyperliquid | Honoured | Maps to add-liquidity-only time in force |
| Lighter | Honoured | Selects the post-only time-in-force code |
| Alpaca | Discarded by adapter | Engine price clamping only |
| Interactive Brokers | Discarded by adapter | Engine price clamping only |
Two of five adapters cannot express the intent at all, so a fully passive posture depends on the venue list. Adding a venue to the design means choosing between venues that honour post-only and venues that reach an asset class nothing else does.
6.2 Kraken¶
Spot digital assets with deep USD and EUR pairs and continuous 24/7 trading, which maximises the number of cycles a volatility strategy can complete. This is the primary digital-asset venue.
6.3 Hyperliquid¶
High-performance spot and perpetual infrastructure for digital assets, used as an execution venue. The default ladder uses fully backed spot execution and holds the asset directly. Overlay strategies can also use Hyperliquid perpetuals with reserved USDC margin, live position and margin monitoring, and reduce-only stops. The aim is the same as everywhere else: returns from systematic volatility capture and accumulation, with funding and liquidation risk made explicit and bounded rather than assumed away. Its role is to extend the ladder across additional liquidity and, where configured, to carry a collateralized hedge.
6.4 Alpaca¶
US equities and ETFs, including pre and post-market sessions where liquidity allows. The adapter applies fractional-share constraints and penny-tick rounding as explicit venue rules. Mean-reverting large caps and index products such as QQQ are the intended assets.
6.5 Interactive Brokers (TWS API)¶
The broadest asset coverage of any supported venue, spanning stocks, ETFs, bonds, options, futures, FX, mutual funds, and warrants across 150+ market centers. Intended for equity and ETF ladders on mean-reverting large caps, treasury accumulation, and options underlyings for delta-neutral overlays. Post-only is not enforced here, as in the table above.
6.6 Lighter¶
Additional digital-asset spot and perpetual liquidity alongside Kraken and Hyperliquid, integrated with an external signer library for order authorization. The dashboard polls spot balances, open orders, perp positions and perp orders through the same relay proxy as order entry, and the accounting pipeline ingests Lighter spot and perp fills plus hourly position funding so realized PnL and basis are reported wallet-by-wallet like the other venues. Included for venue diversification: running across multiple exchanges reduces single-point-of-failure risk, which matters most for a system whose positions are held long.
6.7 Asset coverage rationale¶
Asset coverage follows from venue coverage. A liquid, volatile instrument is a candidate when a supported venue lists it, which in practice means large-cap digital assets through the three digital venues, and equities, ETFs, and fixed income through Alpaca and Interactive Brokers. The selection criteria and portfolio construction reasoning are in section 8.