The exchange
engineered by quants

Onchain markets favour bots and insiders

• Token launches. In a study of 300 Solana launches, snipers bought within the first 5 seconds in about 84% of them and took over 65% of launch liquidity.
• Auto-deleveraging. On 10 Oct 2025, auto-deleveraging closed profitable positions, including the hedges of traders with offsetting positions.
• Transparency. Some leading exchanges run closed-source nodes, and risk parameters are changed at the team's discretion.

Perpetuals, options and vaults on one chain

70% of trading fees go to a fund that buys back and burns FCTR.

How an order is processed

New markets open with an auction

• No presale. FCTR first trades on the Functor chain. There is no presale pool or bonding curve.
• Opening auction. All buyers pay the same price. Orders at the clearing price fill pro rata, regardless of arrival time. The auction ends at a random time, orders cannot be cancelled in the final phase, and all orders must be fully funded.
• Batch auctions and price bands. After the open, each block clears at one price. In continuous trading, prices cannot print outside a moving band. If demand pushes through, the market pauses and reopens with an auction.
• No sell restrictions. Holders can always sell their full balance. Only the founder's allocation is locked, and the chain enforces it.

Risk engine

• Accounting. Total balances equal deposits minus withdrawals, checked after every action in randomly generated trading sequences. (Built)
• Perpetual risk limits. Withdrawal rule, open interest caps and growth limit, maximum order size, oracle band. A replay of a 2025 attack on Hyperliquid's HLP vault is rejected. (Built)
• Funding. Paid hourly using the standard perpetual funding formula, settled at the oracle price. (Built)
• Auto-deleveraging that leaves hedged positions alone, and margin that increases with jump risk. (Planned)

50,000,000 FCTR

All FCTR is minted at genesis. Burns reduce the supply. No VC allocation. Final terms will be set in the white paper.

Progress as of 19 Sep 2026

Options pricing

Calls, puts and spreads on crypto assets. Crypto prices jump in clusters, so the models use stochastic volatility with self-exciting jumps instead of Black-Scholes.

Post-quantum readiness

Quantum Core is a local C++ scanner that inventories the cryptography a codebase uses and grades what has to migrate before 2035. It is part of Functor and has no token of its own.

• Two scores. Cryptography that is broken today gates a build. The asymmetric surface that must migrate is reported separately and never fails one.
• Crypto-native rules. Written for wallets, exchanges, validators, bridges, custody and governance keys.
• Auditor output. Markdown, JSON, SARIF 2.1.0 and a CycloneDX 1.6 Cryptographic Bill of Materials.
• Used on our own chain. The Functor chain currently reports a weakness score of 0 and one asymmetric site, the secp256k1 signatures planned for accounts.

Part of the fees pays for students

A defined share of Functor's trading fees is planned to fund scholarships in mathematics, computer science, physics, statistics and engineering at leading universities.

• One source. Trading fees. No donations, and no second token: Functor has one token, $FCTR.
• Paid through universities. Partner departments receive multi-year commitments and award the places themselves, against published criteria.
• Published. The charter, the onchain address and an annual report: amount contributed, universities, number of scholarships, subjects.
• Fixed by rule. The percentage goes in the charter before mainnet, so it is not a decision someone makes later.

Roadmap

Founder

British quant researcher and engineer. Oxford Master's in Computer Science and Software Engineering, with research in category theory, stochastic analysis, graph algorithms and embedded DSLs. MBA, London Business School. Master's in Financial Engineering, with research on multivariate Hawkes processes for cryptocurrency order books. Quant researcher and developer at London crypto and FX hedge funds and prop trading firms. Currently researching a compositional, algebraic, category-theoretic derivatives-pricing library at the University of Oxford's Department of Computer Science. Functor's options pricing is based on this research.

Public testnet in Q1 2027

Testnet access and development updates are posted on Telegram. FCTR is not for sale.