Spreadr Documentation

Spreadr is a hosted, non-custodial execution engine that runs delta-neutral spread trades across five perpetual DEXes — Hyperliquid, Extended, Lighter, Orderly, and Aster. It captures net-funding and basis differentials between venues by posting and hedging both legs of a spread in lockstep, under strict per-exchange risk controls and a durable, reconcilable audit trail.

Abstract

Perpetual decentralized exchanges settle tens of billions of dollars of volume per day, and the same perpetual markets are now listed across many independent venues. Because each venue prices and funds its perpetuals independently, persistent differences open up between them: one venue's funding rate diverges from another's, or the same perpetual trades at slightly different prices on two order books. These differences are capturable with a delta-neutral position — long on one venue, short on another — but doing so correctly requires connecting to multiple venues at once, matching both legs before the market moves, hedging every fill before it can drift, and surviving disconnects, partial fills, and crashes without ever ending up one-legged.

Spreadr is the execution layer for that trade. A user connects their wallet, links trade-scoped API credentials for the venues they want to use, and defines a spread: a market, two venues, a target spread condition, a target size, and risk limits. Spreadr provisions an isolated worker for that spread, connects directly to both venues, and executes both legs in lockstep — posting maker orders and hedging fills as taker, or firing both legs simultaneously — until the target size is reached or the user stops it.

Spreadr is non-custodial: it never holds user funds and trades only against the user's own exchange accounts. Signing credentials are encrypted in the user's browser before they are ever transmitted. Every fill is written to a durable ledger before its hedge is sent, so a crash can always be reconciled rather than leaving an unhedged position. These docs specify each of these mechanisms.

What's in these docs

• Background — perpetual DEXes, funding rates, and basis, defined.
• Spread mechanics — net-funding arbitrage and basis trades, with the math and worked examples.
• Architecture — the control tier and per-trade worker fleet.
• Execution model — strategies, the order lifecycle, and chunked execution.
• Risk framework — margin, leverage caps, slippage, and kill switches.
• Fault tolerance — durable-ledger-before-hedge and reconciliation.
• Security & custody — the non-custodial, client-side-encryption model.
• Fee model — how builder fees work.
• Programmatic access — the REST + WebSocket API.
• Glossary — key terms in one place.