Flowdesk Flows

Flowdesk's Dubai entity has received In-Principle Approval from VARA for Broker-Dealer Services, marking a major step in its regulated digital asset expansion across the UAE. https://x.com/flowdesk_co/status/2063978440919757120?s=20

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. Decreased long dated stables axe by 25 bps and SOL axe by 50bps Indicative alt borrow axes: $1mm+ OT - TON 8% - TRX 7% - BCH 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - DOGE 3% - ETC 3% - PENGU 2% - PEPE 2%

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes. Indicative alt borrow axes: $1mm+ OT - TRX 6% - BCH 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - DOGE 3% - ETC 3% - PENGU 2% - PEPE 2%

Flowdesk now supports OTC bilateral options for tokenized equity and commodity assets trading on Hyperliquid. Available to eligible clients. Reach out to your Flowdesk representative to learn more.

Market Update - April 30th, 2026 After a pick up in activity last week, we've seen a bit of a lull again this week as BTC slides back to the top of a 2 month range. Alt activity relative to majors has increased as some are positioning for a leg higher from here. As US equities take a bit of a breather this week and Crude has pushed back toward it's range high, it seems wise to be cautious here. We've been most active in BTC, HYPE, ETH, ENA, XPL, GRASS, KAIA, DRV and KNTQ spot. As the week comes to a close, BTC is holding together by a thread, and funding rates continue to suggest that many participants are hedged. While it'd be nice to point a near term catalyst, it seems more likely that the overall risk tone following megacap earnings will likely be the driver of where crypto and risk assets go next. Following Coinbase EU's launch of dated contracts, additional EU perp venues are pivoting toward similar 5Y-expiry futures structures to navigate MiCA while preserving the bulk of the perpetual mechanism. We are observing this shift firsthand across our integrated exchanges on the liquidity side. HIP-4 appears imminent as further protocol mechanics surface on testnet, opening the door to on-chain outcome markets, a category that continues to print records. Combined Polymarket and Kalshi OI now exceeds $1.1bn (Kalshi $640M, Polymarket $530M). While commodities on Hyperliquid (WTIOIL, BRENTOIL, etc.) remain the dominant focus for the markets, we are gradually observing a rotation of on-chain volumes from commodities back into big tech. Demand for funding-rate hedges has likewise increased, evidenced by Boros' BRENTOIL-USDC yield swaption market reaching nearly $2M in OI since its late-March launch. On the desk, we observed private volumes ramping through March, concentrated in on-chain equity names, before tapering into April. Realized vols have been grinding lower as lack of directional appetite persists but we've seen a pickup in BTC call buying recently. Skews continue to favor puts and we believe optionality is cheap. Traders seem to be getting lulled to sleep and may get caught off guard by an incoming catalyst whether that's macro or crypto related so we like a long gamma position. On the credit desk, we are seeing demand to scale into levered longs as the market seems to show some relief, some names of interest consist of MON, NEAR, and ETH. We have also seen strong demand for hedging future unlocks particularly on WLD, CHIP, and SOL. Following the recent KelpDAO exploit, and the ripple effects it had across defi, we have seen many on-chain participants look for ways to diversify yield sources across their treasuries, particularly parking assets for fixed rate tenors. Additionally post exploit, we have seen a general spike in rates across the board as market participants start to think more about the proper compensation required for the risks associated with onchain money markets - benchmark supply and borrow rates are currently sitting at 4.61% and 6.09% respectively compared to 2.12% and 3.48% days before the hack.

A note from the Flowdesk team: Over the last six years, you've been part of building something. The trading relationships, the infrastructure we've scaled together, the markets we've helped shape. That's the story behind what we're sharing today. In 2020, Flowdesk started with a simple idea: market making as a service. As digital asset markets matured, so did the demands of the participants operating in them. So we built accordingly. Today, we introduce the next era of Flowdesk. A new brand identity and website built around a single idea: Flowdesk is the full-service digital asset institution the next era of global finance is built on. New look. Same team. Same infrastructure. Rebuilt to match the institution we’ve become. See it at flowdesk.co As always, reach out to our team with any questions.

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. Decreased ETH rates by 50bps across the curve. Indicative alt borrow axes: $1mm+ OT - TRX 6% - POL 6% - BCH 4% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3% - PENGU 2% - PEPE 2%

Market Update - April 16th, 2026 Cautious optimism is back this week. The risk tone has improved on geopolitical de-escalation although the equity and commodity reactions feel somewhat exaggerated on a pretty thin catalyst (no real agreement reached yet). Crypto is still lagging the broader tape, with SPX printing new ATHs yesterday while majors grind sideways. Broader activity picked up meaningfully with exchange volumes up WoW and the BTC to non-BTC volume mix on Binance sits at its lowest level since the start of the year. Client flows have been the most balanced we've seen since early March. HYPE continues to lead client interest, with TAO, NEAR, CC, ZAMA and SOL broadening the list. While the rally has seen a good bit of selling, most of it is rotation rather than capitulation (which is what we saw in late Q4 and early Q1). Call spread buying has picked up in both BTC and ETH over the last couple of sessions. Hedging demand has eased substantially, with skew near its 30-day highs. Upside demand is heavier in ETH, driven by aggressive short covering and new positioning. Vols are still relatively cheap in our view, and we like expressing the asymmetry via outright calls or call spreads. Funding rates across majors continue to struggle breaking into positive territory, with the 1w average at -2.4%. Despite the short covering we've seen, funding still suggests there's room to squeeze. If the market catches an extended bid, we expect rates to follow shortly after. Demand for leverage to bid alts has been a notable theme, specifically in MON, NEAR, and XPL. We've also seen interest in fixed-term BTC levered long structures. Fixed-term hedges on select alts continue to be a driver, particularly SOL and POL. Onchain rates sit at historically low levels, hovering around 3.5% across major money markets, with the demand side looking thin. We could see demand pick up as onchain STRC products like sUSDat grow in TVL and loopers come in to take up supply. With US equities at ATHs again and positioning relatively light, the pain trade likely remains continued relief into next week, potentially an existential crisis for bears as markets shake off the tail risks. That said, we're not out of the woods and markets are likely to remain headline-driven for the next few weeks as we grapple with what comes next.

Good morning - some morning color from the OTC desk. Seeing life come back to crypto as it looks like Trump is pushing for a nearer term end to the conflict. We have a number of clients adding risk here, as funding rates continue to normalize from negative territory. HYPE appears to still be one of the most favored coins out there, along with CC and ZAMA, both listed overnight on Korean exchanges. Elsewhere, we're seeing some selling in SOL into BTC, a sign of late capitulators. We continue to see positive spot/vol correlation in ETH and solid two way flow in BTC. Covered call sellers are rolling up and out and overall risk appetite is increasing. Overall, we still believe optionality is cheap and a good way to build back market exposure. As the market attempts to break its range, all eyes on STRC volume today heading into ex-dividend date as Saylor continues to bid. We remain cautious so long as geopolitical risk remains on the table, however the way the market works right now, patience can leave you behind fairly quick.

Good morning - some morning color from the Spot desk. Seeing life come back to crypto as it looks like Trump is pushing for a nearer term end to the conflict. We have a number of clients adding risk here, as funding rates continue to normalize from negative territory. HYPE appears to still be one of the most favored coins out there, along with CC and ZAMA, both listed overnight on Korean exchanges. Elsewhere, we're seeing some selling in SOL into BTC, a sign of late capitulators. All eyes on STRC volume today heading into ex-dividend date as Saylor continues to lift the market up with his buys. We remain cautious, so long as geopolitical risk remains on the table, however the way the market works right now, patience can leave you behind fairly quick.

Good afternoon and as we look to wrap up another volatile week, all eyes are on weekend developments from the emerging ceasefire negotiations taking place between the US, Israel and Iran. We have seen a mix of client activity, skewed to better sellers, as we approach what we think could feel like a final capitulary leg as markets look for a geopolitical de-escalation going into summer. Activity across both spot and options has been primarily reactive to headline driven catalysts and token specific narratives. Volatility continues to bleed lower as most traders are back to wait and see mode however we have seen sporadic call buying within BTC. Skewed has moved strongly towards calls over the last few sessions and we think optionally is relatively cheap here and like owning straddles and strangles. The relative strength of BTC and HYPE has not gone unnoticed, with the former largely correlated with consistent buying from Saylor (STRC dynamics) and ETF inflow (Morgan Stanley now joins the fun). HYPE continues to dominate mindshare as the success of HIP3 continues and the market is continuing to price in the eventual mainnet release of HIP4 in the coming weeks to months. Given where sentiment is, and how participants have been slow to chase, we imagine this can fuel a broader move next week assuming the weekends negotiations go according to plan. Should also add that we've had a continued buyer of ZAMA and solid two way flow in CC along with pockets of activity in NEAR, TAO, NIGHT and SOL.

Flowdesk, Agora, and xStocks are introducing a new standard for onchain capital efficiency. Today, we are launching the Flowdesk AUSD Equity Strategy — a Morpho Vault enabling SPYx holders to borrow AUSD against their S&P 500 exposure while remaining fully invested onchain. The vault extends Flowdesk's onchain footprint into structured DeFi lending, leveraging our risk management expertise, liquidity network, and deep familiarity with both stablecoin markets and RWA collateral dynamics. Learn more about the vault and how to get involved: https://flowdesk.co/updates/blogs/flowdesk-agora-xstocks-launch-ausd-equity-strategy-vault-on-morpho/

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. Decreased cash rates by 50bps across the curve. Indicative alt borrow axes: $1mm+ OT - NIGHT 8% - TRX 5% - POL 5% - BCH 4% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. Decreased back half of the stablecoin curve by 25bps. Indicative alt borrow axes: $1mm+ OT - TRX 7% - POL 7% - BCH 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Market Update - March 11th, 2025 In line with ongoing macro pressures off the back of rising geopolitical tensions, crypto remains firmly in the grip of broader market risk appetite. Headlines continue to be dominated with the Iran situation as crypto traders discover their latest fix - CL perps on Hyperliquid. One notable takeaway is crypto’s relative strength as the world prepares for a potential economic slowdown should energy supply chains and infrastructure continue to be curtailed. Markets are seemingly pricing in a longer term resolution however we have seen crypto-native traders on the desk selling into pockets of strength amidst the turmoil. Underneath all the noise, a few genuinely positive developments are taking shape inside crypto. The CLARITY Act keeps moving forward, reinforcing the stablecoin story and helping drive Circle’s 100%+ surge lately. At the same time MicroStrategy’s preferred 11.75% dividend shares (STRC) have seen solid volume, which triggered another wave of issuance and continued ammo for Saylor to buy BTC. We note a few onchain wrappers of STRC are also coming to life as the trend of private credit onchain continues to grow momentum. Equity and commodity perps are shining bright with billions in daily volume and global OI surging across all venues led by Hyperliquid. Volatility has calmed down noticeably, especially in the front end. Bitcoin sits in the mid-50s, Ethereum below 70. The term structure has flipped into contango as put premiums have come in (still solidly negative though), and we’ve noticed more call buying in the last few sessions. Traders still don’t have strong conviction for a big upside move, largely because crude’s sharp swings keep reminding everyone how fragile liquidity and positioning really are. Even so the volatility surface looks much healthier now, and there’s clear value in owning vega at these levels. For the moment crypto will probably stay closely linked to overall risk sentiment. With positioning where it is today, a solid rebound in both price and activity seems likely once the macro and geopolitical fog starts to lift. Whether that happens over the next week or two or drags out for months will be largely determined on a re-opening of the Strait in the near term.

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our axe on stables by 25-50bps across the curve. Indicative alt borrow axes: $1mm+ OT - TRX 7% - POL 7% - APT 7% - BCH 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Please join us for an exclusive chance to hear from the USD.AI founders. We'll cover how USD.AI opens previously inaccessible capital for long-tail AI infrastructure through GPU-backed loans, the launch of the USD.AI Foundation + the $CHIP governance token, and what's ahead in 2026. https://streamyard.com/watch/Fnez6tZDJzYZ

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our axe on BTC, ETH, and stables by 25-50bps across the curve. Indicative alt borrow axes: $1mm+ OT - TRX 7% - POL 6% - APT 6% - ENA 4% - BCH 3% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - TRX 7% - POL 6% - BCH 6% - APT 6% - ENA 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Tune in as we discuss all things liquidity, OTC, and the changing crypto market landscape ahead for 2026 and beyond. https://x.com/AleaResearch/status/2016551433534075071?s=20