Where the trading desk meets the chain

PHASE 1 · RATES, FX & CRYPTO FORWARDS AND OPTIONS LIVE · CREDIT NEXT · EQUITY, COMMODITY PLANNED

Price it.
Confirm it on‑chain.
Verify it without us.

An open-source derivatives desk for both worlds: the models and bilateral confirmations trading desks run on, the open code and on-chain record crypto expects. Rates, FX and digital-asset forwards and options today; credit next, then equities and commodities. Free for everyone.

Open the platform (demo) → Verify a confirmation → Read the source

NO INSTALL · SANDBOX ON SIGN-UP · SEPOLIA TESTNET · APACHE-2.0 ENGINE

USD swaption · ATM normal vol · expiry × tenorCONNECTING
drag to turn · point at a node
—CURVES LOADED
—CONFIRMATIONS ANCHORED · VIEW REGISTER →
—SEPOLIA · LATEST BLOCK
—HEADLINES · 24H
FOLLOW ONE TRADE DOWN THE PAGE · EVERY FIGURE BELOW IS COMPUTED IN YOUR BROWSER

Price

Your curve. Drag it and the swap reprices.

A ten-year pay-fixed swap on 100 million, struck at par on the curve as it opened. Move a pillar and the value, the par rate and the sensitivity follow, by full revaluation.

In the app the same ticket carries cashflows, XVA and a confirmation, on curves built from public sources.

USD SOFR zero curve · drag a pillarCONNECTING
Par 10Y
NPV
IR01

Risk and P&L

A day's move, explained pillar by pillar.

Roll the market one day. Each bar is that pillar's move times the swap's sensitivity to it; the last bar is what first order leaves over. They add up to the revaluation, to the dollar.

The app attributes a book the same way, in sequence, with a sign-off.

P&L vector · one dayday 0
First order
—
Left over
—
Revaluation
—
The move is drawn at random: a level, a tilt and noise. It is not a forecast.

Exposure

Two hundred futures of the same trade.

Rates are simulated forward and the swap is revalued on every path. Expected exposure is the average of what the counterparty would owe; the dashed line is the 95th percentile.

Switch the collateral agreement on and what is left is the move over a ten-day margin period.

Monte Carlo · swap value on each path

XVA

From the paths to the price you quote.

Credit, own credit and funding are read off the exposure above. Widen the counterparty's spread, or go back and switch the margin on, and watch the charge move.

The app runs Hull-White calibrated to the swaption surface, with the terms of the credit support annex and the margin period of risk.

Open the XVA simulator →
XVA waterfall · USD

The scenes on this page run a small one-factor model written for it, to show the mechanics: recovery 40 %, own spread 90 bp, funding 60 bp. They are not the app's engine and not a quote.

Confirm and verify

Both sides sign the same record.

Sign as each desk. When both have signed the same terms, the record is sealed. Then change a term and see that it no longer verifies.

On the registry the record is hashed with keccak256 and signed by each party under EIP-712; the public verifier recomputes it all and never calls our servers.

Open the verifier →Public register →
One trade, two signatures0 of 2 signed

Confirmation

hash …
YOUR DESK
not signed
COUNTERPARTY
not signed
Waiting for both signatures
A picture of the flow, hashed with SHA-256 in your browser. Nothing is sent anywhere.

How it works

Three steps. Nothing to trust.

Everything a dealer and a client do today over a confirmation email, done bilaterally with keys, and anchored where neither side can rewrite it.

01 · BOOK

Book it in your own blotter

Sign up and you get an entity, a demo counterparty that countersigns, and a copy of today's public market data. Price swaps, swaptions, caps and floors; run XVA and initial margin on the same numbers.

IRS · OIS · BASIS · SWAPTION · CAP/FLOOR · BERMUDAN
02 · CONFIRM

Both parties sign the same record

The trade is canonicalised, hashed with keccak256 and signed by each party under EIP-712. The registry on Ethereum (the Sepolia testnet today) stores the hash and both signatures. Amend and terminate chain onto it.

CANONICAL v2 · UTI · EIP-712 · SEPOLIA REGISTRY
03 · VERIFY

Anyone can check, without us

The proof pack carries everything a third party needs: the record, the hash, the signatures and the chain reference. The public verifier recomputes it all and never calls our servers.

OPEN THE VERIFIER →
The trade window: instrument, counterparty and book, economics, swap terms, and the value of each leg in the footer
THE TRADE WINDOWBook a swap the way a desk does: instrument, counterparty, economics, terms, then price, cashflows, XVA and confirm.
The XVA tab after a run: the adjustments across, the exposure profile and the comparison with confirming on chain
XVA ON THE TICKETExposure simulated under the counterparty's credit support annex, and what confirming on chain saves.
The blotter: every trade with its status, from booked to confirmed
THE BLOTTEREvery trade with its lifecycle, from booked to confirmed, amended and terminated.
The independent verifier reporting VERIFIED for a real Sepolia confirmation
THE VERIFIERA real confirmation checked in the browser against a public Ethereum node. No Rijeka server is contacted.

What's live today · Phase 1

A working desk, end to end

Not a mock-up. Every item below runs on app.rijeka.app right now, on the code you can read.

PRICING6 PRODUCTS · 3 CURRENCIES

Curves and vanilla rates

OIS bootstrap, IRS / OIS / basis pricing, cashflows and IR01. European swaptions and caps/floors under Bachelier, a SABR β=0 surface, Bermudans on a Hull-White trinomial tree.

XVA & MARGINCVA · FVA · MVA · KVA

Counterparty risk that moves with the surface

Hull-White Monte Carlo calibrated to the swaption surface; CVA, FVA, MVA and KVA; CSA presets with margin period of risk; initial margin as the desk's own amount or the engine's estimate. ISDA SIMM is ISDA's licensed methodology and is not included.

CONFIRMATIONCONFIRM · AMEND · TERMINATE · VERIFY

Bilateral and on-chain

Canonical record v2, EIP-712 signatures, registry on Sepolia. Confirm, amend, terminate. Proof packs and a verifier that trusts nothing of ours.

DESKROOMS · CARDS · NEWS · AI

Messenger, trade cards, news

Firms and rooms, trade cards the other side countersigns with a wallet, a Market News room, and Prometheus, a read-only assistant that sees your book and never changes it.

METHODOLOGY13 WORKBOOKS · 1 PDF · OPEN FORMULAS

Replicate every number in Excel

Per-product workbooks built from your own market data, so a validator can rebuild a price cell by cell, plus a written methodology as a PDF.

FX & DIGITAL ASSETSG10 · BTC · ETH · SOL

EURUSD and BTCUSD, one model

Spot, deliverable forwards and NDFs on currency pairs and digital assets, priced by interest-rate parity off each currency's own curve. Options on both: European, American, digital, barrier and touch, each on the pair's own vol surface. Public reference rates for spot; digital-asset vols and forwards from a venue's public marks. Book, confirm on chain, verify.

OPEN SOURCEAPACHE-2.0 · BSL 1.1 · DCO

Read it all the way down

Engine and standard under Apache-2.0, platform under BSL 1.1 converting to Apache-2.0. A validation charter, a findings log and a contribution path with DCO sign-off.

Prometheus · the desk assistant

An analyst who has read your book, and can't touch it

Prometheus sits in the messenger. It sees your blotter, the market data behind it and the signed trades in a room, and answers in plain language: what a price is made of, why a Greek moved, what a headline means for a position.

  • READ-ONLY BY CONSTRUCTIONIt has no write path. Not a permission flag: the code that answers you cannot book, amend, confirm or change a curve. Every answer is advisory and every action stays with you.
  • SEES WHAT YOU SEEYour book, your snapshots, the trade cards in the room you ask from. Nothing from other users, ever.
  • GROUNDED IN THE ENGINEWhen it quotes a number, it comes from the same pricer the trade window uses, with the inputs it used.
✦ PROMETHEUSPRIVATE · READ-ONLY
What's driving the DV01 on TRD-93191900 and how does it compare to the 10Y?
TRD-93191900 is a 5Y USD SOFR payer, 50m notional, booked 28 Oct. DV01 is about $23.4k, almost all of it in the 5Y bucket of the discount curve. Your book's 10Y exposure is separate and roughly 1.9× larger per unit notional because of duration, so a 5Y payer hedges only the front half of that risk. Want the bucketed ladder?
What does today's Fed headline do to it?
The statement held rates and softened the easing guidance. Front-end OIS repriced a few basis points higher; on your payer that is a small gain. I can't trade for you, but I can show the scenario on the CURVE SCENARIO tab if you open the trade.
Illustrative exchange. Numbers are from the demo book; Prometheus never executes anything.

Roadmap · honest statuses only

One desk for every asset, built in public

The same pricing, confirmation and verification rails, extended asset class by asset class. Done means it is in the code and tested; some modules are switched on per firm. Next means in progress or queued.

PHASE 1

Rates, FX & digital assets

Curves, vanillas, swaptions, Bermudans and XVA; FX and digital-asset forwards and options; on-chain confirmation; the hosted demo.

LIVE
PHASE 2

FX & credit

FX forwards, NDFs and options are live, with wrong-way risk in CVA on currency and digital-asset tickets. Next: cross-currency swaps; CDS and credit options.

IN PROGRESS
PHASE 3

Equity & commodity

Equity and commodity derivatives on the same pricing and confirmation rails.

PLANNED
PHASE 4

Risk infrastructure

Self-host packaging is built. Next: firm admin and audit, an external audit of the registry contract, Ethereum mainnet.

PLANNED
DESK MODULES PARTIAL
  • DONEScenario P&L attribution per trade: theta, IR01, gamma, vega, carry, roll-down, unexplained
  • DONEGreeks and bump-and-reprice ladders; EE, ENE, PFE profiles and SA-CCR EAD inside XVA
  • DONEP&L tab: day, MTD and YTD by desk, book and trade; attribution by sequential full revaluation; trader and controller sign-off
  • DONEIPV: the market data the book is priced on checked pillar by pillar against an independent mark; overrides, tolerances, the controller's sign-off
  • DONEMARKET RISK: key-rate ladder, historical-simulation VaR by full revaluation, named stress, limits, VaR backtesting
  • DONECOUNTERPARTY CREDIT: netting sets, real-world exposure paths, EE, EPE and PFE, CVA, credit limits with utilisation
  • DONECAPITAL under collateral regimes: SA-CCR EAD, RWA, CCR and CVA capital, KVA (on request in the hosted demo)
  • NEXTCOLLATERAL: instruments, a schedule per counterparty and ColVA (in progress); then daily VM and IM calls, disputes, inventory
  • NEXTFRTB sensitivities-based capital; parametric and Monte Carlo VaR, expected shortfall
OPERATIONS & CONTROL PARTIAL
  • DONETrade lifecycle events with pre/post state; confirmation, amendment and termination on chain
  • DONEModule switches per firm, with presets (dealer, corporate, fund, classroom) and an audit trail
  • DONEBrowser journeys in CI on every page and ticket; a pinned sample book of 66 figures that moves only with a dated explanation
  • NEXTEnd-of-day batch: daily marks and P&L sign-off are in; the official close and archived reports are next
  • NEXTFixings and payments: SOFR / €STR / SONIA ingestion, resets, payment calendar
  • NEXTPortfolio reconciliation with counterparties, made cheap by the shared on-chain record
  • NEXTRegulatory reporting: UTI/UPI, EMIR and CFTC trade reports, margin and valuation reporting
  • NEXTLimits and pre-trade checks; model governance; entitlements and four-eyes
  • NEXTPublic API and Python SDK with the same contracts the UI uses
FX, DIGITAL ASSETS & AI LIVE
  • DONEFX spot, forwards and NDFs on G10 pairs and non-deliverable forwards on BTC, ETH and SOL, on one interest-rate-parity model (FX · CRYPTO page)
  • DONEFX options: European, American, digital, barrier, double barrier and touch, each checked against QuantLib; a vol surface per pair
  • DONEDigital-asset options on BTC, ETH and SOL, cash-settled, on the same engine with the funding rate as the carry
  • DONEDigital-asset vols and forwards from a venue's public option marks, with the time of the marks on every ticket
  • DONEWrong-way risk on currency and digital-asset tickets: a party's default intensity tied to the asset on each path, CVA shown with and without the link
  • DONECrypto NDF / NDO in the canonical record, using the ISDA Digital Asset Derivatives Definitions vocabulary
  • DONEExcel replications for FX and digital-asset forwards, options and XVA
  • DONEPrometheus: read-only assistant in the messenger; sees your book, never changes anything
  • NEXTPrometheus reads the news room: "what does this headline mean for my book?"
  • NEXTTelegram mirror of your rooms on the hosted demo (built; switched on once a bot is connected)
  • NEXTA second venue beside the first; adapters for crypto OTC desks' own marks
  • NEXTShared market-data feed with a factor-model simulator so curves move and P&L ticks on the desk

The full list, with every item and its status, lives in the app under ROADMAP.

Standalone tools · no login

Open a pricer in your browser

Single-page tools from the same engine. No account, no install, nothing leaves your browser.

IRS Pricer

Vanilla swap pricing, par solve, drag the curve and watch the repricing. USD SOFR, EUR €STR, GBP SONIA.

OISBOOTSTRAPIR01GREEKS
OPEN →

XVA Simulator

Monte Carlo you can see: how EE, ENE and EPE emerge from simulated paths and how CVA falls out of them.

500MC PATHSHWHULL-WHITE
OPEN →

XVA Waterfall

Paste an exposure profile from any risk system and get CVA, DVA, FCA, FBA, MVA and KVA with SA-CCR capital.

6COMPONENTSSA-CCRKVA
OPEN →

Vol Surface Scenario

A 3D swaption surface you can shock: parallel, skew, wings, stress, with live NPV repricing.

SABRβ=0 NORMALLIVEREPRICE
OPEN →

P&L Attribution

Term SOFR vs OIS basis as a named Greek. Slide the basis and watch every Greek respond.

BASIS01NAMED GREEKTERMSOFR 3M
OPEN →

Bermudan Swaption

Hull-White trinomial tree. Toggle Bermudan against European to isolate the early-exercise premium.

HW1FTRINOMIALσnCALIBRATED
OPEN →

SRT Pricer

CDS, CDX, RPA and SRT from one engine: Gaussian copula, editable pool, tranche fair spreads, the correlation smile.

1-FCOPULACRR 245SRT TEST
OPEN →

Prometheus · Hedging Puzzles

Three convexity hedging puzzles taught by the assistant inside Rijeka: linear hedge, buying gamma, multi-dimensional risk.

3PUZZLESAITUTOR
OPEN →

Community · validation · work with us

Break it, improve it, or run it for real

The free hosted demo is the open network. Model validators, quants and engineers are welcome; firms that want it in production get dedicated coverage.

VALIDATE

Find a wrong number

A validation charter, Excel replications per product, and a public findings log. Every confirmed finding is credited by name.
CONTRIBUTE

Ship a product or a module

Issue templates, a DCO sign-off, CI on every pull request. The roadmap above is the backlog.
SPONSOR

Keep the demo free

Hosting, testnet gas and the hours go further with sponsors. Every contribution is listed.
WORK WITH US

Run it for real

Self-hosting on your own infrastructure, a Bloomberg snap on your desk, dedicated quant coverage, model validation. Write to miko@rijeka.app.

Why Rijeka

Rijeka means river. It is a port on the Adriatic where ships from everywhere tie up side by side, and it is the village in the hills where the founder grew up, where the water came down from the mountain and asked no one's permission.

A river does not check who you are before it carries you. It takes what is placed in it and runs the same for everyone, all the way to the sea. We built this desk the same way: the mathematics of modern finance, open to anyone who wants it, flowing into a ledger no one can dam.