One national price
Every exchange’s displayed depth is combined into a single national best bid and offer, published by the bourse and shown in every participating app.
National market infrastructure for Indonesian crypto
One price for the whole archipelago.
SATU consolidates every licensed Indonesian exchange into one national order book. One price, best execution in under 100 ms, cleared onshore and co-signed by the bourse, clearer, custodian and regulator.
Best execution, everywhere
When an exchange cannot fill an order at the national price from its own book, SATU fills the rest from the other exchanges, in under 100 milliseconds. The trader sees one fill and one receipt.
A record nobody can edit
Every routed order, fill and fee is hash-chained, then co-signed each window by the bourse, clearer, custodian and regulator. No single party, SATU included, can rewrite it. No blockchain.
By design
Four numbers that define the facility.
< 100 ms
Best execution, local book to national sweep
1
National price, shown in every participating app
4
Institutions co-sign the record: bourse, clearer, custodian, regulator
0
New apps, accounts or migrations for retail
The problem
Same asset. Same country. A different price on every app you open.
Each licensed exchange runs its own isolated order book. A retail trader on a thinner book pays far more for the same trade, and never sees it. The book below is a live simulation of what one consolidated national tape looks like.
Real-time national tapeSimulated
SATU tape · BTC/IDR · consolidated
Offers
Bids
National spread
*Illustrative simulation. Not any exchange’s actual depth or pricing.
Cost on the local book alone
average impact; last fills far worse
Cost through SATU, all in
price impact plus access fee
The same order that costs 1% on the deepest book can cost 5 to 10% on a thin one. The exchange cannot fix it alone. SATU fills the residual from the whole market at the national price.
One facility. Three capabilities.
Three capabilities. One national market.
SATU sits between the exchanges and the bourse. It replaces no exchange, and no retail trader ever touches it directly.
One national price
- Every exchange’s displayed depth is combined into a single national best bid and offer, published by the bourse and shown in every participating app
Best bid and offerPublished by the bourseEvery participating app
National price · BTC/IDR
Best bid / best offer
National spread
Published by the bourse
*Illustrative simulation. Not any exchange’s actual depth or pricing.
Best execution, everywhere
- When an exchange cannot fill an order at the national price from its own book, SATU fills the rest from the other exchanges, in under 100 milliseconds
- The trader sees one fill and one receipt
Under 100 msOne fillOne receipt
Routed fill
Retail buy · Rp 1,000,000,000
- Tier 0Local book
- Tier 1National sweep
- Tier 2Sealed auction
One fill · one receipt
*Illustrative simulation. Not any exchange’s actual depth or pricing.
A record nobody can edit
- Every routed order, fill and fee is hash-chained, then co-signed each window by the bourse, clearer, custodian and regulator
- No single party, SATU included, can rewrite it
- No blockchain
Hash-chainedFour co-signersNo blockchain
Checkpoint
Window 000412 · hash-chained
- BourseCo-signed
- ClearerCo-signed
- CustodianCo-signed
- RegulatorCo-signed
Final · 4/4
*Illustrative simulation. Not any exchange’s actual depth or pricing.
Five stations, under 100 milliseconds.
- Every order that leaves an exchange takes the same road. Nothing skips a station and nothing reaches a book without a place on the record.
- Order: An order arrives that its home exchange cannot fully fill at the national price
- Sequencer: One deterministic queue. Every order gets a number and a time, in the order it arrived
- Route: Local book first, then a price-priority sweep across every book, then an auction for what is left
- Clear and custody: Settled onshore, in rupiah, through a licensed clearing house and custodian
- Checkpoint: Each window is hash-chained and co-signed by four institutions before it is final
OrderSequencerRouteClear and custodyCheckpoint
One order, five stations
- Order
- Sequencer
- Route
- Clear and custody
- Checkpoint
< 100 ms
local book to national sweep
*Illustrative simulation. Not any exchange’s actual depth or pricing.
The national sweep
- Tier 0, the local book: The exchange fills what it can at the national price. Its customer, its volume, its fee
- Tier 1, the national sweep: The residual sweeps every book in price order. Ties split by time and by size, so no single exchange takes everything
- Tier 2, the sealed auction: Large residuals go to a sealed-bid auction among liquidity providers, checked against the reference price
Tier 0Tier 1Tier 2
Tier 0The local book
Tier 1The national sweep
Tier 2The sealed auction
*Illustrative simulation. Not any exchange’s actual depth or pricing.
The exchanges multiplied.
The price should be one.
Who it serves
Everyone gains. Nobody changes how they work.
Earn on the depth you hold. Keep the customers you serve.
Flow that reaches your book is your volume and your fee, plus an access fee on top. Flow you cannot fill goes to the national market and the customer stays on your app.
What you get
- A new revenue line on liquidity you already hold: 40% of the access fee, pro-rata to fills
- A 15% rebate on every order you route out, and the customer stays yours
- A fair allocation rule: no single exchange takes everything
- Connection in twenty days. SATU does the work.
What you never do
Deploy software. Change your matching engine. Share customer data.
The national price, on the app you already use.
You keep your exchange, your account and your habits. The only thing that changes is the fill, and a receipt that shows what you saved.
What you get
- The same national price on every participating app
- Large orders filled at that price, from the whole market
- A receipt per trade showing the national price and your fill
- Your assets stay where they are today
What you never do
Download a new app. Open a new account. Move money.
Supervision before the trade, not after.
The bourse publishes the national price, sees every routed order before it executes and holds the kill switch on every exchange and pair.
What you get
- The national best price as your official reference price
- Pre-trade visibility and a rule that protects retail from worse fills
- Halt any exchange or pair, instantly
- Replay any order, any time, as evidence
What you never do
Rely on a participant’s report. Wait for tomorrow’s file.
Real-time oversight, funded by the market.
The regulator co-signs the record, sees every alert as it happens, holds direct halt authority and receives a supervisory levy paid automatically.
What you get
- Live alerts on market abuse across every exchange
- A signing key on the record and a view of every console
- Approval over the rules and the fees
- One withholding per sale, onshore, reconciled to the record
What you never do
Learn about a breach from a complaint. Depend on one operator’s database.
The economics
One access fee. Split five ways, automatically.
Every routed order carries an access fee on top of the exchange’s own trading fee. It is divided the same way on every trade, and the largest share goes to the exchanges lending the depth.
Access fee waterfall100%
40%Lenders
20%Bourse
20%SATU
15%Originator
5%
| Lenders | Exchanges whose books filled the order, pro-rata to fills | 40% |
| Bourse | Publishes the national price and runs the rulebook | 20% |
| SATU | Operates the router, the tape and the record | 20% |
| Originator | The exchange that sent the order, and keeps the customer | 15% |
| Regulator | Supervisory levy, paid automatically | 5% |
| Every access fee | 100% |
The cost of a wide spread
A wide bid and offer does not just overcharge retail. It deletes trades.
Every basis point above the national price overcharges the traders who trade anyway, and stops the ones who would have. The first is a transfer. The second is deadweight loss, value nobody collects.
Deadweight model*Illustrative simulation. Not any exchange’s actual depth or pricing.
Overpaid by traders who still tradeLost trades (deadweight loss)
250900
Deadweight loss recovered
trades that come back, per year
Overpayment avoided
kept by retail instead of lost to slippage
New volume
trades that did not exist
New exchange fee revenue
at 0.2% average, on new volume
Illustrative. Demand for trading falls with cost. Volume calibrated to Rp 100 tn a year on thin books at today’s cost; SATU all-in cost 220 bps. The rectangle is money retail loses today on trades they still make. The triangle is trades that never happen.
The live console
Built to institutional standard. Ready for the bourse.
For bourses, licensed exchanges, regulators and clearing houses. See the live console and the technical, governance and commercial documentation.
National price · BTC/IDR1H1D1W
1,801,000,000 / 1,803,000,000
CheckpointsWindow 000412
- BourseSigned
- ClearerSigned
- CustodianSigned
- RegulatorSigned
Routed orders
| Time | Origin | Side | Tier | Status |
|---|---|---|---|---|
| 10:42:07.118 | Exchange D | Buy | Tier 1 | Filled |
| 10:42:06.904 | Exchange B | Sell | Tier 0 | Filled |
| 10:42:05.551 | Exchange F | Buy | Tier 2 | Auction |
| 10:42:04.230 | Exchange C | Buy | Tier 1 | Filled |
| 10:42:02.876 | Exchange E | Sell | Tier 1 | Filled |
Access fee split
- Lenders40%
- Bourse20%
- SATU20%
- Originator15%
- Regulator5%
Illustrative interface. Data shown is simulated.
For exchanges
Two kinds of exchange. One reason to join.
- Order-book exchangesLend the depth you already hold.
Your book becomes part of the national price. Every rupiah routed to your book earns a share of the access fee on top of your trading fee, and flow you cannot fill goes to the market while the customer stays on your app.
- Quote-based exchangesThe better of your provider and the whole market.
Keep your instant-buy experience. On every order, compare your provider’s quote with the national market and send the order the better way. Keep more commission, settle in rupiah at home, and trade through a structure designed so each sale is taxed once.
- Liquidity providersOne connection, every exchange’s flow.
Quote into the national auction against a global reference price, settle onshore through a licensed clearing house and custodian, and reach every participating exchange instead of one.
- Reference priceChecked against the world, every second.
The national price is continuously compared with an independent global reference. A sudden move away pauses routing until the price returns inside the band or the bourse clears it. The rupiah market keeps its own price; the reference only guards it.
Illustrative session. Not a real endpoint or command line.
Connecting an exchange
Twenty days, two of them yours.
SATU does the integration work. The exchange names two contacts, creates one key and countersigns one record.
- Day 0Kick-off
A 30-minute call. You name one operations and one technical contact.
- Day 2Recording
SATU records 24 hours of your public depth feed. You do nothing.
- Day 5Certified
The adapter matches your book to 99.9% fidelity. You create one trade-only key, no withdrawal.
- Day 8Sandbox
Order tests in your sandbox: fills, partial fills, rejects, rate limits.
- Day 19Observe-only
SATU runs alongside your live book and routes nothing. Your dashboard is open.
- Day 20Live
You countersign the certification record. Your book joins the national price.
No live order before fidelity passes. No routing before the record is countersigned.
Roadmap
From reference price to national market, in three steps.
- NowPilot
Two licensed exchanges on a read-only national price feed, under bourse sponsorship.
- Q1 2027National price
All founding exchanges connected. One price published in every app.
- Q4 2027Best execution
Orders filled from the whole market. Receipts on every trade.
- 2028Beyond one bourse
A second Indonesian bourse and offshore USD and USDT venues on the same engine.
Lexicon
Six words, defined once.
- National price
- The best bid and best offer across every connected book, published by the bourse. Sometimes called the IBBO.
- Residual
- The part of an order an exchange cannot fill at the national price from its own book.
- Access fee
- The fee on a routed order, on top of the exchange’s own trading fee, split five ways on every trade.
- Lender
- An exchange whose resting orders fill someone else’s residual. It earns 40% of the access fee.
- Originator
- The exchange that sent the order. It keeps the customer and a 15% rebate.
- Checkpoint
- A window of the record, hash-chained and co-signed by the bourse, clearer, custodian and regulator.