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 best bid / offer
Same in every app
One price, every fill, one record: everything SATU does, behind the app you already use.
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.
Your exchangeTier 0
National sweepTier 1
Sealed auctionTier 2
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.
✓Bourse
✓Clearer
✓Custodian
✓Regulator
4 of 4 co-signed
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.
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.
SATU tape · BTC/IDR · consolidatedIllustrative simulation
-National spread -
Offers
Bids
-
Cost on the local book alone
-
average impact; last fills far worse
Cost through SATU, all in
-
price impact plus access fee
The path of one order
Five stations, under 100 milliseconds.
Place one order
Your exchange fills what it can. SATU fills the rest at the national price.
Buy Rp 1 bn of BTC
Shaped around
Tier 0 · local bookTier 1 · national sweepTier 2 · sealed auction
Five stations
- ✓Order
- ✓Sequencer
- ✓Route
- ✓Clear and custody
- Checkpoint
Routed · one fill, one receipt
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.
Checkpoint
A record nobody can edit
Each window is hash-chained and co-signed by four institutions before it is final.
Who it serves
Everyone gains. Nobody changes how they work.
Exchanges
Earn on the depth you hold. Keep the customers you serve.
- 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
Retail
The national price, on the app you already use.
- The same national price on every participating app
- Large orders filled at that price, from the whole market
Bourse
Supervision before the trade, not after.
- The national best price as your official reference price
- Pre-trade visibility and a rule that protects retail from worse fills
Regulators
Real-time oversight, funded by the market.
- Live alerts on market abuse across every exchange
- A signing key on the record and a view of every console
The price that lives in every app.
Nothing new to install. The national price shows up where people already trade, check and supervise.
Your exchange app1,800,000,000BTC/IDR · national
The same national price on every participating app.
Your receipt1,800,000,000BTC/IDR · national
A receipt per trade showing the national price and your fill.
The bourse reference1,800,000,000BTC/IDR · national
The national best price as the official reference price.
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.
40%
20%
20%
15%
- LendersExchanges whose books filled the order, pro-rata to fills40%
- BoursePublishes the national price and runs the rulebook20%
- SATUOperates the router, the tape and the record20%
- OriginatorThe exchange that sent the order, and keeps the customer15%
- RegulatorSupervisory levy, paid automatically5%
The cost of a wide spreadIllustrative model
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.
250-900
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.
Exchange AExchange BExchange CExchange DExchange EExchange FBourseClearerCustodianRegulator
Participants on the national tape. Exchange names are anonymous in this simulation.
Ready when you are
Two kinds of exchange. One reason to join.
Order-book exchanges
Lend 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 exchanges
The 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 providers
One 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 price
Checked 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.
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 0
Kick-off
A 30-minute call. You name one operations and one technical contact.
- Day 2
Recording
SATU records 24 hours of your public depth feed. You do nothing.
- Day 5
Certified
The adapter matches your book to 99.9% fidelity. You create one trade-only key, no withdrawal.
- Day 8
Sandbox
Order tests in your sandbox: fills, partial fills, rejects, rate limits.
- Day 19
Observe-only
SATU runs alongside your live book and routes nothing. Your dashboard is open.
- Day 20
Live
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.
Now
Pilot
Two licensed exchanges on a read-only national price feed, under bourse sponsorship.
Q1 2027
National price
All founding exchanges connected. One price published in every app.
Q4 2027
Best execution
Orders filled from the whole market. Receipts on every trade.
2028
Beyond one bourse
A second Indonesian bourse and offshore USD and USDT venues on the same engine.
Do I need a new app?
No. 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.
Where do my assets stay?
Where they are today. No new account, no money to move. Routed trades settle onshore, in rupiah, through a licensed clearing house and custodian.
Who can change the record?
No single party, SATU included. Every routed order, fill and fee is hash-chained, then co-signed each window by the bourse, clearer, custodian and regulator.
What does it cost?
A routed order carries an access fee on top of the exchange’s own trading fee. It is split the same way on every trade: 40% to the exchanges that filled it, 20% bourse, 20% SATU, 15% to the exchange that sent it, 5% regulator.
How long does an exchange take to connect?
Twenty working days, two of them the exchange’s. It names two contacts, creates one trade-only key and countersigns one record. SATU does the integration work.
Is SATU live?
Not yet. SATU is a proposed market facility subject to bourse rulebook adoption and regulatory approval. The pilot puts two licensed exchanges on a read-only national price feed, with one national price planned for Q1 2027.
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.