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關於LedgerX
LedgerX is a CFTC-regulated US derivatives trading and clearing venue holding designated contract market and derivatives clearing organisation licences. It offers physically delivered options and swaps mainly on bitcoin: contracts settle in actual BTC rather than cash, and its clients are institutions and professional traders who need to hedge or take a directional view.
The architecture separates trading, clearing and custody: orders match in a central limit order book, the clearing house acts as central counterparty, collecting margin and managing a default waterfall, delivery runs through an affiliated custody wallet, and risk control relies on daily mark-to-market and margin calls. Compared with offshore perpetual venues it offers no high leverage or stablecoin-margined products, and both contract variety and book depth are far narrower. The entity was acquired with FTX US in 2022, sold to MIAX in 2023 and folded into the MIAXdx brand.
On 20 January 2026 LedgerX changed its legal name to Rothera Exchange and Clearing after a corporate transaction, making Rothera a regulated venue jointly owned by Robinhood and Susquehanna with both a designated contract market and a derivatives clearing organisation registration. The brand changed; the licences and clearing capability stayed.
LedgerX's migration was concrete: a late-May soft launch with economic data and baseball contracts, World Cup markets self-certified on 27 May and live for the tournament's 11 June opening. Core high-volume markets such as match outcomes, tournament winner and totals moved to Rothera, while player props and parlay-style contracts stayed on Kalshi.
LedgerX aims to replicate the market-making and clearing advantage into more asset classes, widen institutional distribution through futures commission merchants, and answer regulatory interest in routing transparency.
周保羅（共同創辦人暨執行長，Twitter：https://x.com/paul_l_chou）——曾創立軟體公司Opez（Y Combinator 2011年班），在高盛量化現金交易部門擔任交易員，並創辦MX9。畢業於麻省理工學院。 朱蒂卡·周（共同創辦人暨營運長，LinkedIn：https://www.linkedin.com/in/juthica/，Twitter：https://x.com/juthica）——曾任Kraken店頭期權交易主管，在高盛擔任衍生性商品交易員七年，專精演算法交易，最初為期權造市商。畢業於麻省理工學院數學與電腦科學系。
LedgerX charges binary range contracts, including the BTCRB option, on a per-fill basis: the buyer pays $0.05 per contract when the trade price is $7.50 or less and the seller pays $0.05 per contract when the trade price is $2.50 or more, while outside those levels the fee is 2% x ($10.00 minus the trade price) or 2% x the trade price.
LedgerX charges fixed withdrawal fees of 0.00025 BTC and 0.0004 ETH, and applies a weekly storage fee of 0.0003 BTC or 0.008 ETH to collateral still on deposit at 5 pm Eastern Time on Friday.
LedgerX holds Commodity Futures Trading Commission registrations as a designated contract market, swap execution facility and derivatives clearing organization, gained between 2017 and 2019, allowing it to list and clear fully collateralized bitcoin futures, options and swaps.