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BrentSwap Whitepaper
An on-chain settled multi-asset trading platform
Abstract
BrentSwap is an on-chain settled multi-asset trading platform. Users deposit and withdraw USDC on the Base network and, within a single account, trade crypto, US equities, ETFs, gold, FX, commodities and Pre-IPO names. The platform offers four trading modes — spot, perpetuals, options and delivery — alongside swap, earn products and C2C over-the-counter trading.
This document covers five things: the problems the platform solves, the structure it runs on, the capabilities it provides, how risk and compliance are controlled, and where revenue comes from.
Key conclusions
- Using a stablecoin as the only settlement unit meaningfully reduces FX friction and reconciliation costs in cross-market trading.
- Funds move on-chain while matching happens inside the platform, so balances stay verifiable without giving up centralised-grade execution speed.
- One account covering both crypto and traditional assets is the real differentiator, not a longer product list.
- Compliance and risk control must come first: identity verification, manual review, separation of duties and record retention are the foundation of the business.
1. Industry background
1.1 Three breakpoints in asset trading
- Account breakpoint: each asset class sits with a different institution, so users open and verify accounts again and again.
- Currency breakpoint: every crossing of a market border means another FX conversion, with spreads, fees and settlement delays.
- Time breakpoint: traditional market hours conflict with the 7×24 nature of digital assets, so cross-market strategies can only run part of the day.
1.2 Limits of existing options
- Traditional brokers: broad asset coverage and mature regulation, but cross-border account opening and funding are expensive, and crypto is not covered.
- Centralised crypto exchanges: good liquidity and polished UX, but coverage is crypto-first with limited traditional market access.
- AMM / liquidity-pool DEXs: permissionless with transparent settlement, but fills depend on pool depth and there are no limit orders, take-profit/stop-loss or multi-asset capabilities; slippage on large trades is significant.
Each of the three solves part of the problem, but none solves the unified account and unified settlement across asset classes.
1.3 Where the opportunity is
Stablecoin adoption changed the cost structure of the settlement layer: once pricing and settlement are unified in USDC, the main friction shifts from currency to accounts and tools. Whoever connects accounts and tools captures that efficiency dividend.
2. Positioning
BrentSwap positions itself as an on-chain settled multi-asset trading hub serving three groups:
- Cross-market traders: follow both crypto and traditional markets and need to switch exposure inside one account.
- Region-restricted users: cannot easily open an overseas brokerage account but need price exposure to US equities and ETFs.
- Advanced strategy users: need limit orders, take-profit/stop-loss, two-way positions and multiple tenors.
What the platform does not do matters just as much: no securities underwriting, no asset custody, no promised returns, no platform token.
3. Core strengths
- Account aggregation. One account and one USDC balance cover crypto, US equities, ETFs, precious metals, FX, commodities and Pre-IPO names. Funds never need to be moved between institutions.
- Unified settlement. All P&L and fees are denominated in USDC, so returns across markets are directly comparable and reallocatable, without repeated FX spreads and waiting.
- Verifiable funding. Deposits and withdrawals are USDC transfers on Base; transaction hashes can be verified independently.
- Efficient execution. Matching runs inside the platform, so resting orders, take-profit/stop-loss and liquidations are unaffected by on-chain congestion.
- Time freedom. Charting and order entry 24/7; cross-market strategies are not bound to market open.
- Complete toolkit. Spot, perpetuals, options and delivery cover different risk appetites, paired with limit orders and take-profit/stop-loss.
- Transparent cost. Every rate is published in the app, and estimated cost is shown before an order is submitted.
- Friendly onboarding. Wallet-signature and email/phone login, four interface languages, identical features on desktop and mobile.
4. Products
| Product | Pricing and margin | Tenor | Key rules |
|---|---|---|---|
| Spot | 100% paid, priced in USDC | None | Buy debits quantity × price + fee; sell credits quantity × price − fee |
| Perpetuals | Margin = notional ÷ leverage | No expiry | Funding settles every 8 hours; liquidation when mark price crosses the liquidation price |
| Delivery | Fully paid, per position | 5 minutes to 3 months | The delivery moment is locked at order time and settled at the delivery settlement price; opening stops 2 hours before delivery |
| Options | Buyer pays premium, seller posts cash collateral | Per contract | Maximum loss for the buyer is the premium; no liquidation risk |
| Swap | Live reference rate | Instant | The swap fee is reflected in the execution price |
| Earn | Subscription and redemption | Per product | Historical APR does not represent future returns |
| C2C | Order-based, off-platform transfer | Per order | Buyer marks as transferred; seller releases coins after verification |
5. Architecture
| Layer | Approach |
|---|---|
| Client | React + TypeScript single-page app, multilingual and responsive |
| Edge | Reverse proxy exposing only the required API and WebSocket endpoints |
| Service | Go service: one binary serving HTTP API, market and account streaming, and static assets |
| Market data | Public quotes from external venues; no quote means the order is rejected, never a fallback price |
| Configuration | Fees, leverage, limits, tenors, option parameters and listed symbols are pushed from the operations console and take effect immediately after saving |
| Data | Trading and funding data lives in a relational database, with scheduled backups and a documented restore procedure |
Design principles
- Single source of truth: multipliers, ticks, fees, tenors and leverage caps come only from the server; the front end displays and never recomputes.
- One definition of truth: margin, fees and P&L for every order are computed and persisted server-side on execution and settlement; the front end never back-derives them.
- Configuration is live: saved settings update in memory immediately and the client follows by polling, with no service restart.
6. Accounts and funding
6.1 Login and accounts
- Wallet signature login: the signed message proves ownership of the address (EIP-4361 style); it does not initiate a transaction and never reads private keys or seed phrases.
- Credential login: email or phone number with a password, for users who do not hold a wallet.
- Session management: login tokens are revocable and sessions can be force-terminated.
6.2 Deposits and withdrawals
- Deposit: choose the network and coin (for example USDC on Base) and send to the address shown; the network must match, and assets sent on the wrong network cannot be recovered.
- Withdrawal: after submission the platform reviews and executes the on-chain transfer, usually within 5–30 minutes; the fee is deducted from the withdrawal amount.
6.3 Account structure
- Spot and contract accounts are booked separately and never commingled.
- Transfer: move funds between a user's own accounts with no currency conversion and no P&L.
- Swap: convert one asset into another at the live reference rate, with a swap fee that sets a new cost basis.
7. Compliance framework
| Control | Approach | Purpose |
|---|---|---|
| Identity verification (KYC) | Legal name, ID images, income and source-of-funds questionnaire | Confirm identity and risk tier |
| Manual review | Case-by-case review in the admin console; ordering and withdrawal are blocked during review | Stop anomalous sign-ups and mismatched data |
| Separation of duties | Role-based admin permissions; sensitive actions are logged | Prevent single-point abuse |
| Record retention | Trades, fund movements and operator actions are searchable | Support post-event checks and dispute handling |
| Access restriction | No service to restricted jurisdictions | Manage jurisdictional risk |
| Disclosure | Terms, privacy policy and risk disclosure available in-app | Protect the user's right to know |
The operating entity and registration details are published on the official site. Fees, rules and risk disclosures are all available in-app and can be reviewed at any time.
8. Risk control
Before execution
- Verification and permissions: accounts that have not passed onboarding cannot place orders or withdraw.
- Balance checks: margin and fees must be fully covered.
- Limit checks: notional floor and cap, leverage cap, position limits, and whether the symbol and mode are open.
During execution
- Margin is reserved in real time as notional divided by leverage.
- Mark price is monitored; crossing the liquidation price triggers a forced close settled at the liquidation price.
- Delivery contracts settle automatically at expiry, with the closing fill recorded so the trade detail stays auditable.
After execution
- All fund movements, fills and settlements are persisted and can be checked line by line in the app.
- Operations can adjust fees, leverage, limits and tenors; changes take effect immediately and are logged.
- Regular reconciliation and backups, with a documented restore procedure.
9. Pricing and fees
| Item | How it is charged |
|---|---|
| Spot fee | Notional × rate, charged per side |
| Perpetuals fee | Notional × rate, charged per side |
| Options fee | Premium × rate, charged per side |
| Delivery fee | Notional × rate; not charged if a loss leaves nothing to collect |
| Swap fee | Amount converted × rate, reflected in the execution price |
| Deposit fee | Credited amount = requested amount × (1 − rate) |
| Withdrawal fee | Rate × amount, subject to a minimum fee |
| Funding rate | Settled every 8 hours at the published rate; a positive rate means longs pay shorts |
Actual values are those shown on the in-app Fees page under Trading settings; fee changes do not apply retroactively to executed orders.
10. Business model
Revenue
- Trading fees: spot, perpetuals, options and delivery.
- Swap fees: charged on the amount converted.
- Withdrawal fees: covering on-chain transfer and operational cost.
- Funding settlements: periodic settlements on perpetual positions.
Costs
- Technology and operations: hosting, database, monitoring and security.
- On-chain cost: Base network transfer fees.
- Compliance and support: identity review, record retention and multilingual support.
Growth path
- Attract users who trade both crypto and traditional assets through cross-market coverage.
- Lower the barrier to moving funds across borders with on-chain deposits and withdrawals.
- Expand into regional markets with multiple languages and low onboarding friction.
- Build long-term retention on transparent and stable fee rates.
The platform does not earn through a platform token, promised returns or leverage on pooled funds.
11. User experience
- Getting started: sign up or connect a wallet → complete onboarding → deposit USDC → choose a market and mode → place an order.
- Order entry: the ticket shows estimated fill price, margin usage and fees before submission.
- Bookkeeping: P&L, fees and fund movements are listed separately; delivery settlement also shows the fill price and settlement price.
- Languages: Traditional Chinese, English, Korean and Japanese.
- Devices: identical features on desktop and mobile browsers, no client install required.
12. Security and audit
- No key access: wallet login only verifies a signature; the platform never holds private keys or seed phrases.
- Separate fund password: withdrawals require an independent fund password, decoupled from login credentials.
- Least privilege: admin access is role-based; sensitive actions (editing orders, adjusting P&L, releasing withdrawals) are logged individually.
- Data protection: production databases are backed up regularly with a documented restore path; sessions are revocable.
- Auditability: trades, fund movements and admin actions are searchable by user and time.
Security testing and penetration tests run continuously against our risk assessment and feed straight into hardening; we make no security claims beyond what has been tested.
13. Roadmap
- Live: spot, perpetuals, options and delivery, plus swap, earn and C2C, in four interface languages with a full admin console.
- Direction: more tradable symbols and deeper markets, richer charting and position analytics, mobile experience, a risk dashboard and an institutional API.
This section describes product direction and is not a schedule commitment.
14. Risk disclosure
- Market risk: leverage and contracts can wipe out the entire margin, and gaps can push the fill price far from expectations.
- Settlement risk: on-chain transfers are irreversible; a wrong address or network can make assets unrecoverable.
- Liquidity risk: some symbols may quote thinly at certain times, affecting execution price.
- Technical risk: market data depends on external sources; interruptions or delays can block ordering or postpone settlement.
- Counterparty risk: C2C trading depends on both sides performing, which carries credit risk.
- Regulatory risk: requirements differ by jurisdiction; users must confirm that using this service is lawful where they are.
15. Disclaimer
This document is for product and business description only. It is not investment advice, an offer, a solicitation or any form of return commitment. The platform issues no platform token and promises no principal protection or fixed yield. Content may change with the product and regulatory requirements; the official site and in-app notices prevail.
Official site: www.brentswap.com