✨ AI Summary
- In the financial world of 2027, crypto exchange infrastructure providers are offering comprehensive trading stacks for exchange venues, including matching engines, risk controls, and liquidity connectivity.
- Leading providers such as Antier, Nasdaq, Devexperts, and B2Broker, among others, support a broad array of market categories from spot crypto to tokenized real-world assets (RWAs), derivatives, and prediction markets.
- This development has led to exchanges, brokers, and even traditional banks converging towards offering the same products within a unified account.
- Among the notable developments, Binance's perpetuals on traditional assets have surged to a monthly volume of $445B in July 2026 while Kalshi became the first U.S.
- prediction platform to offer Bitcoin perpetual futures through a domestic regulated exchange.
A crypto exchange infrastructure provider offers the core trading stack an exchange venue runs on, including matching engines, margin management, risk controls, settlement and liquidity connectivity. In 2027, the infrastructure from best providers supports all major market categories, such as spot crypto, tokenized RWAs, derivatives, prediction markets, etc. Leading providers include Antier, Nasdaq, Devexperts, B2Broker, Match-Trade, AlphaPoint, Shift Markets, ChainUp, Connamara and Exberry.
The everything exchange is no longer a pitch deck idea.
Binance’s perpetuals on traditional assets reached about $445B in monthly volume in July 2026, a 15X increase since January. Kalshi, on the other hand, launched CFTC-regulated Bitcoin perpetual futures on May 29, 2026, becoming the first U.S. prediction platform to offer perpetual futures through a domestic regulated exchange. The company further expanded its perpetual futures offerings to additional asset classes, including equity indices and precious metals. Polymarket also launched its perps product on September 3, 2026, initially offering perpetual contracts linked to crypto-assets, gold, silver, oil, equity indices, and a SpaceX-related instrument with leverage up to 20X on select assets. It later expanded to additional markets. Not just these, but Morgan Stanley’s ETrade also now offers U.S. equities, ETFs, options, futures, crypto-linked ETFs/ETPs, and spot Bitcoin, Ethereum, and Solana within a single brokerage interface. Standard Chartered, a traditional bank, now offers institutional spot BTC and ETH trading, derivatives linked to digital-asset ETFs, and custody for digital assets.
All of these developments point toward exchanges, brokers, prediction markets, and even banks converging on offering the same products, including spot crypto, tokenized RWAs, derivatives, event contracts, etc., within a unified single account.
Crypto Exchange Infrastructure Providers Supply the Backend Stack Powering Modern Financial Venues
To support this multi-asset convergence, venues rely on specialized backend architecture. A crypto exchange infrastructure vendor provides the underlying trading stack that a multi-asset trading venue operates on, including:
- Matching Engine
- Order management
- Margin and Risk Management
- Settlement
- Back office and liquidity connectivity
Some financial institutions or market venues license a white label crypto exchange, while others build custom multi-asset trading architecture. For those planning their cryptocurrency exchange development, the crypto spot trading capability is taken for granted. The real evaluation is how natively a crypto exchange infrastructure vendor’s engine handles multi-asset breadth, from RWAs and complex derivatives to event contracts and prediction perpetuals.
This guide compares ten leading cryptocurrency exchange infrastructure providers across those four major market categories, shows where most of them stop, and explains how to choose.
If you are a brokerage comparing white label options only, our 5 Institutional White Label Crypto Exchange Providers guide covers that narrower decision.
Market Coverage Matrix: 10 Crypto Exchange Infrastructure Providers Compared
The table shows what each provider publicly documents as of October 2026.
| Provider | Spot crypto | Tokenized assets / RWAs | Derivatives | Prediction markets |
|---|---|---|---|---|
| Antier | Yes | Yes | Yes | Yes |
| Nasdaq (Eqlipse) | Yes | Partial | Yes | No |
| Devexperts | Yes | Yes | Yes | Yes |
| B2Broker | Yes | Partial | Yes | No |
| Match-Trade | Partial | No | Partial | Yes |
| AlphaPoint | Yes | Yes | Yes | No |
| Shift Markets | Yes | No | Yes | Yes |
| ChainUp | Yes | Yes | Yes | Yes |
| Connamara (EP3) | Yes | Yes | Yes | Yes |
| Exberry | Partial | Yes | Yes | Yes |
The headline columns hide the real differences. “Derivatives” can mean crypto perps only, or perps, futures and options on stocks and commodities. “Prediction markets” usually means fixed-expiry yes/no contracts, not leveraged prediction perps.
The crypto exchange infrastructure provider entries below spell out exactly what each one covers, and the section after the list covers the gaps.
Top 10 Crypto Exchange Infrastructure Providers for 2027
1. Antier: End-to-End Multi-Asset Exchange Infrastructure Development Partner
Market coverage:
- Spot crypto, tokenized securities, and RWAs, options, derivatives (crypto and RWA perps, futures, margin), and prediction markets, including prediction perps.
- All of these market categories are delivered as white label or custom multi-asset crypto exchange development.
Antier, with its 20+ years of technical experience and 700+ Web3 engineers, doesn’t require licensing for any crypto exchange backend. They build human- and AI-agent-ready centralized, decentralized, hybrid exchanges, OTC desks, hyperliquid-grade prep DEXs, tokenized securities venues, ATS, and prediction platforms, both retail and institutional, on their own. Whether you want to custom build your digital asset markets or leverage a white label exchange, SaaS, or Hyperliquid’s infrastructure for HIP-3 and HIP-4 perps and prediction markets, Antier is your end-to-end custom build and integration partner. Antier has also enabled more than 100 crypto exchange implementations in 30+ countries till date.
Proof point: For Gems Trade, Antier built a multi-asset centralized crypto exchange infrastructure combining spot and basket crypto trading, US equities through Alpaca, tokenized stocks through Ondo Global Markets, Fireblocks MPC custody, and OKX swap liquidity. It was engineered to align with MiCA and DORA.
- Watch for: Custom builds take longer than a plug-in module and Antier only offers high-quality builds, not startup-friendly digital asset makeovers.
- Best for: Exchanges, brokerages and fintechs that want several market types on one venue, or a market type no licensed product supports yet.
Need a Custom Multi-Asset Architecture Beyond Standard White Labels?
2. Nasdaq Market Technology (Nasdaq Eqlipse): Regulated Exchange Infrastructure
Market coverage:
- Technology for digital-asset venues, including cryptocurrency trading
- Nasdaq Eqlipse also supports derivatives, including futures and options
- Tokenized equities are a planned expansion. It expects to launch Nasdaq Equity Tokens (NETs) in the second quarter of 2027.
Nasdaq’s marketplace technology powers more than 130 market infrastructure operators in over 50 countries. Its Eqlipse digital asset trading platform covers trading, clearing and central securities depository technology. Nasdaq also lists cryptocurrencies alongside equities, derivatives, FX and commodities as supported asset classes.
In September 2026, Nasdaq Ventures agreed to invest $100 million in Kraken parent Payward. Payward will also adopt Nasdaq’s market-surveillance technology across venues spanning crypto, equities, tokenized equities, futures and options.
- Watch for: Nasdaq is built for exchanges, clearinghouses and central securities depositories, with procurement cycles to match. Its public Eqlipse documentation supports digital assets and derivatives, but does not specifically document crypto-style perpetual futures or event contracts.
- Best for: National exchanges, regulated market operators and government-backed venues adding digital assets.
3. Devexperts
Market coverage:
- Spot and margin digital assets, tokenized assets, futures, options and CFDs, and prediction markets.
Devexperts is a crypto exchange infrastructure provider that has built capital markets software since 2002 and employs more than 800 engineers. Its DXtrade platform supports stocks, options, futures, FX, CFDs and spot and margin digital assets, and won “Best Digital Assets Trading Solution” at the TradingTech Insight Awards Europe 2026.
Devexperts also delivered a digital asset alternative trading system with tokenized-asset and custody integration for a US startup, and offers prediction markets either by routing to regulated exchanges or as a full exchange stack.
- Watch for: Check their portfolio and testimonials before you rely on their stated deliveries.
- Best for: Brokers and institutions that want one platform across traditional and digital assets.
4. B2Broker: Brokerage and Liquidity Infrastructure Provider
Market coverage:
- Spot crypto, crypto perps, and CFDs across FX, indices, commodities and equities, with FIX and REST APIs for algorithmic traders.
B2Broker’s B2TRADER platform supports up to 11 asset classes on a single cross-margin account, including crypto spot, perpetual futures, crypto CFDs, FX, indices, metals, equities and ETFs. Its October 2026 release added an MCP server so traders can connect their own AI agents. B2Broker pairs the crypto exchange infrastructure platform with its own prime-of-prime liquidity.
- Watch for: Stock and commodity exposure is largely delivered as CFDs rather than tokenized assets. No prediction market product was found on their website.
- Best for: Forex and CFD brokers adding crypto spot and perps alongside existing products.
5. Match-Trade
Market coverage: FX and CFDs, crypto offerings for brokers, and prediction markets.
Match-Trade is a white label exchange technology that launched a prediction markets product on April 2, 2026. It is available as an add-on module inside Match-Trader or as a standalone white label, built on the same engine that runs its FX and CFD execution. CFD broker Born2trade went live with it in July 2026.
- Watch for: Its prediction markets are binary yes/no contracts, and it does not document crypto perps or tokenized assets.
- Best for: FX brokers and prop firms adding event trading to reduce user pilferage.
6. AlphaPoint
Market coverage: spot crypto, margin trading, crypto perps, and tokenized asset issuance and secondary trading.
AlphaPoint is a crypto exchange infrastructure provider that has served more than 100 customers in 35 countries, including Bancolombia’s Wenia, according to the company. It launched perpetual futures technology in August 2025, after margin trading earlier that year, and supports compliant issuance and secondary trading of tokenized real-world assets.
- Watch for: No RWA perps, options or prediction market products are publicly documented.
- Best for: Banks, fintechs and regulated exchanges that need tokenized assets and crypto derivatives on one white label exchange.
7. Shift Markets
Market coverage: Spot crypto, leveraged derivatives including crypto perps, and white label prediction markets.
Shift Markets has supported more than 200 trading platforms since 2009. On April 29, 2026, it launched white label prediction markets that connect to Kalshi and Polymarket liquidity, letting operators choose event categories and integrate with existing KYC and balance systems.
- Watch for: Tokenized assets and RWA perps are not part of its documented product set.
- Best for: Exchanges and brokers that want prediction markets with outside liquidity from day one.
8. ChainUp
Market coverage: Spot crypto, margin, futures and OTC trading, an RWA tokenization exchange, and prediction markets.
ChainUp says it serves more than 100 enterprise clients with SOC 2-certified white label software for crypto exchanges, tokenization exchanges, prediction markets and MPC custody. It offers spot and futures trading modules and runs a white label RWA tokenization exchange covering issuance and secondary trading.
- Watch for: Competitors such as Shift Markets argue that ChainUp’s bundled liquidity and in-house custody suit lightly regulated markets better than US or EU venues. Check custody and licensing fit for your jurisdiction.
- Best for: Fast launches across several product lines in Asia, the Middle East and emerging markets.
9. Connamara Technologies (EP3)
Market coverage: Event contracts, crypto, tokenized real-world assets, sports and energy derivatives.
Connamara’s EP3 platform combines matching, clearing, settlement and surveillance in one crypto exchange infrastructure. It powers a majority of the new CFTC-licensed venues launched in 2024. EP3 won best matching engine for prediction/event markets at the TradingTech Insight Awards USA 2026.
- Watch for: EP3 is built for venues pursuing their own exchange and clearing licenses, not for quick white label launches.
- Best for: Operators seeking DCM or DCO status for event contracts and other new asset classes.
10. Exberry
Market coverage: Stocks, derivatives, commodities, digital securities and prediction markets on one asset-agnostic engine.
Exberry offers a cloud-native, asset-agnostic matching engine for regulated exchanges, plus a prediction market matching engine and white-label support for yes/no and multi-outcome events with pre-funded risk controls. Its clients include Abaxx.
- Watch for: Exberry focuses on matching and order book technology. Wallets, custody and front ends typically come from other vendors.
- Best for: Regulated venues that want a modern matching core and will assemble the rest.
Where Most Crypto Exchange Infrastructure Vendors Fall Short
The matrix makes most providers look complete. Four gaps show up once you look inside the “derivatives” and “prediction markets” columns.
1. RWA perps: Perpetuals on stocks, indices, commodities, and pre-IPO companies are the fastest-growing derivatives category.
RWA perps volume reached $347 billion in May 2026, according to CoinGecko, up 1,472x from $0.23 billion in January 2025.
Yet most licensed stacks either do not document them or deliver the exposure as CFDs. For the trade-offs between picking a tokenized asset trading venue and RWA perp trading strategy, see our guide to tokenized RWAs vs RWA perps.
2. Options: Options are core in traditional markets and growing in crypto.
Binance now offers options on more than 1,000 US stocks and ETFs to eligible users outside the US.
Among the crypto exchange infrastructure providers listed above, Options matching is documented mainly by TradFi-rooted vendors like Nasdaq and Devexperts, or built as a custom implementation through Antier. Most off-the-shelf crypto-native white labels stop at perps and futures.
3. Prediction perps: Prediction markets processed $45.33 billion across Kalshi, Polymarket, and Polymarket US in August 2026, according to The Block.
These venues primarily offer fixed-expiry event contracts; binary yes/no markets settle at 0 or 1, while some Kalshi scalar markets can settle within a defined range. A prediction perp is a leveraged contract with no fixed expiry that tracks an event’s probability. It requires a perpetual-trading engine, a funding mechanism to anchor the contract to the referenced probability, and a probability oracle. dYdX listed an early example, TRUMPWIN-USD, for the 2024 U.S. presidential election when it used Polymarket as its probability oracle and dYdX’s standard funding mechanism. No licensed venue is publicly documented as offering a comparable product today.
4. One margin account across everything: Running spot, perps, and event contracts on one platform is not the same as letting them share collateral. Hyperliquid’s HyperCore does this natively, and B2Broker offers cross-margin across its CFD and prep products. As a leading crypto exchange infrastructure provider, Antier has also built cross-margin collateral engines for various multi-asset trading platforms. But most licensed stacks keep prediction markets in a separate module with separate balances.
These gaps are where an orchestration and build partner earns its place. A venue that wants RWA perps, options, and prediction perps on one risk engine will need custom engineering on top of, or instead of, a licensed core. That is the work Antier does when it combines its own engines with third-party components into one exchange.
How Do You Evaluate a Multi-Asset Trading Infrastructure Provider?
Capital allocators and aspiring crypto exchange operators must apply these seven criteria to every crypto exchange infrastructure vendor on the shortlist.
| Criterion | What to ask |
|---|---|
| Market coverage | Which market categories, and which instruments inside them (perps, futures, options, event contracts), are live today, and which are on the roadmap? |
| Unified margin | Can positions in different market types share collateral and offset risk? |
| Oracle and off-hours pricing | How are RWA perps priced when the underlying market is closed? |
| Market creation and resolution | Who creates event markets, how are outcomes resolved, and what happens in a dispute? |
| Liquidity sourcing | Does it bring market makers or connect to Kalshi, Polymarket or other external venues? |
| Licensing fit | Is the stack proven under your target regulator (CFTC, SEC, VARA, MiCA, FCA)? |
| Code ownership and exit | Can you take the code or data with you, or is your roadmap tied to the vendor’s? |
For a deeper crypto exchange infrastructure vendor-selection checklist, see 7 Factors to Choose a Crypto Exchange Development Company.
What Does Multi-Asset Exchange Infrastructure Cost?
Crypto exchange infra vendor quotes often cover only the baseline software, but a credible, licensed exchange launch typically requires $500,000 to $1 million in year one, accounting for
- white-label licensing
- legal frameworks
- initial liquidity
- ongoing operational overhead
For a detailed breakdown of budget factors and deployment models, explore how much crypto exchange development costs in 2026.
Adding specialized market types to the crypto exchange infrastructure further scales the investment:
- perps require risk and liquidation engines
- tokenized assets need issuance and custody contracts
- prediction markets demand dedicated resolution feeds
Operators must budget both for individual modules and the complex integration required to connect them.
Conclusion
The leading crypto exchange infrastructure providers of 2027 differ less in whether they support spot crypto and more in how far beyond it they go. AlphaPoint and ChainUp combine tokenized assets with crypto perps. Shift Markets, Match-Trade, Devexperts and Exberry add white label prediction markets. Nasdaq and Connamara bring regulated exchange and clearing depth. Few cover RWA perps or options natively, and none of the licensed products covers prediction perps.
If you are planning a venue that runs several of these market types on one account, schedule a discovery call with Antier’s exchange architects to map your market types, jurisdictions and the build-versus-license decision for each.
Frequently Asked Questions
01. What is a crypto exchange infrastructure provider?
A provider supplies the trading stack a venue runs on, including matching, order management, margin and risk, clearing or settlement, back office, and liquidity connectivity. It may offer white-label platforms, modular components, or custom builds; the operator runs the venue under its own brand and licenses.
02. What is the difference between outcome contracts and prediction perps?
Outcome contracts are dated contracts that settle when a defined event or condition resolves; binary markets typically settle at 1 or 0, while some platforms support scalar outcomes within a fixed range. Prediction perps have no fixed calendar expiry, may use leverage and funding payments, and track a referenced probability or event metric, so positions can be liquidated before final resolution.
03. Can one platform run spot, perps and prediction markets together?
Yes. Hyperliquid’s HyperCore supports spot, perpetual futures and outcome markets, while vendors such as ChainUp offer spot and derivatives capabilities as modules. However, unified margin and cross-product risk usually require substantial custom engineering or an orchestration partner.
04. How much does multi-asset exchange infrastructure cost?
Costs vary widely by jurisdiction, product scope, licensing route, liquidity arrangements and build approach. A credible licensed launch can require substantial year-one spending across platform licensing or development, legal and compliance, liquidity, market making, custody, data and operations; each added market type adds further engine, data, risk, liquidity and integration costs.
05. Which jurisdictions allow prediction markets and RWA perps on crypto exchanges?
In the US, event contracts on CFTC-registered designated contract markets are generally subject to CFTC oversight, while sports-related contracts remain subject to ongoing state and federal litigation. RWA derivatives on U.S. stocks are mostly offered outside the US or through regulated cross-border arrangements; the EU, UK, Singapore and Australia each require separate analysis for derivatives, securities and digital-asset rules. Confirm the treatment per jurisdiction and product.
