Marex launches cash-settled OTC crypto product for institutions without custody
Marex launched a cash-settled OTC rolling spot crypto product on October 1 for hedge funds, asset managers and crypto-native institutions: clients gain long or short exposure to Bitcoin or Ether price movements without holding the underlying assets, using Marex’s existing credit, margin and execution stack. The firm also introduced Neon Crypto inside its institutional Neon platform to deliver streaming depth, execution, real-time margin oversight and portfolio management within familiar workflows.
What launched
- Cash-settled OTC rolling spot crypto: long or short exposure without direct coin custody.
- Integrated access via Neon Crypto in the Neon platform: market depth, execution, margin and portfolio tools.
Operational implications
Direct ownership requires wallet infrastructure, private-key controls, third-party or internal custody, settlement procedures and policies for asset movement. A cash-settled OTC derivative removes these custody and settlement tasks while preserving price exposure, and fits into existing risk, reporting and collateral systems.
Market context
- Institutional participation is rising: Wintermute reported that institutions generated 72% of its spot OTC volume in H1 2026.
- Large positions are appearing on decentralized venues: see the $67 million ETH short tracked on Hyperliquid.
- Regulatory plumbing remains pivotal: the SEC-CFTC review of portfolio margining could influence capital efficiency for hedged positions across products.
Positioning within institutional toolkits
Institutional access has expanded beyond trusts, futures and direct custody to spot ETFs, options, perpetual-style derivatives, structured OTC contracts, tokenized securities and onchain venues. Marex’s rolling spot product adds a cash-settled route that retains crypto’s market economics and volatility while avoiding custody operations and leveraging established counterparty, credit and margin frameworks.
