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I learned about Tread.fi when users were earning points for trading on Kinetiq.
Over time, I started using it myself - for delta-neutral strategies on two DEXs.
So I decided to take a closer look at the project and see if it can be considered a primary tool for automated trading.
There is LinkedIn:
2 thousand followers, last post 5 months ago.
I have 7 out of 10 links:
David Jeong. 4,271 followers - not bad. At Tread Fi - Chief Executive Officer (CEO). Interestingly, since November 2022, although the project itself is relatively new - perhaps they were doing algorithmic trading on CEX. Also Advisor at Magic Newton Foundation since June 2025. Before Tread, he was Vice President - Quantitative Research at Morgan Stanley (well-known company - good, 7 years of experience), Intern at Morgan Stanley and Intern at Merrill Lynch.
Studied at University of Waterloo: Bachelor of Computer Science from 2010 to 2015
Conclusion: had experience as Deputy Director at Morgan Stanley.
Kavisara(Ching) Srisuwatcharee. 250 followers. Has been working at Tread Fi for 1 year and 9 months: UX/UI Designer, now Design Engineer. Previously UX/UI Designer at Maple Synapse, UX/UI Designer at M Intelligence Co., Ltd (Internship).
Studied at King Mongkut's University of Technology Thonburi: Bachelor of Science - BS, Computer Science from August 2019 to December 2022, and at Tamwood Careers College: Diploma of Education, UX Designer from July 2023 to May 2024.
3.5 years of design experience - good.
Bastien Trelcat. 7,017 followers. Investor in tread Fi. There are other companies, but we're not particularly interested since he's not a full-fledged team member.
Weishuai Yang. 649 followers. Co-Founder & CTO at tread.fi since January 2023. Previously Engineering Manager - Trading Platform at Uniswap Labs in 2022, Engineering Manager - Institutional Algo Execution at Coinbase in 2021-2022 (9 months), Director - FX eTrading Technology at TD Securities from 2014 to 2021, Vice President - eFX Algo at BNP Paribas from 2010 to 2014, Assistant Vice President - Rates eTrading at Barclays Investment Bank from 2009 to 2010 (9 months), Software Engineer at Bloomberg from 2007 to 2009.
Studied at Binghamton University: PhD, Computer Science, Binghamton University School of Management: MBA, Operations Management and 2 more.
Conclusion: has well-known companies, good leadership experience.
Porrat Wannathip. 306 followers. Has been working at tread.fi as Quant Engineer since December 2025 (about 4 months). Previously internship as Application Security Engineer at Agoda from May 2024 to May 2025. Earlier internship at Tokenomist: first Data Analyst, then AI Engineer. Also Co-Founder & Developer at Blackbox (2021-2023) - algorithmic trading service. Developed automated trading based on Pine Script signals for Binance, used AWS Lambda, DynamoDB, Python scripts for automation and logging profits/losses.
Studied at Chulalongkorn University: Robotics and Artificial Intelligence Engineering, Computer Engineering (2021-2025), graduated with First Class Honors.
Conclusion: technical specialist with experience in algorithmic trading, tokenomics analysis and automation. Work experience is still limited, but the profile is relevant enough for the project.
Natakorn (Jay) Harnkul. 446 followers. Has been working at tread.fi as Head of Marketing since February 2025. Positions himself as an expert in institutional algorithmic trading infrastructure and community builder. Concurrently Co-Founder of KIKOS project (since October 2023). Before tread.fi, worked as Online Community Manager at Siam Piwat. Also interned at Web3 Think Tank.
Studied at Chulalongkorn University: Bachelor's degree, CSII (2021-2025).
Conclusion: profile is more marketing and community-oriented.
Chanad (Peem) Ladavalya. 1,244 followers. Has been working at tread.fi as Product Manager since October 2024. Responsible for the product: turns user requests and feedback into specifications, wireframes and user flows, manages the full cycle of feature development. Also participated in improving the interface (React, Tailwind), documentation and user communication.
Previously worked at Bloomberg (one of the most well-known companies in financial infrastructure) for almost 3 years: first in Analytics Graduate Program, then Equities and Fixed Income Specialist and Equity Advanced and Quant Specialist. Later became Enterprise Sales Account Manager.
After Bloomberg, worked as Institutional Sales Associate at MUFG (large Japanese bank.
Studied at London School of Economics (LSE): Bachelor of Science, Government and Economics (2017-2020).
Conclusion: strong experience in traditional financial companies (Bloomberg, MUFG) and working with institutional clients. In the team, responsible for product and user interaction.
In conclusion, most team members have relevant experience for the project: algorithmic trading, trading infrastructure, product development and marketing. There are employees with experience at well-known financial companies (Morgan Stanley, Bloomberg, MUFG, Coinbase, Uniswap Labs), which looks positive. However, part of the team is young and has relatively little work experience. Overall, the team looks professional and sufficiently suitable for developing algorithmic trading infrastructure.
Blog has been inactive since October 2025:
Telegram chat also:
The last message was in November 2025.
This is bad.
Youtube with the last video 4 months ago:
And here's X @tread_fi active:
11.5K subscribers, 1,125 posts. The last one at the time of writing the article was 5 hours ago with 6 replies, 6 reposts, and 43 likes.
According to Sorsa, score 604 (Tier 3. Credible):
Among the well-known projects: MoonPayCommerce, zealy_io, and others.
Among the funds - GBV Capital, LedgerPrime, EnigmaVentures, Play Ventures, daedalus_angels, and others.
Moni score for the project is 3092 (+18/day):
Mentions and mentions by smart contracts - 101 (possibly a bug, or maybe that's how it is). 276 smart contracts.
The following projects related to Tread.fi are written in Moni: Bitget, Mingo, MoonPay Commerce, TokenHunter, Nabox.
Only GBV Capital from VC/funds, and only 0xvinhpham from DAOs/groups.
And most importantly - their Discord is also active:
In the announcements today, the last post was at 8:47.
In network updates - March 2:
Here are the news about network updates.
Interestingly, there is also information in Market alerts, and it is published frequently (the last post was at 19:08 (6 minutes ago):
Main chat is active:
In the alpha chat on February 14:
And here in the help chat, I got a quick response!:
I'm very happy about this.
In discussions about strategies:
Last message on March 2.
In feedback, moderators write periodically (the last message was today):
Users also publish content:
There is also a ticket system - good.
Rating 5 out of 5: there is LinkedIn and most professionals. There are inactive Telegram and Youtube with a blog, but X and Discord are active. Moreover, they answered my questions correctly and quickly! This is really nice.
Source - documentation:
Tread.fi is an algorithmic crypto trading terminal and OEMS (Order and Execution Management System) for retail and institutional traders.
The platform combines algorithmic order execution, trading bots, and portfolio management across multiple exchanges.
Supported platforms:
Centralized exchanges (CEX): Binance, Bybit, OKX, Gate, Bitget, Deribit, Coinbase Exchange, Aster
Perpetual DEX: Hyperliquid, Paradex, Pacifica, Nado, Extended
On-chain swaps (DEX trading)
Key features:
algorithmic order execution (VWAP, TWAP, Target Time, Implementation Shortfall, etc.)
Smart Order Routing - routing orders between platforms
unified trading terminal for managing positions on multiple exchanges
automated strategies and trading bots
funding rate arbitrage through delta-neutral strategy
Telegram bot for notifications
self-hosted solution for Enterprise
Supported Exchanges and Products
Binance: Spot, Perps, Futures, Options, Margin (PM)
Bybit: Spot, Perps, Futures
OKX: Spot, Perps, Futures, Options, Margin
Gate: Spot, Perps
Bitget: Spot, Perps, Futures, Margin
Deribit: Spot, Perps, Futures, Options
Hyperliquid: Spot, Perps
Paradex: Perps
Pacifica: Perps
Extended: Perps
Coinbase Exchange: Spot
Order Types
Supports basic and algorithmic order types:
Market
Limit
IOC
Iceberg
Execution Algorithms:
VWAP
TWAP
Target Time
Implementation Shortfall
Algorithmic Strategies
Pre-Configured Execution Strategies:
Impact Minimization
Time Constant
Target Participation Rate
Market Maker
Aggressive Maker
Aggressive Taker
Target Time
Bots
Market Maker Bot - automated market making with Mid, Grid, Reverse Grid, Blend, and Signal modes
Delta Neutral Bot - funding rate arbitrage strategy
API
REST API
WebSocket
Metabuilder Framework for developing trading strategies
Cryptographic verification of trading (vCeFi)
The platform includes the function vCeFi (Verifiable CeFi).
It allows displaying on-chain confirmed data about trading activity, obtained from centralized exchanges.
The interface displays trading metrics:
unrealized PnL
notional exposure
cumulative trading volume
This data is formed based on on-chain verified trading data.
Trading activity is recorded in intervals of about 10 minutes, after which confirmed metrics are generated.
The system uses a Proof Table where the following are displayed:
trading time windows
confirmed metrics
link to proof
data verification status
The user can share confirmed trading statistics while preserving the privacy of individual positions.
Integrations
Telegram Bot
two-factor authentication (2FA)
self-hosted deployment for Enterprise
AWS CDK for infrastructure deployment
The documentation does not contain market or competitor analysis.
Based on the functionality, the platform appears to be oriented towards:
traders using algorithmic order execution
market makers
users trading on multiple exchanges simultaneously
The documentation contains step-by-step instructions on:
connecting exchanges and API keys
placing orders
setting up algorithmic strategies
setting up bots
portfolio management
Telegram bot setup
deploying self-hosted version
Builder Fees
For some integrations, builder fees are specified:
Extended: 0.02%
Hyperliquid: 0.02%
Pacifica: 0.02%
Exchange fees
The platform does not charge additional fees on top of exchange fees.
The user pays the standard exchange fees:
maker fees
taker fees
funding fees
withdrawal fees
Self-hosted
The cost of the self-hosted solution is not specified (Enterprise pricing).
Specified in the documentation
Execution risk:
slippage may occur
execution may differ from the expected price
gap risk may occur during sharp market movements
Algorithmic orders:
possible partial execution
low liquidity may increase taker execution time
Market maker strategies:
limit orders may not be executed
possible incomplete strategy execution
In my opinion:
Platform risks:
platform risk - infrastructure failures may affect order execution
API key risk - providing API keys to the platform
limited transparency of Smart Order Routing
Algorithmic trading risks:
strategies may not account for sudden market events
testing results do not guarantee future profitability
DEX Risks:
possible smart contract risks
liquidity risks on individual DEXes
Rating 3 out of 5: The documentation provides a detailed description of the algorithmic trading infrastructure, including a terminal with an order management and execution system (OEMS), order execution algorithms (VWAP, TWAP, etc.), order routing between venues, and integration APIs (REST API and WebSocket). The platform supports trading on centralized exchanges and perp DEX through a single terminal. The documentation also specifies fees and risks of using the platform. A unique feature is the vCeFi system, which allows publishing verified on-chain trading metrics from centralized exchanges. However, the documentation lacks an analysis of demand and competitors, and the project itself is not a decentralized protocol.
Token and tokenomics are not announced.
Data from info about season 1:
And referral program:
The project features a loyalty program Season 1. Users earn points for trading activity through the Tread terminal.
Each week, 100,000 points are distributed. They are allocated proportionally to users' trading volume relative to the total volume of all participants.
To participate in the distribution, you need to accumulate at least $100,000 in trading volume over 7 days.
The system also uses multipliers for high trading volumes. For example, when increasing weekly volume, increasing coefficients are applied (e.g., from 1.1x to 2x).
The project has a referral program. A user can receive 20% of points from invited users' activity, if their trading volume exceeds the minimum participation threshold.
Points are also used for voting on the integration of new exchanges. Users can distribute their points between integration options, after the voting is completed, the points are returned.
The loyalty program is used as a reward system for users' activity on the platform.
According to Cryptorank, the project received $3.5 million:
from GBV Capital, Daedalus, New Form Capital, Aquanow, Varys Capital, Rocinante Research, Thanefield Capital.
Rating 3 out of 5: the token and tokenomics of the project are not announced, but the Season 1 point program is in effect, under which users receive points for trading volume through the Tread terminal (may encourage "wash-trading"). Points are distributed weekly and are used to vote for integrations of new exchanges.
The project also received investments of $3.5 million from funds (GBV Capital, New Form Capital, Daedalus, Varys Capital, etc.).
Rating 1 out of 5: it is closed and there are no audits.
Open theweb application of the project:
You can register by e-mail with a password or through a wallet. I will use a wallet by clicking "Sign up (Wallet)":
Logged in:
We immediately land on the referral page. We won't return to it anymore.
Click on the button with the account icon (it's near the version - currently v6.1.890):
You can connect a CEX account, dex wallet, or perp dex account.
I don't work with centralized exchanges, so I'll start with the dex wallet:
"Connect" and select the wallet. After that, "Submit":
"Connect Perp DEX Account":
I chose Hyperliquid and filled in:
"Connect", select the wallet and connect.
Here's the list I already have:
Similarly, connect the rest of the accounts.
I'll click "Deposit" on HL:
Choose USDC Arbitrum. After this, they will ask you to connect your wallet - click "Connect" and then the form will appear. Enter the amount:
"Deposit" and confirm the wallet. Done:
Unfortunately, not everyone has a deposit. For example, extended doesn't have one:
So I top it up manually.
Clicking the "Trade" button opens the following menu:
The first time you will be asked to accept the agreement:
"I Agree" and we get to where we need to be:
Also, at the top there is an option to select a pair. Currently, BTC-perp USDT is selected. I will click on it:
It's cool that there is a choice between perps, spot, etc. Choose between CEX and DEX.
In general, it's very convenient!
We can find what we need by searching for GOLD. It's a shame that with GOLD in tickers - we would like to assign, for example, XAU, but that's what we have:
After selecting, we see the necessary page. There are different trading instruments - that's good.
There is also an order book, as well as my open orders and positions.
Before the purchase form - a list of accounts:
I chose HL:
By default 5x. But you can click "Adjust":
I won't change it.
Next is strategy setup.
By default, Impact Minimization is used. This is an order execution algorithm whose goal is to minimize the impact of the trade on the market.
If a large order is placed immediately, it can shift the price and worsen the execution conditions. To avoid this, the system splits the order into several smaller ones and executes them gradually.
The algorithm tries to distribute execution in such a way as to take liquidity with minimal impact on the price. Usually, a trajectory close to VWAP (volume-weighted average price) is used.
This strategy is suitable for relatively large orders when the trader is not aiming for immediate execution but wants to get a more stable average price.
Tread also offers other execution algorithms, such as TWAP (uniform distribution of the order over time), Target Participation Rate (execution of a share of market volume), as well as market-making and aggressive execution strategies.
Here is a list of all strategies (opened it):
The algorithm uses a number of additional execution parameters.
Limit Price. Sets the limit price of the order. You can choose dynamic mode or link to the current price in the order book (e.g., Mid or Bid). You can also set a percentage deviation from the price.
Duration. Execution time of the algorithm. During this period, the system will gradually place orders.
Time Start / Time End. Allows you to set the start and end time of order execution.
As well as Exit Conditions (default collapsed):
These are position exit settings. You can set Take Profit and Stop Loss.
Scale Orders. Allows you to distribute an order across a price range and place multiple limit orders instead of one. They are also hidden by default - I'll show you:
It's not very convenient that there's no binding to TP/SL - it's hard not to go beyond the limits, which will cause an error.
And Advanced Settings. Additional parameters for the execution algorithm. Here you can configure the participation rate in market volume, the size of individual order parts, the degree of passivity of limit orders, and other parameters of the algorithm's operation:
And before the send button, there is Pre-Trade Analytics
This is pre-trade analytics before sending an order. Metrics are displayed, such as Participation Rate (order share in market volume), volatility, and market volume.
I see that the order volatility is ±0.2419% - a little.
By the way, there is also saving as a template - this is convenient so that you don't have to manually configure it each time.
After clicking "Submit order", they will ask you to confirm:
If you agree, click "Place Buy Order".
After placing, the settings are not reset - I can save them as a template by clicking "Save templates":
And then you can manually not fill it out - just click "Load Templates":
And "Load" - everything will be loaded. I find it very convenient!
By the way, at the bottom of the page, you can click "Current Setting - Show order confirmation before submitting orders. Toggle to enable quick submit" to switch to sending orders without confirmation.
In orders (top table) we see our order:
It is filled by 33%.
In positions, we also see the data, and that PNL is $0.14:
In general, it's standard here.
When I clicked "Close", the form at the bottom simply switched to selling. I had to send a sell order. As a result, the table became like this:
This is not very convenient: I would like to separate closing from orders of the opposite side. But it's obvious that the service is primarily aimed at algorithmic strategies.
So we'll have to wait...
On this page (second item in the trade menu) we can:
The tool allows creating portfolio transactions by combining multiple buy and sell orders for assets. This can be used for portfolio rebalancing, spread trading between assets, or implementing delta-neutral strategies (although there is a corresponding bot for them).
There is also a Participation Rate parameter that allows controlling the share of the order's participation in the market volume.
The pair is selected by choosing an account and clicking "Select pair":
I currently have no available swaps.
Great that you can select multiple such pairs.
I think the essence is clear.
It allows you to swap algorithmically, minimizing losses (not in one transaction):
Selected Dex wallet account:
"Select" to choose a token:
Problem: no display of balances and sorting from largest to smallest - this significantly reduces convenience.
It turns out that Tread has its own account linked to the wallet - 0 USDC:
That's why the balances were not displayed...
Need to click "Deposit":
You can choose between a QR code and a wallet. I choose "Deposit from wallet". Next, I select the wallet and connect.
Select the network:
Token (standard form) and enter the amount. The problem is that there is no max button either:
"Confirm in wallet" and confirm in the wallet. You'll have to wait, and then you can choose "Urgency" (urgency) and view analytics. If everything suits you, exchange.
And here is the version for perps:
You also select a pair to receive, urgency, view analytics, and place an order.
Unfortunately, only available for CEX accounts:
In the interface, you can select an exchange (Binance, OKX, or Deribit), the underlying asset of the option, and the expiration date. After that, the terminal allows you to select a specific option contract and place an order to buy or sell.
When placing an order, trade parameters are specified, such as the side (Buy or Sell), the number of contracts, and the limit order price. As in other sections of the terminal, algorithmic strategies can be used to execute the order. For example, the Market Maker strategy places limit orders in the order book to get maker execution.
On the right side of the interface, a list of orders is displayed. It is divided into several tabs, including active, canceled, executed, and expired orders.
Thus, the terminal allows you to manage options trading through a single interface along with other instruments, such as spot and derivatives trading.
I hope this information is enough for you: I won't be able to show in detail due to the lack of CEX accounts.
Or orders in a chain:
Chained Orders allow you to create a sequence of orders that are executed sequentially. The next order is activated only after the previous one is executed.
This mechanism is used to automate trading scenarios where actions need to occur step by step.
For example, a trader can:
first open a position
then automatically place an order to fix profits
and an order to limit losses.
In the interface, the user creates the first order, after which they can add additional orders to the chain. Each of them will be executed only after the previous one is completed.
As in regular trading, you can set execution parameters for each order, such as the algorithmic execution strategy, limit price, and execution duration.
Thus, Chained Orders allow you to automate sequential trading actions and manage positions without constant manual control.
I would compare this to creating TP/SL when opening a market order, but here it's a more extensive chain: there's no closing of one order if the opposite is executed (closing a take when a stop is hit).
Just select a pair, percentage of balance, limit price, strategy, duration, etc. You can upload or save a template.
And make several such orders:
I didn't notice right away that there was a table at the top, so a bunch of orders were created 🙂. But here's an example on the screenshot.
It's very convenient to automatically buy at a certain percentage of the balance when it falls!
The main functionality, I think. The menu opens with the Bots button:
First, there will be such a page:
You need to select an account under "Select Account":
And next - a couple:
For example, XYZ_GOLD
By clicking on 1x, you can change the leverage. I have now set 4x. And indicated the margin:
As you can see, the volume is 8,000. This is with other order execution parameters set as well:
Participation Rate - determines the share of the order's participation in the market volume. I chose Normal.
Duration - the time during which the algorithm will execute the order. I set 60 minutes.
Reference Price - the price relative to which the algorithm calculates the placement of orders. I selected Mid Price, which uses the average price between the best buy and sell prices in the order book.
Other options for Reference Price are also available, for example:
Grid Mode - uses the execution price of the opposite side of the transaction
Reverse Grid - uses the execution price of the same side of the transaction
Blend - combined mode
Signal - price with technical indicator
Directional Bias - sets the direction in which the algorithm shifts order placement (Long, Neutral, or Short). The Spread parameter determines the magnitude of this shift relative to the reference price and is set in basis points (bps). I left 0 BPS (0.5 = 0.005% of the price).
And then the standard - stop loss and take profit. I put the stop at -5%
After all settings:
Let's see what:
Fee Estimate ~$1.84 - too much for $100
My maximum loss is $5
Time - 1 hour
Participation - 5%
I click "Start Trading" - launched:
Waiting for completion.
After this, we will see in the history:
This time I did pretty well: volume 7.98K $ and loss -$1.17.
This bot is good for pumping points for volume on different dex or for providing liquidity for favorite tokens...
This bot allows you to set up a delta-neutral strategy on two exchanges. I use it to work on two dex:
First, I select "Select Account" for Long:
HL. Then "Select Pair" will appear:
Click:
And I choose, for example, XYZ_GOLD.
In the same way, "Select Account" for Short and choose "Extended", "Select Pair" and XAU:
Search.
It turned out like this:
I click on 4x and change it to 10X as well to have the same leverage:
Specify Notional - the size of the position in money for each side of the strategy.
And then there's the twap time and position time. I usually close it myself, so I leave it empty, but you can limit it, for example, to 300 minutes, so it closes in 5 hours.
Filled:
Minimum Notional - 500.
Position started accumulating:
Twap will complete in 30 minutes.
When you want to finish, if you set unlimited position time or want to close earlier due to imbalance, click "Wind-down position - reverse trade" and that's it.
My active strategy:
If we want to finish earlier, just click "Wind down position immediately (replaces scheduled)" in the line.
Orders - some types of orders:
Why some? Only Single, Multi, Chained, Batch are available.
Also:
Analytics - project analytics
Explore - various leaderboards
More interesting things - points:
I currently have 0: need to do $100,000 volume over 7 days to start earning.
And Portfolio:
Where we see balances by account and spot on Tread.
It's inconvenient that you can't withdraw at least from the spot.
Rating 4 out of 5: The interface is convenient and understandable if you understand the terms. Plus, it's flexible.
But there were cases when I launched a delta-neutral strategy on two DEXes, but in fact, positions were not opened. Or vice versa - they were not closed. So you still have to check everything (at least through your own bot monitoring delta-neutral positions).
Team: 5 out of 5: has LinkedIn and most professionals. There are inactive Telegram and Youtube with a blog, but X and Discord are active. Moreover: they answered my questions correctly and quickly! This is really nice.
Concept: 3 out of 5: the documentation describes in detail the infrastructure for algorithmic trading - a terminal with an order management and execution system (OEMS), order execution algorithms (VWAP, TWAP, etc.), order routing between platforms, as well as API for integration (REST API and WebSocket). The platform supports trading on centralized exchanges and perp DEX through a single terminal. The documentation also lists fees and risks of using the platform. A unique feature is the vCeFi system, which allows publishing verified on-chain trading metrics from centralized exchanges. However, the documentation lacks analysis of demand and competitors, and the project itself is not a decentralized protocol.
Coin: 3 out of 5: the project's token and tokenomics have not been announced, but there is a Season 1 points program, under which users receive points for trading volume through the Tread terminal (may encourage "wash-trading"). Points are distributed weekly and are used to vote for integrations of new exchanges.
The project also received $3.5 million in investments from funds (GBV Capital, New Form Capital, Daedalus, Varys Capital, etc.).
Code: 1 out of 5. It's closed-source
Practice: 4 out of 5: The interface is convenient and understandable if you understand the terms. Plus, it's flexible.
But there were cases when I launched a delta-neutral strategy on two DEXes, but in fact, positions were not opened. Or vice versa - they were not closed. So you still have to check everything (at least through your own bot monitoring delta-neutral positions).
In total, 16 out of 25 points.
Better than many recent analytical reviews, but can't say the level is good. Let's see what happens after the token launch.
Subscribe to https://t.me/blind_dev - there are new posts with project analysis, as well as posts about me and my projects.
I learned about Tread.fi when users were earning points for trading on Kinetiq.
Over time, I started using it myself - for delta-neutral strategies on two DEXs.
So I decided to take a closer look at the project and see if it can be considered a primary tool for automated trading.
There is LinkedIn:
2 thousand followers, last post 5 months ago.
I have 7 out of 10 links:
David Jeong. 4,271 followers - not bad. At Tread Fi - Chief Executive Officer (CEO). Interestingly, since November 2022, although the project itself is relatively new - perhaps they were doing algorithmic trading on CEX. Also Advisor at Magic Newton Foundation since June 2025. Before Tread, he was Vice President - Quantitative Research at Morgan Stanley (well-known company - good, 7 years of experience), Intern at Morgan Stanley and Intern at Merrill Lynch.
Studied at University of Waterloo: Bachelor of Computer Science from 2010 to 2015
Conclusion: had experience as Deputy Director at Morgan Stanley.
Kavisara(Ching) Srisuwatcharee. 250 followers. Has been working at Tread Fi for 1 year and 9 months: UX/UI Designer, now Design Engineer. Previously UX/UI Designer at Maple Synapse, UX/UI Designer at M Intelligence Co., Ltd (Internship).
Studied at King Mongkut's University of Technology Thonburi: Bachelor of Science - BS, Computer Science from August 2019 to December 2022, and at Tamwood Careers College: Diploma of Education, UX Designer from July 2023 to May 2024.
3.5 years of design experience - good.
Bastien Trelcat. 7,017 followers. Investor in tread Fi. There are other companies, but we're not particularly interested since he's not a full-fledged team member.
Weishuai Yang. 649 followers. Co-Founder & CTO at tread.fi since January 2023. Previously Engineering Manager - Trading Platform at Uniswap Labs in 2022, Engineering Manager - Institutional Algo Execution at Coinbase in 2021-2022 (9 months), Director - FX eTrading Technology at TD Securities from 2014 to 2021, Vice President - eFX Algo at BNP Paribas from 2010 to 2014, Assistant Vice President - Rates eTrading at Barclays Investment Bank from 2009 to 2010 (9 months), Software Engineer at Bloomberg from 2007 to 2009.
Studied at Binghamton University: PhD, Computer Science, Binghamton University School of Management: MBA, Operations Management and 2 more.
Conclusion: has well-known companies, good leadership experience.
Porrat Wannathip. 306 followers. Has been working at tread.fi as Quant Engineer since December 2025 (about 4 months). Previously internship as Application Security Engineer at Agoda from May 2024 to May 2025. Earlier internship at Tokenomist: first Data Analyst, then AI Engineer. Also Co-Founder & Developer at Blackbox (2021-2023) - algorithmic trading service. Developed automated trading based on Pine Script signals for Binance, used AWS Lambda, DynamoDB, Python scripts for automation and logging profits/losses.
Studied at Chulalongkorn University: Robotics and Artificial Intelligence Engineering, Computer Engineering (2021-2025), graduated with First Class Honors.
Conclusion: technical specialist with experience in algorithmic trading, tokenomics analysis and automation. Work experience is still limited, but the profile is relevant enough for the project.
Natakorn (Jay) Harnkul. 446 followers. Has been working at tread.fi as Head of Marketing since February 2025. Positions himself as an expert in institutional algorithmic trading infrastructure and community builder. Concurrently Co-Founder of KIKOS project (since October 2023). Before tread.fi, worked as Online Community Manager at Siam Piwat. Also interned at Web3 Think Tank.
Studied at Chulalongkorn University: Bachelor's degree, CSII (2021-2025).
Conclusion: profile is more marketing and community-oriented.
Chanad (Peem) Ladavalya. 1,244 followers. Has been working at tread.fi as Product Manager since October 2024. Responsible for the product: turns user requests and feedback into specifications, wireframes and user flows, manages the full cycle of feature development. Also participated in improving the interface (React, Tailwind), documentation and user communication.
Previously worked at Bloomberg (one of the most well-known companies in financial infrastructure) for almost 3 years: first in Analytics Graduate Program, then Equities and Fixed Income Specialist and Equity Advanced and Quant Specialist. Later became Enterprise Sales Account Manager.
After Bloomberg, worked as Institutional Sales Associate at MUFG (large Japanese bank.
Studied at London School of Economics (LSE): Bachelor of Science, Government and Economics (2017-2020).
Conclusion: strong experience in traditional financial companies (Bloomberg, MUFG) and working with institutional clients. In the team, responsible for product and user interaction.
In conclusion, most team members have relevant experience for the project: algorithmic trading, trading infrastructure, product development and marketing. There are employees with experience at well-known financial companies (Morgan Stanley, Bloomberg, MUFG, Coinbase, Uniswap Labs), which looks positive. However, part of the team is young and has relatively little work experience. Overall, the team looks professional and sufficiently suitable for developing algorithmic trading infrastructure.
Blog has been inactive since October 2025:
Telegram chat also:
The last message was in November 2025.
This is bad.
Youtube with the last video 4 months ago:
And here's X @tread_fi active:
11.5K subscribers, 1,125 posts. The last one at the time of writing the article was 5 hours ago with 6 replies, 6 reposts, and 43 likes.
According to Sorsa, score 604 (Tier 3. Credible):
Among the well-known projects: MoonPayCommerce, zealy_io, and others.
Among the funds - GBV Capital, LedgerPrime, EnigmaVentures, Play Ventures, daedalus_angels, and others.
Moni score for the project is 3092 (+18/day):
Mentions and mentions by smart contracts - 101 (possibly a bug, or maybe that's how it is). 276 smart contracts.
The following projects related to Tread.fi are written in Moni: Bitget, Mingo, MoonPay Commerce, TokenHunter, Nabox.
Only GBV Capital from VC/funds, and only 0xvinhpham from DAOs/groups.
And most importantly - their Discord is also active:
In the announcements today, the last post was at 8:47.
In network updates - March 2:
Here are the news about network updates.
Interestingly, there is also information in Market alerts, and it is published frequently (the last post was at 19:08 (6 minutes ago):
Main chat is active:
In the alpha chat on February 14:
And here in the help chat, I got a quick response!:
I'm very happy about this.
In discussions about strategies:
Last message on March 2.
In feedback, moderators write periodically (the last message was today):
Users also publish content:
There is also a ticket system - good.
Rating 5 out of 5: there is LinkedIn and most professionals. There are inactive Telegram and Youtube with a blog, but X and Discord are active. Moreover, they answered my questions correctly and quickly! This is really nice.
Source - documentation:
Tread.fi is an algorithmic crypto trading terminal and OEMS (Order and Execution Management System) for retail and institutional traders.
The platform combines algorithmic order execution, trading bots, and portfolio management across multiple exchanges.
Supported platforms:
Centralized exchanges (CEX): Binance, Bybit, OKX, Gate, Bitget, Deribit, Coinbase Exchange, Aster
Perpetual DEX: Hyperliquid, Paradex, Pacifica, Nado, Extended
On-chain swaps (DEX trading)
Key features:
algorithmic order execution (VWAP, TWAP, Target Time, Implementation Shortfall, etc.)
Smart Order Routing - routing orders between platforms
unified trading terminal for managing positions on multiple exchanges
automated strategies and trading bots
funding rate arbitrage through delta-neutral strategy
Telegram bot for notifications
self-hosted solution for Enterprise
Supported Exchanges and Products
Binance: Spot, Perps, Futures, Options, Margin (PM)
Bybit: Spot, Perps, Futures
OKX: Spot, Perps, Futures, Options, Margin
Gate: Spot, Perps
Bitget: Spot, Perps, Futures, Margin
Deribit: Spot, Perps, Futures, Options
Hyperliquid: Spot, Perps
Paradex: Perps
Pacifica: Perps
Extended: Perps
Coinbase Exchange: Spot
Order Types
Supports basic and algorithmic order types:
Market
Limit
IOC
Iceberg
Execution Algorithms:
VWAP
TWAP
Target Time
Implementation Shortfall
Algorithmic Strategies
Pre-Configured Execution Strategies:
Impact Minimization
Time Constant
Target Participation Rate
Market Maker
Aggressive Maker
Aggressive Taker
Target Time
Bots
Market Maker Bot - automated market making with Mid, Grid, Reverse Grid, Blend, and Signal modes
Delta Neutral Bot - funding rate arbitrage strategy
API
REST API
WebSocket
Metabuilder Framework for developing trading strategies
Cryptographic verification of trading (vCeFi)
The platform includes the function vCeFi (Verifiable CeFi).
It allows displaying on-chain confirmed data about trading activity, obtained from centralized exchanges.
The interface displays trading metrics:
unrealized PnL
notional exposure
cumulative trading volume
This data is formed based on on-chain verified trading data.
Trading activity is recorded in intervals of about 10 minutes, after which confirmed metrics are generated.
The system uses a Proof Table where the following are displayed:
trading time windows
confirmed metrics
link to proof
data verification status
The user can share confirmed trading statistics while preserving the privacy of individual positions.
Integrations
Telegram Bot
two-factor authentication (2FA)
self-hosted deployment for Enterprise
AWS CDK for infrastructure deployment
The documentation does not contain market or competitor analysis.
Based on the functionality, the platform appears to be oriented towards:
traders using algorithmic order execution
market makers
users trading on multiple exchanges simultaneously
The documentation contains step-by-step instructions on:
connecting exchanges and API keys
placing orders
setting up algorithmic strategies
setting up bots
portfolio management
Telegram bot setup
deploying self-hosted version
Builder Fees
For some integrations, builder fees are specified:
Extended: 0.02%
Hyperliquid: 0.02%
Pacifica: 0.02%
Exchange fees
The platform does not charge additional fees on top of exchange fees.
The user pays the standard exchange fees:
maker fees
taker fees
funding fees
withdrawal fees
Self-hosted
The cost of the self-hosted solution is not specified (Enterprise pricing).
Specified in the documentation
Execution risk:
slippage may occur
execution may differ from the expected price
gap risk may occur during sharp market movements
Algorithmic orders:
possible partial execution
low liquidity may increase taker execution time
Market maker strategies:
limit orders may not be executed
possible incomplete strategy execution
In my opinion:
Platform risks:
platform risk - infrastructure failures may affect order execution
API key risk - providing API keys to the platform
limited transparency of Smart Order Routing
Algorithmic trading risks:
strategies may not account for sudden market events
testing results do not guarantee future profitability
DEX Risks:
possible smart contract risks
liquidity risks on individual DEXes
Rating 3 out of 5: The documentation provides a detailed description of the algorithmic trading infrastructure, including a terminal with an order management and execution system (OEMS), order execution algorithms (VWAP, TWAP, etc.), order routing between venues, and integration APIs (REST API and WebSocket). The platform supports trading on centralized exchanges and perp DEX through a single terminal. The documentation also specifies fees and risks of using the platform. A unique feature is the vCeFi system, which allows publishing verified on-chain trading metrics from centralized exchanges. However, the documentation lacks an analysis of demand and competitors, and the project itself is not a decentralized protocol.
Token and tokenomics are not announced.
Data from info about season 1:
And referral program:
The project features a loyalty program Season 1. Users earn points for trading activity through the Tread terminal.
Each week, 100,000 points are distributed. They are allocated proportionally to users' trading volume relative to the total volume of all participants.
To participate in the distribution, you need to accumulate at least $100,000 in trading volume over 7 days.
The system also uses multipliers for high trading volumes. For example, when increasing weekly volume, increasing coefficients are applied (e.g., from 1.1x to 2x).
The project has a referral program. A user can receive 20% of points from invited users' activity, if their trading volume exceeds the minimum participation threshold.
Points are also used for voting on the integration of new exchanges. Users can distribute their points between integration options, after the voting is completed, the points are returned.
The loyalty program is used as a reward system for users' activity on the platform.
According to Cryptorank, the project received $3.5 million:
from GBV Capital, Daedalus, New Form Capital, Aquanow, Varys Capital, Rocinante Research, Thanefield Capital.
Rating 3 out of 5: the token and tokenomics of the project are not announced, but the Season 1 point program is in effect, under which users receive points for trading volume through the Tread terminal (may encourage "wash-trading"). Points are distributed weekly and are used to vote for integrations of new exchanges.
The project also received investments of $3.5 million from funds (GBV Capital, New Form Capital, Daedalus, Varys Capital, etc.).
Rating 1 out of 5: it is closed and there are no audits.
Open theweb application of the project:
You can register by e-mail with a password or through a wallet. I will use a wallet by clicking "Sign up (Wallet)":
Logged in:
We immediately land on the referral page. We won't return to it anymore.
Click on the button with the account icon (it's near the version - currently v6.1.890):
You can connect a CEX account, dex wallet, or perp dex account.
I don't work with centralized exchanges, so I'll start with the dex wallet:
"Connect" and select the wallet. After that, "Submit":
"Connect Perp DEX Account":
I chose Hyperliquid and filled in:
"Connect", select the wallet and connect.
Here's the list I already have:
Similarly, connect the rest of the accounts.
I'll click "Deposit" on HL:
Choose USDC Arbitrum. After this, they will ask you to connect your wallet - click "Connect" and then the form will appear. Enter the amount:
"Deposit" and confirm the wallet. Done:
Unfortunately, not everyone has a deposit. For example, extended doesn't have one:
So I top it up manually.
Clicking the "Trade" button opens the following menu:
The first time you will be asked to accept the agreement:
"I Agree" and we get to where we need to be:
Also, at the top there is an option to select a pair. Currently, BTC-perp USDT is selected. I will click on it:
It's cool that there is a choice between perps, spot, etc. Choose between CEX and DEX.
In general, it's very convenient!
We can find what we need by searching for GOLD. It's a shame that with GOLD in tickers - we would like to assign, for example, XAU, but that's what we have:
After selecting, we see the necessary page. There are different trading instruments - that's good.
There is also an order book, as well as my open orders and positions.
Before the purchase form - a list of accounts:
I chose HL:
By default 5x. But you can click "Adjust":
I won't change it.
Next is strategy setup.
By default, Impact Minimization is used. This is an order execution algorithm whose goal is to minimize the impact of the trade on the market.
If a large order is placed immediately, it can shift the price and worsen the execution conditions. To avoid this, the system splits the order into several smaller ones and executes them gradually.
The algorithm tries to distribute execution in such a way as to take liquidity with minimal impact on the price. Usually, a trajectory close to VWAP (volume-weighted average price) is used.
This strategy is suitable for relatively large orders when the trader is not aiming for immediate execution but wants to get a more stable average price.
Tread also offers other execution algorithms, such as TWAP (uniform distribution of the order over time), Target Participation Rate (execution of a share of market volume), as well as market-making and aggressive execution strategies.
Here is a list of all strategies (opened it):
The algorithm uses a number of additional execution parameters.
Limit Price. Sets the limit price of the order. You can choose dynamic mode or link to the current price in the order book (e.g., Mid or Bid). You can also set a percentage deviation from the price.
Duration. Execution time of the algorithm. During this period, the system will gradually place orders.
Time Start / Time End. Allows you to set the start and end time of order execution.
As well as Exit Conditions (default collapsed):
These are position exit settings. You can set Take Profit and Stop Loss.
Scale Orders. Allows you to distribute an order across a price range and place multiple limit orders instead of one. They are also hidden by default - I'll show you:
It's not very convenient that there's no binding to TP/SL - it's hard not to go beyond the limits, which will cause an error.
And Advanced Settings. Additional parameters for the execution algorithm. Here you can configure the participation rate in market volume, the size of individual order parts, the degree of passivity of limit orders, and other parameters of the algorithm's operation:
And before the send button, there is Pre-Trade Analytics
This is pre-trade analytics before sending an order. Metrics are displayed, such as Participation Rate (order share in market volume), volatility, and market volume.
I see that the order volatility is ±0.2419% - a little.
By the way, there is also saving as a template - this is convenient so that you don't have to manually configure it each time.
After clicking "Submit order", they will ask you to confirm:
If you agree, click "Place Buy Order".
After placing, the settings are not reset - I can save them as a template by clicking "Save templates":
And then you can manually not fill it out - just click "Load Templates":
And "Load" - everything will be loaded. I find it very convenient!
By the way, at the bottom of the page, you can click "Current Setting - Show order confirmation before submitting orders. Toggle to enable quick submit" to switch to sending orders without confirmation.
In orders (top table) we see our order:
It is filled by 33%.
In positions, we also see the data, and that PNL is $0.14:
In general, it's standard here.
When I clicked "Close", the form at the bottom simply switched to selling. I had to send a sell order. As a result, the table became like this:
This is not very convenient: I would like to separate closing from orders of the opposite side. But it's obvious that the service is primarily aimed at algorithmic strategies.
So we'll have to wait...
On this page (second item in the trade menu) we can:
The tool allows creating portfolio transactions by combining multiple buy and sell orders for assets. This can be used for portfolio rebalancing, spread trading between assets, or implementing delta-neutral strategies (although there is a corresponding bot for them).
There is also a Participation Rate parameter that allows controlling the share of the order's participation in the market volume.
The pair is selected by choosing an account and clicking "Select pair":
I currently have no available swaps.
Great that you can select multiple such pairs.
I think the essence is clear.
It allows you to swap algorithmically, minimizing losses (not in one transaction):
Selected Dex wallet account:
"Select" to choose a token:
Problem: no display of balances and sorting from largest to smallest - this significantly reduces convenience.
It turns out that Tread has its own account linked to the wallet - 0 USDC:
That's why the balances were not displayed...
Need to click "Deposit":
You can choose between a QR code and a wallet. I choose "Deposit from wallet". Next, I select the wallet and connect.
Select the network:
Token (standard form) and enter the amount. The problem is that there is no max button either:
"Confirm in wallet" and confirm in the wallet. You'll have to wait, and then you can choose "Urgency" (urgency) and view analytics. If everything suits you, exchange.
And here is the version for perps:
You also select a pair to receive, urgency, view analytics, and place an order.
Unfortunately, only available for CEX accounts:
In the interface, you can select an exchange (Binance, OKX, or Deribit), the underlying asset of the option, and the expiration date. After that, the terminal allows you to select a specific option contract and place an order to buy or sell.
When placing an order, trade parameters are specified, such as the side (Buy or Sell), the number of contracts, and the limit order price. As in other sections of the terminal, algorithmic strategies can be used to execute the order. For example, the Market Maker strategy places limit orders in the order book to get maker execution.
On the right side of the interface, a list of orders is displayed. It is divided into several tabs, including active, canceled, executed, and expired orders.
Thus, the terminal allows you to manage options trading through a single interface along with other instruments, such as spot and derivatives trading.
I hope this information is enough for you: I won't be able to show in detail due to the lack of CEX accounts.
Or orders in a chain:
Chained Orders allow you to create a sequence of orders that are executed sequentially. The next order is activated only after the previous one is executed.
This mechanism is used to automate trading scenarios where actions need to occur step by step.
For example, a trader can:
first open a position
then automatically place an order to fix profits
and an order to limit losses.
In the interface, the user creates the first order, after which they can add additional orders to the chain. Each of them will be executed only after the previous one is completed.
As in regular trading, you can set execution parameters for each order, such as the algorithmic execution strategy, limit price, and execution duration.
Thus, Chained Orders allow you to automate sequential trading actions and manage positions without constant manual control.
I would compare this to creating TP/SL when opening a market order, but here it's a more extensive chain: there's no closing of one order if the opposite is executed (closing a take when a stop is hit).
Just select a pair, percentage of balance, limit price, strategy, duration, etc. You can upload or save a template.
And make several such orders:
I didn't notice right away that there was a table at the top, so a bunch of orders were created 🙂. But here's an example on the screenshot.
It's very convenient to automatically buy at a certain percentage of the balance when it falls!
The main functionality, I think. The menu opens with the Bots button:
First, there will be such a page:
You need to select an account under "Select Account":
And next - a couple:
For example, XYZ_GOLD
By clicking on 1x, you can change the leverage. I have now set 4x. And indicated the margin:
As you can see, the volume is 8,000. This is with other order execution parameters set as well:
Participation Rate - determines the share of the order's participation in the market volume. I chose Normal.
Duration - the time during which the algorithm will execute the order. I set 60 minutes.
Reference Price - the price relative to which the algorithm calculates the placement of orders. I selected Mid Price, which uses the average price between the best buy and sell prices in the order book.
Other options for Reference Price are also available, for example:
Grid Mode - uses the execution price of the opposite side of the transaction
Reverse Grid - uses the execution price of the same side of the transaction
Blend - combined mode
Signal - price with technical indicator
Directional Bias - sets the direction in which the algorithm shifts order placement (Long, Neutral, or Short). The Spread parameter determines the magnitude of this shift relative to the reference price and is set in basis points (bps). I left 0 BPS (0.5 = 0.005% of the price).
And then the standard - stop loss and take profit. I put the stop at -5%
After all settings:
Let's see what:
Fee Estimate ~$1.84 - too much for $100
My maximum loss is $5
Time - 1 hour
Participation - 5%
I click "Start Trading" - launched:
Waiting for completion.
After this, we will see in the history:
This time I did pretty well: volume 7.98K $ and loss -$1.17.
This bot is good for pumping points for volume on different dex or for providing liquidity for favorite tokens...
This bot allows you to set up a delta-neutral strategy on two exchanges. I use it to work on two dex:
First, I select "Select Account" for Long:
HL. Then "Select Pair" will appear:
Click:
And I choose, for example, XYZ_GOLD.
In the same way, "Select Account" for Short and choose "Extended", "Select Pair" and XAU:
Search.
It turned out like this:
I click on 4x and change it to 10X as well to have the same leverage:
Specify Notional - the size of the position in money for each side of the strategy.
And then there's the twap time and position time. I usually close it myself, so I leave it empty, but you can limit it, for example, to 300 minutes, so it closes in 5 hours.
Filled:
Minimum Notional - 500.
Position started accumulating:
Twap will complete in 30 minutes.
When you want to finish, if you set unlimited position time or want to close earlier due to imbalance, click "Wind-down position - reverse trade" and that's it.
My active strategy:
If we want to finish earlier, just click "Wind down position immediately (replaces scheduled)" in the line.
Orders - some types of orders:
Why some? Only Single, Multi, Chained, Batch are available.
Also:
Analytics - project analytics
Explore - various leaderboards
More interesting things - points:
I currently have 0: need to do $100,000 volume over 7 days to start earning.
And Portfolio:
Where we see balances by account and spot on Tread.
It's inconvenient that you can't withdraw at least from the spot.
Rating 4 out of 5: The interface is convenient and understandable if you understand the terms. Plus, it's flexible.
But there were cases when I launched a delta-neutral strategy on two DEXes, but in fact, positions were not opened. Or vice versa - they were not closed. So you still have to check everything (at least through your own bot monitoring delta-neutral positions).
Team: 5 out of 5: has LinkedIn and most professionals. There are inactive Telegram and Youtube with a blog, but X and Discord are active. Moreover: they answered my questions correctly and quickly! This is really nice.
Concept: 3 out of 5: the documentation describes in detail the infrastructure for algorithmic trading - a terminal with an order management and execution system (OEMS), order execution algorithms (VWAP, TWAP, etc.), order routing between platforms, as well as API for integration (REST API and WebSocket). The platform supports trading on centralized exchanges and perp DEX through a single terminal. The documentation also lists fees and risks of using the platform. A unique feature is the vCeFi system, which allows publishing verified on-chain trading metrics from centralized exchanges. However, the documentation lacks analysis of demand and competitors, and the project itself is not a decentralized protocol.
Coin: 3 out of 5: the project's token and tokenomics have not been announced, but there is a Season 1 points program, under which users receive points for trading volume through the Tread terminal (may encourage "wash-trading"). Points are distributed weekly and are used to vote for integrations of new exchanges.
The project also received $3.5 million in investments from funds (GBV Capital, New Form Capital, Daedalus, Varys Capital, etc.).
Code: 1 out of 5. It's closed-source
Practice: 4 out of 5: The interface is convenient and understandable if you understand the terms. Plus, it's flexible.
But there were cases when I launched a delta-neutral strategy on two DEXes, but in fact, positions were not opened. Or vice versa - they were not closed. So you still have to check everything (at least through your own bot monitoring delta-neutral positions).
In total, 16 out of 25 points.
Better than many recent analytical reviews, but can't say the level is good. Let's see what happens after the token launch.
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