Organization Name – Caladan

Category – Services

About

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Market makers in crypto occupy a structurally unusual position: they are simultaneously service providers to projects and proprietary traders in the same assets. The conflicts this creates are not theoretical — they were demonstrated publicly by Alameda Research, which showed what happens when the distinction between “serving clients” and “serving the firm” becomes administratively invisible.

Caladan is a Singapore market maker that emerged from AlphaLab Capital. CEO John Gu and Will Leung are verifiable through public record. The firm claims $50 billion in annual trading volume — a… figure sourced from the company’s own disclosures. The AstroForge investment is a verifiable external engagement.

The right question for any market maker is specific: how does the firm manage the conflict between client liquidity provision and proprietary positioning? Contractual answers to that question — the actual terms offered to client projects — are the accountability mechanism that matters, and they are not publicly available for Caladan or most of its peers. Readers evaluating this profile should apply that question first. VBTS is 3.47 — 17.8th percentile — and the principal limitation is not the team’s credentials, which are verifiable, but the structural information gap that applies to all market makers and becomes visible only when it becomes consequential. The Alameda precedent is the relevant benchmark; understanding how Caladan differs from that model is the due diligence task. Read More