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Where the future clears.

Building Asia-Pacific's licensed exchange for event contracts on financial outcomes: interest rates, inflation, growth and currencies. Designed and supervised as derivatives, anchored in Singapore.

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  • USD/JPY perpetual funding every 8 hours
  • Will the Fed cut rates in December? YES or NO, S$1 payout
  • Will USD/JPY close above 160? defined outcome
  • Will the USD/SGD benchmark be at or above 1.3000 on 31 December 2026? settles on the ABS USD/SGD benchmark
  • Rate decisions macro
  • Inflation prints macro
  • Currency paths FX
  • Illustrative contracts no live prices

How Meridian Markets works.

Two contract types, one exchange to run them, and the institutions that trade them.

Watch with sound
Will the Fed cut rates in December? 68¢ reads as a 68% implied probability 0¢100¢ Pays S$1 if it happens, S$0 if not. Fully prefunded, before fees.
USD/JPY perpetual: one order book, no scheduled expiry 08:00 16:00 00:00 Capped funding every 8 hours, paid between traders. Margin and liquidation rules apply. reference rate
Order book, matching, clearing and settlement resting bids resting asks mid Meridian Markets runs the venue and is never the counterparty to a trade.
ParticipantsInstitutionaland accredited Meridian MarketsFX and macrocontracts onlyOrder book, matching,clearing, settlement Brokers and makersDistribution andquoted depth API and FIX access for brokers and independent makers Proposed strategy. Local permissions are required in each market.
The film

Meridian gives traders a price on what happens next. Our aim: to be the reference line for Asia's markets.

Prediction markets

Phase one. A defined financial outcome, a clear price between 0 and 100 cents, and a known settlement rule. Fully prefunded.

FX perpetual futures

Phase two. Continuous exposure to a currency pair with no roll into a new dated contract. A proposed design, subject to separate review.

Meridian Markets exchange

Meridian runs the order book, matching, clearing and settlement for both product lines.
It is never the counterparty to a trade.

Who trades

Institutional and accredited participants first, through brokers and APIs. Listing only FX and macro keeps liquidity concentrated.

Illustrative diagrams. Final parameters require product, counsel and regulatory review.

A view becomes a contract.

A contract's price is the market's estimate of the odds that it resolves YES.

For example, 100 YES contracts priced at 68 cents cost S$68. If they resolve YES, they pay out S$100, a profit of S$32 before fees. If they resolve NO, the S$68 is lost.

Banks have offered this product over the counter for decades. On our exchange, the same contract gets a transparent price, an objective settlement event and an established rule that governs every settlement.

  • Price range0 to 100 cents
  • PayoutS$1 per YES contract if the outcome occurs
  • CollateralFully prefunded, no margin call
  • SettlementObjective event, published rule
42cents
Cost of 100 contracts
S$42
Gain if YES
S$58
Loss if NO
S$42

Will the USD/SGD benchmark be at or above 1.3000 on 31 December 2026? Drag the price. Illustrative, before fees.

Every contract settles on a published number.

An official benchmark rate or statistical release, published by a public body or an authorised benchmark administrator at a scheduled time, so anyone can verify the result.

The illustration below shows one contract as we intend to list it: the question it asks, the source it settles against, its order book and an order ticket. Switch between YES and NO, or change the number of contracts, to see the cost and payout update. Prices are illustrative and nothing can be traded today.

USD/SGD · year-end benchmarkSettles 31 Dec 2026, about 11:30 SGT

Will the USD/SGD benchmark be at or above 1.3000 on 31 December 2026?

Settlement source: the ABS USD/SGD spot benchmark, administered by ABS Benchmarks Administration, an MAS-authorised benchmark administrator. Cash-settled, S$1.00 per contract.

YES · priceContracts
  • 44¢3,600
  • 43¢2,300
  • 42¢900
Last 41¢Spread 1¢
  • 41¢1,200
  • 40¢2,750
  • 39¢4,100
OrderBuy YES at 42¢
Contracts100
Cost nowS$42.00
Pays at settlementS$100.00

Illustrative contract. Meridian is not yet licensed and no products are currently offered.

Settlement sourcesCadence in SGT
SourceCadence
USD/SGD spot benchmarkABS Benchmarks AdministrationEach business day, about 11:30
Consumer Price IndexSingapore Department of StatisticsMonthly, around the 23rd
GDP advance estimateMinistry of Trade and IndustryQuarterly, 08:00
MAS monetary policy statementMonetary Authority of SingaporeQuarterly, 08:00
FOMC decisionFederal ReserveEight a year, 02:00 next day (03:00 Nov–Mar)
Bank of Japan policy decisionBank of JapanEight a year, about 11:00
On institutional eFX railsIllustrative, not live
PairBidAsk
USD/SGD1.31211.3124
EUR/SGD1.48621.4866
100 JPY/SGD0.87340.8738
AUD/SGD0.86120.8616
CNH/SGD0.18370.1839

Built to connect to the institutional eFX platforms that banks and market makers already use, so the venue speaks their language.

Probabilities, as an APIGET /v1/markets/USDSGD-20261231-1.3000
{
  "question": "USD/SGD fixes at or above 1.3000 on 2026-12-31",
  "settlement": { "source": "ABS USD/SGD benchmark", "time": "11:30 SGT" },
  "p_yes_mid": 0.415,
  "book": { "bid": 0.41, "ask": 0.42, "depth_contracts": 14850 },
  "calibration": { "forecasters": 3812, "brier": 0.19 },
  "status": "illustrative"
}

Meridian Intelligence serves the venue's prices and the forecast graph's calibration to institutions and AI agents that need a number for what has not happened yet.

The regulated perpetuals market is emerging.

Regulators are approving this new asset class, and demand has moved beyond crypto. None of it currently covers FX for Asia's institutions. Meridian Markets is being built to bring regulated FX perpetuals to them.

WhenWhereWhat happened
Nov 2025SingaporeSGX launches cleared bitcoin and ether perpetual futures for institutional and accredited investors.
Feb 2026Hong KongThe SFC publishes a framework for licensed platforms to offer perpetuals to professional investors.
May 2026United StatesThe CFTC approves Kalshi's bitcoin perpetual contract.
Jul 2026GlobalNon-crypto perpetuals, mainly US equities and commodities, reach around half of Hyperliquid's perpetuals volume.

Sources: SGX, 17 Nov 2025 · SFC, 11 Feb 2026 · CFTC, 29 May 2026 · The Block, 13 Jul 2026

The Meridian lockup: a globe with one line, and the name

The team has already built the engine.

Matching, settlement and ledger controls, exercised in the BBpoly.io pilot and a replay.

The 3-month pilot, built and launched before Meridian was formed, confirmed that short-dated crypto binaries are flawed products, and the team moved to higher-quality FX and macro underlyings. We are now conducting independent testing, institutional integration and funded, repeated trading.

Lessons learned

Until then, every nation measured the world from its own line.

From the Meridian film, 2026
Scroll to play
rate decision today settlement

Focused on financial outcomes.

Markets have always priced what exists. What will happen can be priced too.

  • FX and macro only

    The rate decision, the inflation print, the currency's path. Questions with an objective answer and a published source.

  • Institutional and accredited first

    Access through brokers and APIs, with local permissions in each market before any launch.

  • Excluded by design

    We deliberately exclude politics, elections, sports and entertainment, however popular they are elsewhere.

    Along with short-dated crypto binaries, these are the products that draw enforcement and repel institutions.

  • Derivatives, not wagers

    Every contract is designed as an exchange-traded, cash-settled derivative on a verifiable data release or benchmark rate. That classification is what opens the venue to institutions, brokers and existing market infrastructure.

Watch the film

The venue, in full.

What it lists, where it is licensed, and how it is built.

Licence first. Products are built in parallel and launched in sequence, and the real-money venue opens only behind the licence.

Contracts, and what each settles on
  • Central bank rate decisionsPolicy statement
  • CPI and inflation printsStatistical release
  • GDP growth and macro shiftsStatistical release
  • FX rate thresholds and rangesBenchmark rate
Licences, in sequence
  • Singapore, the anchorCapital Markets Services licence and Recognised Market Operator status from MAS.In progress
  • JapanType 1 Financial Instruments Business licence via joint venture, on the FFAJ regime.In progress
  • PhilippinesSEC fintech sandbox under a derivatives framing.In progress
  • Hong KongSFC Type 2, after Singapore
  • Abu Dhabi Global MarketAfter Singapore
  • AustraliaWholesale distribution
The platform, layer by layer
  • ApplicationsMeridian Markets and Meridian Intelligence APIs.Top layer
  • Probability engineAggregation, calibration and settlement, shared by every product.Core
  • Forecast graphForecasts, verified outcomes and calibration histories, a record that cannot be bought overnight.The moat
  • ParticipantsInstitutional and accredited participants, brokers and market makers.Base

A team built for financial-market infrastructure.

Seven co-founders, supported by a finance lead.

  • Jonathan Chan

    Jonathan Chan

    Capital markets

    25+ years in listings and M&A.

  • Dr. Jeff Chi

    Dr. Jeff Chi

    Venture and regulatory

    >20 years in VC investing. MIT PhD.

  • Vu Huynh Nhat

    Vu Huynh Nhat

    Exchange engineering

    10+ years building crypto exchanges.

  • Shantanu Jha

    Shantanu Jha

    Quant and infrastructure

    PE investor. Exchange-clearing chairman.

  • YK Ling

    YK Ling

    Finance and governance

    30+ years in finance and broking.

  • Tim Glover

    Tim Glover

    Brand and product

    Entertainment, AI and Web3.

  • Jon Jr Chan

    Jon Jr Chan

    Legal and digital assets

    Singapore crypto legal work.

  • Vinh To

    Vinh To

    Finance lead

    30 years in audit; CPA.

Your questions, answered.

Talk to Meridian.

We are looking for like-minded partners to build the next generation of trading, where markets price what will happen, not only what exists.

Send a message

We use your details only to reply to you. Meridian Markets is a proposed exchange, not yet authorised, and nothing here is an offer.

Contact Jonathan Chan
For partners, brokers and prospective hires.
Watch the filmFifty seconds on the line that settles a question.Play with sound FAQsWhat trades first, what follows and who may trade.Ten answers