World Capital Markets
Last updated
Last updated
WCM unifies spot, perps, and lending into a single cross-margined exchange. The first fully onchain platform where you can execute the most obvious DeFi trade – leveraged basis arbitrage – with just $10 starting capital.
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The Founders
and are building WCM as part of the MegaETH ecosystem, working alongside the MegaMafia to create real long-term value in DeFi. Initially called Teko, now rebranded as World Capital Markets.
The Mission: Democratize Arbitrage
WCM aims to solve DeFi's most glaring inefficiency: the inability to execute simple cross-market arbitrage strategies that TradFi takes for granted. By unifying spot, perps, and lending under one roof with cross-margining, they're creating what they call "the only free lunch in finance."
Why an Exchange, Not a Hedge Fund?
The team draws inspiration from – the legendary quant fund that controlled 5% of global markets before imploding. Their key insight:
Hedge funds are fragile – Every additional dollar dilutes returns for all investors
Exchanges are network goods – Every additional dollar strengthens the entire network
The goal: Build a permissionless capital sink for all lending and funding markets in crypto
The Leveraged Basis Trade -
Here's the trade that's impossible on current DeFi infrastructure:
Start with $10
Borrow $90 (10x leverage)
Sell $50 ETH perps (short)
Buy $50 ETH spot (long)
Profit from funding rate arbitrage
This simple strategy – capturing the spread between spot and futures prices – generates consistent returns in TradFi but requires unified infrastructure that DeFi lacks.
Key Features
Unified cross-margining – Use the same collateral across all positions
All CLOBs – Central limit order books for maximum efficiency
Fully onchain – No centralized components or custody
Automated arbitrage – Smart contracts enforce optimal rate discovery
The WCM Formula
Infrastructure Requirements
WCM's unified architecture demands extreme performance:
Instant settlement – Cross-margining requires real-time position updates
High throughput – Handle spot, perps, and lending orders simultaneously
Capital efficiency – Enable 10x+ leverage without systemic risk
MegaETH deployment – Only possible with sub-second finality
Current DeFi Limitations
Fragmented liquidity – Spot on Uniswap, perps on dYdX, lending on Aave
No cross-margining – Capital inefficient with separate collateral requirements
Performance bottlenecks – Can't execute complex strategies onchain
High barriers – Need significant capital to access arbitrage opportunities
WCM's Solution
Unified platform – All products under one smart contract system
Capital efficient – Start arbitraging with as little as $10
Permissionless access – No minimum requirements or KYC
Network effects – More users = better rates = more arbitrage opportunities
Core Innovation
By unifying spot, perps, and lending with cross-margining, WCM enables strategies that generate "free money" through market inefficiencies. The arbitrage opportunities will eventually compress, but in the process, WCM becomes the gravity well for all crypto lending and funding markets.
Long-term Vision
The Bottom Line: WCM isn't just another DeFi protocol – it's the missing infrastructure that makes sophisticated trading strategies accessible to everyone. By solving the cross-margining problem and unifying all trading products onchain, they're creating a permissionless arbitrage machine that turns market inefficiencies into user profits.
Just as Black-Scholes revolutionized options pricing, " for lending and futures rates in crypto. Unlike LTCM keeping their edge secret, WCM gives these returns to initial users to bootstrap liquidity.
"Leverage up and farm anything you want—anywhere it exists" – a future where onchain lending truly rivals TradFi, without heavy collateral requirements or performance limitations.