In-Depth Breakdown: Features & Strategy Setup
Cross-Exchange Order Execution
Tread’s core value is executing orders simultaneously across multiple venues. Say you want to buy $10k of ETH,instead of manually placing orders on Binance, Bybit, and Hyperliquid separately, Tread can split that order across all three to optimize for:
- Best available price
- Lowest total fees
- Fastest execution
- Minimal market impact
The platform uses institutional execution algorithms (VWAP, TWAP, POV) that were previously only available to hedge funds and market makers. VWAP (Volume Weighted Average Price) spreads your order proportionally to market volume throughout a time window. TWAP (Time Weighted Average Price) divides your order into equal chunks executed at regular intervals. POV (Percentage of Volume) matches your order size to a target percentage of market volume.
For volatile assets or large positions, these algos prevent you from getting rekt by slippage or front-running.
Real-Time Order Tracking & TCA
Every order you place through Tread gets tagged and tracked in real-time. You can see:
- Execution price vs. market price at order time
- Slippage incurred
- Fees paid
- Fill rate and partial fill behavior
The Transaction Cost Analysis (TCA) feature gives you post-trade reports that break down whether your execution was efficient. For most retail traders, this level of detail is overkill—but if you’re running size or trying to optimize your bot strategies, TCA helps you identify which venues and execution modes perform best for different pairs.
Self-Hosted vs. Managed Service
Tread offers two deployment options:
Managed Service (default): Tread runs your instance on their infrastructure, but each client gets a private instance. Your API keys, order history, and balances aren’t shared with other users.
Self-Hosted: You deploy Tread on your own server (on-prem or VPC). In this mode, Tread Labs never sees your API keys, balances, or trading history. This is the setup for funds, prop desks, or anyone who wants maximum privacy.
Most retail traders don’t need self-hosting, but knowing the option exists is reassuring if you’re paranoid about operational security.
Supported Exchanges & Connection Details
Tread currently supports:
CEX (API key connection):
- Binance (spot, perps, options, Portfolio Margin via PAPI)
- Bybit (spot, perps) — 2× points multiplier
- OKX (spot, perps, options)
- Deribit (perps, dated futures, options)
- Gate.io (spot, perps)
- Coinbase Exchange
DEX / Perp DEX (wallet connection):
- Hyperliquid (perps) – 2× points multiplier
- Aster (perps)
- Pacifica (spot, perps)
- OKX DEX (swaps on Base, BSC, Ethereum, Solana) – 5× points multiplier
- Paradex
Connection Requirements:
- CEX: API keys with trading permissions + IP whitelist (54.238.80.239)
- Hyperliquid: Wallet you used to trade on HL (no API keys)
- Other DEXs: Standard wallet connection (MetaMask, Phantom, etc.)
Points Program: How to Maximize Your Airdrop Position
Tread’s points program operates on a weekly cycle that resets every Monday at 00:00 UTC. Points are distributed pro-rata based on adjusted trading volume across all connected exchanges.
Base Multipliers (as of Nov 11, 2025):
- Bybit: 2×
- Hyperliquid: 2×
- OKX DEX: 5×
Volume Tiers:
- ≥$1M weekly volume: 1.1× bonus
- ≥$5M weekly volume: 1.2× bonus
- ≥$10M weekly volume: 1.3× bonus
Referral Volume Boost: If you refer traders who do ≥$100k/week in volume, you get +20% of their weekly volume added to your own for points calculation. This stacks across multiple referrals.
Example Calculation:
You do $500k on Bybit (2× = $1M adjusted volume) + $300k on Hyperliquid (2× = $600k) + $50k on OKX DEX swaps (5× = $250k) = $1.85M total adjusted volume.
Since you’re above $1M, you get the 1.1× tier bonus: $1.85M × 1.1 = $2.035M final adjusted volume.
If you referred two traders who each did $150k that week, you’d add an extra $60k to your volume (20% of $300k combined).
Airdrop Reality Check: Tread hasn’t officially announced a token or airdrop. Points are speculative positioning. Third-party trackers like airdrops.io list Tread as a potential airdrop, but nothing is guaranteed. Farm points if you’re already trading and the execution tools provide value—don’t treat it as a sure thing.
Referral Program: Cash Payouts & Fee Share
Separate from the points program, Tread offers a traditional referral program with cash payouts:
Structure:
- Paid monthly
- $1,000 minimum threshold for payout
- KYC required to receive payments
- Fee share varies by venue
Specific Rates:
- Hyperliquid: 0.8 bps (0.008%) of referred trader’s fees goes to you; ~0.4 bps discount for the referred user (after HL introduced commissions on Oct 14, 2025)
- OKX DEX: Referrer gets 50% of 0.08 bps (0.0008%) of swap value; referred user gets 0.04 bps discount
For most traders, the referral program is supplemental income unless you’re bringing in high-volume users. If you refer a desk or fund that does millions weekly, the fee share adds up. For casual referrals, expect modest returns.
Upcoming Campaigns: Tread teased incentive campaigns starting Nov 12 (check their X/Twitter for updates). These typically involve bonus multipliers for specific trading strategies (like TWAP campaigns) or exchange-specific volume pushes.
Fee Breakdown: What You’re Actually Paying
Trading Fees:
- Tread builder fee: 2 bps (0.02%) per executed order
- Plus venue fees (varies by exchange and VIP tier)
Bot Fees:
- Market Maker Bot: 2 bps + venue maker fees
- Delta Neutral Bot: 2 bps per leg (so 4 bps total to open both sides, 4 bps to close)
Comparison to Alternatives:
If you’re trading manually on each exchange, you’re only paying venue fees. Tread’s 2 bps is the cost of:
- Unified interface
- Execution algorithms
- Real-time tracking
- Automated strategies
- Points farming
For small trades (<$1k), the flat fee structure might not make sense. For larger positions or automated strategies, 2 bps is reasonable compared to the slippage you’d incur executing manually across multiple venues.
Is Tread.fi Safe? Security Breakdown
Key Security Features:
- Non-custodial: Tread never holds your funds; it only executes orders via API
- API-only access: You control withdrawal permissions (keep them disabled)
- IP whitelisting: Your CEX API keys only work from Tread’s IP
- Private instances: Even on the managed service, your instance is isolated
- Self-hosting option: For maximum paranoia, deploy on your own infrastructure
Team & Backing:
- CEO David Jeong is ex-VP at Morgan Stanley Electronic Trading (MSET), where he worked on equities and futures execution algorithms
- CTO Weishuai Yang and Head of Engineering Yibo Duan round out the technical team
- $3.5M pre-seed funding led by New Form Capital, with participation from Aquanow, Varys Capital, GBV, and others
- Based in Bangkok and New York
Potential Risks:
- API key compromise: If Tread’s systems are breached, attackers could theoretically place trades (but not withdraw funds if you’ve disabled withdrawals)
- Venue outages: If an exchange’s API goes down mid-execution, you could end up with unbalanced positions
- Regulatory risk: CEX connections require KYC at the exchange level; Tread itself doesn’t add additional KYC unless you’re withdrawing referral payouts
For retail traders comfortable using API-based tools, Tread’s security model is solid. The self-hosting option is a strong signal that they’re serious about operational security for larger users.

