Ostium

The prime liquidity layer for TradFi perpetuals.

[Ostium @Ostium]

https://t.co/uDk3nejG52

[Ostium @Ostium]

https://t.co/nOcwXGCzLO

[Ostium @Ostium]

https://t.co/P0FANuUeNq

[Ostium @Ostium]

The new section is approximately half-way down the page, titled "Top-Line Revenue":

https://t.co/27tK8mFaiL

[Ostium @Ostium]

We've updated the nomenclature and added figures to the Ostium dashboard on Dune to make it clearer how revenue is defined and how it's split between the OLP Vault and the Ostium Protocol.

Top-Line Revenue (previously “Total Fees”) is the sum of Trading Fees and Flow Revenue:
󠁯•󠁏󠁏 Trading Fees are the opening fees on each trade, currently split 30/70 between the OLP Vault and the Ostium Protocol. They are charged when the trade is opened.
󠁯•󠁏󠁏 Flow Revenue is spreads, rollover and liquidation fees. Since the liquidity upgrade in April, Flow Revenue goes to the Ostium Protocol. You can see this evolution in the monthly chart.

Unlike Trading Fees, Flow Revenue is built into the trade itself (spreads on entry and exit, rollover while the position is open, liquidation fees if it is liquidated) and is settled through the trader’s PnL.

Neither value represents gross profits: Top-Line Revenue is an onchain, gross figure and does not include the off-chain cost of hedging flow. Gross profit is an off-chain metric and is the value of what remains after the OLP Vault’s share and off-chain hedging costs.

We will continue to make improvements to the Dune dashboard and welcome feedback on how it can be further improved.

[kaledora @kaledora]

Our first update on Stage 2 recovery, which will include:
- 50% of Ostium opening fees.
- The option to elect an equity stake in Ostium Labs at the next priced round in the same equity class as the team.

We will continue to share more updates as the mechanics and percentages are finalized, but are committing to interim updates as we work through the plan.

Thank you to the dozens of OLP holders who have taken the time to speak to us over the last weeks.

[Ostium @Ostium]

https://t.co/7bMVH4Z1JG

[Ostium @Ostium]

An update on Stage 1 of the OLP recovery process:

- Since launch, 708 allocations have been redeemed for a total of 183,003 USDC. Excluding payouts to OLP holders above the threshold, roughly 43% of the total lost USDC value for holders with losses less than 1,000 USDC has been redeemed.

- 52 OLP holders with losses >1,000 USDC have elected the 1,000 USDC Convenience Allocation.

- There are now 293 outstanding OLP holders, down from 345 at the time of the Stage 1 announcement, with losses above the 1,000 USDC threshold who have not elected the Convenience Allocation option.

If you are above the threshold and have not yet made an election, you have until October 30th, 2026, 23:59 UTC to do so or automatically enroll in the pro-rata Stage 2 process. Holders with an allocation at or below 1,000 USDC have until December 29th, 2026, 23:59 UTC to claim their Convenience Allocation.

Later this week, we will share more information on the design of Stage 2, including the upside-sharing mechanisms currently under consideration. Thank you very much to the 60+ OLPs who have provided their input over the last week.

[Ostium @Ostium]

An update with further context on Ostium's revenue, financials, and the path ahead.

[kaledora @kaledora]

I promised to share a bit more context on Ostium’s finances and revenue model yesterday, as I believe much of the discussion on X is grounded in a misunderstanding of how the protocol monetizes, its costs, and a resulting inflated view of the company’s finances. I will cover both revenues and expenses.

1. Revenue

The ~$44.7M top-line revenue number on Dune (linked below) reflects the aggregate value flowing over 2 years across four protocol sources: opening fees ($20.39M), price impact/spreads ($16.5M), rollover fees ($4.75M) and liquidation fees ($3.35M).

Since 2024, that top-line revenue has flowed:

- $22.14M (49.6%) to the OLP vault: 30% of opening fees (after June 16, 2025; 50% of opening fees before that) plus, until the April 28th 2026 liquidity upgrade, all spreads, rollover and liquidation fees. Because OLP was the direct counterparty to traders, those flows didn’t guarantee OLP returns were always net positive: revenue capture on OLP was sometimes enough and other times insufficient to make up for the times when residual trader deltas worked against the pool.

- $19.55M (43.8%) in liquidity costs: $16.05M in hedging and $3.49M in interest on hedging capital.

- $2.96M (6.6%) retained as gross profits.

Top-line revenue is measured onchain, while take-home gross profits are dependent on off-chain hedging costs that definitionally aren’t reflected on a blockchain. Spreads as a category are computed as the difference between mid- and execution price. Off-chain hedges face spread costs too - no trade executes at mid - as reflected in the liquidity costs category. The same is true for rollover fees; any margined position has holding costs.

Ostium is a growth business, and our goal was expansion over short-term monetization. Prior to April, Ostium did not have the ability to monetize flow; the April upgrade was the first step in that direction, and the system had been live for a matter of months when the exploit happened.

Finally, we will add more detail and clearer nomenclature to the Dune dashboard over the coming days, including splitting the pre- and post-liquidity upgrade revenue for clarity. We will share a post with details when this has been done.

2. Expenses

Ostium raised $300k in 2022, $3.6M in 2023, $4.1M in 2024, and $19.4M in 2025.

We raised our Series A into a rapidly growing and highly competitive market. After years of waiting for the market to catch up, it finally had. Now our mandate was to grow, fast.

Ostium expanded from ~12 team members in 2025 to 35 in Q2 of 2026, driven first by a wave of engineering hires, and later by an expansion of the growth and marketing teams. Beyond salaries, we invested heavily in data licenses and direct-to-consumer marketing, while bearing heavy cloud infrastructure, auditing, and AI costs.

We expanded spend aggressively. In a winner-take-all – or most – market, we made the bet most companies at our stage make: invest everything in growth. In hindsight, we did not build a balance sheet that gave us room to respond to an event like this.

We struggled to accept that reality and were silent for far longer than we should have been. That was a mistake.

3. The path forward

Growing the business and giving the 345 remaining OLP holders a stake in that growth is the most viable path to recovery we see.

We will be sharing more details on Stage 2 recovery in the coming week. The plan will center on shared upside. We have received tremendous input from many of you over the last 48H, and will continue to iterate with OLP holders to design a structure that ties outcomes to the protocol’s success, while being compatible with future financing.

Thank you to the many of you who have sent supportive messages, both privately and publicly, over the last days. We recognize it will take time to build back confidence. We will continue fighting, and would like all of you to be on that journey with us.

[Ostium @Ostium]

@elchristofo @contrarianmarco The total amount recovered is shared in section 2 of the article: 649,967 USDC

[marcoantonio.eth @contrarianmarco]

Staying silent since the hack was a mistake. I own that.

Ostium pioneered RWA perps on-chain. We took a bad hit, but we are here to stay. From day one, our mission has been simple: be the most liquid venue to trade global markets on-chain. That hasn't changed and we're fully committed to it.

I don't expect to win back the community's trust quickly. But I'm going to work for it, starting now:
- I'll be active in the main Ostium Telegram group
- Same in general on Discord
- Same in every VIP Telegram chat
- I'll be running live Q&As from my socials

Ask me anything about the recovery plan, Stage 1 and Stage 2 or the constraints of trading and LPing on Ostium right now. I'll be there, and I'll make sure every user gets the answers they're looking for.

Our core leadership and engineering team remains fully intact, completely focused on what’s ahead. We've been heads down building the next phase of Ostium, and we will announce it tomorrow.

I have 2 north stars for the upcoming weeks:
1. Rebuild trust through radical transparency with this community. Not as a slogan, as how we operate from here on.
2. Bring users into the product. You'll have a real say in the most important design decisions for Ostium V3.

More tomorrow.

[kaledora @kaledora]

On July 15th, Ostium was attacked and roughly $23.75M was taken from the vault. OLP holders bore that loss, and for the two months that followed, you heard far too little from us. That was a mistake, and I take responsibility for the silence.

We started Ostium four and a half years ago, right out of college, because we believed Real World Asset perpetuals would be the next killer product to come out of crypto after stablecoins. I believe that as much today as I did then.

We pioneered the category. Before the attack we had the second-highest open interest among RWA perp venues and a strong base of core traders. But we were also spread across too many competing priorities, and had begun working to refocus the protocol.

The attack forced a decision. We could try to restart everything we'd been doing as quickly as possible, or we could use the moment to build a more focused company. We chose the second. That took longer than it should have to communicate, because recovery, resource allocation, and the future of the business all depended on the same question: what company are we building from here?

In trying to have every answer before we spoke, we left you without the information you needed at the moment you needed it most. That made a hard situation worse.

I know there's been a lot of speculation about what we were doing. We went quiet, but we didn’t go anywhere. Since July, the team has been developing the next iteration of our trading stack from the ground up, rebuilding our operational and legal footing, and working through significant setbacks, all while sharpening Ostium into a more focused company.

I know this plan isn't what many of you hoped for, especially those with larger losses. Meaningful recovery can only come from Ostium's growth, and Stage 2 will give affected holders a stake in it.

Thank you to our team, and to everyone who waited for answers you deserved sooner. Our core leadership and senior engineering team remains intact and more committed than ever.

Going forward, we will build in the open. We’ll share technical details early on, and will be more incremental than polished. We won't wait until every answer is in hand.

We took a hard hit, but we're very much still here. Tomorrow, we'll share what we've been building since July and where Ostium goes next.

[Ostium @Ostium]

https://t.co/2bMdRBAhxe

[Ostium @Ostium]

https://t.co/tUYIi9Fr53

[Ostium @Ostium]

Trading is live on Ostium as of 10:00 AM ET, reopening in stages.

At reopen, protective and reduce-only actions come first: closing positions, topping up collateral, updating or cancelling orders, and automated take-profits, stop-losses, and liquidations.

Opening new positions follows shortly after, once pending orders have cleared. A further update will confirm when full trading is live.

The system executes only on live prices. No position can be filled or liquidated at a price from before the pause.

More updates will come. Trust only official Ostium channels.

[Ostium @Ostium]

Trading on Ostium reopens Thursday, July 23 at 10:00am ET.

Below covers what happens to open positions, how trading comes back online, and a recovery plan update for liquidity providers.

What happens to positions at reopen

Open positions and pending orders will carry over as they are. Traders do not need to do anything in advance.

When trading resumes, positions will be marked to the live market price at that moment. Only the live market price when trading resumes matters, not the price movements during the pause. A position will be liquidated only if it is below its liquidation level at that reopening price. Any take-profit, stop-loss, or limit order whose level has been reached at time of live market prices at 10:00 AM ET on July 23, 2026 will execute then. Traders have 24 hours before reopen to prepare to manage their positions.

How reopening will roll out

To help bring the protocol back safely, we will enable actions in stages. At reopen, protective and reduce-only actions will come first: closing positions, topping up collateral, updating/cancelling orders, automated take-profits, stop-losses, and liquidations.

Opening new positions follows shortly after, once pending orders have cleared. We will update when full trading is live.

For liquidity providers

New OLP deposits are paused. This is designed to ensure existing LPs who remain continue to earn a share of protocol revenue on a smaller capital base. Withdrawals will process at the next settlement.

We will provide additional details regarding the recovery in a follow-on post, including the structure and allocation of the capital commitment.

For your safety

Please remain vigilant and know we are not circulating any recovery forms, and will never ask for your private keys, seed phrase, or funds. There are currently illegitimate accounts attempting to impersonate the company and official team accounts.

We will post when trading is live. Trust only official Ostium channels. Updates will be posted here, on our Telegram announcements channel, and on the app.

[Ostium @Ostium]

Trading is fully live.

Opening new positions is now enabled.

[Ostium @Ostium]

Trading on Ostium reopens Thursday, July 23 at 10:00am ET.

Below covers what happens to open positions, how trading comes back online, and a recovery plan update for liquidity providers.

What happens to positions at reopen

Open positions and pending orders will carry over as they are. Traders do not need to do anything in advance.

When trading resumes, positions will be marked to the live market price at that moment. Only the live market price when trading resumes matters, not the price movements during the pause. A position will be liquidated only if it is below its liquidation level at that reopening price. Any take-profit, stop-loss, or limit order whose level has been reached at time of live market prices at 10:00 AM ET on July 23, 2026 will execute then. Traders have 24 hours before reopen to prepare to manage their positions.

How reopening will roll out

To help bring the protocol back safely, we will enable actions in stages. At reopen, protective and reduce-only actions will come first: closing positions, topping up collateral, updating/cancelling orders, automated take-profits, stop-losses, and liquidations.

Opening new positions follows shortly after, once pending orders have cleared. We will update when full trading is live.

For liquidity providers

New OLP deposits are paused. This is designed to ensure existing LPs who remain continue to earn a share of protocol revenue on a smaller capital base. Withdrawals will process at the next settlement.

We will provide additional details regarding the recovery in a follow-on post, including the structure and allocation of the capital commitment.

For your safety

Please remain vigilant and know we are not circulating any recovery forms, and will never ask for your private keys, seed phrase, or funds. There are currently illegitimate accounts attempting to impersonate the company and official team accounts.

We will post when trading is live. Trust only official Ostium channels. Updates will be posted here, on our Telegram announcements channel, and on the app.

[Ostium @Ostium]

Update: We are working toward a relaunch this week. We will provide a notification 24 hours before trading resumes. Final checks are being done by our auditors, third-party cybersecurity experts, and engineering team.

What this means for positions when trading resumes:

• They are marked to the live market price at the time trading resumes.
• Traders will not be liquidated based on price movements that happened while trading was paused.
• If a trader’s position is below its liquidation threshold at the live market price when trading resumes, it will be liquidated.
• Pending orders will carry over exactly as they are.

For affected liquidity providers, our team is working hard on a recovery plan. Ostium Labs intends to contribute from its own balance sheet alongside new and existing partners. We know this is the update you are waiting for, and will share it as soon as we can.

Please trust only official Ostium channels. We will share all updates here on X and on our telegram announcements channel. We will never DM you first or ask for your keys, seed phrase, or funds.

More to come.