Trading
orders_and_fills.csv
order_id · ORD-1842
fill_id · FILL-9173
BUY · 1 BTC
Ready before the execution is questioned
When you open a case, the market record is already there.
EXTERNAL MARKET EVIDENCE
| Binance | Bybit | OKX | Hyperliquid | |
|---|---|---|---|---|
| Top-of-book | RETAINED | RETAINED | RETAINED | RETAINED |
| Order-book depth | RETAINED | RETAINED | RETAINED | RETAINED |
| Public trades | RETAINED | RETAINED | RETAINED | RETAINED |
| Reference market data | RETAINED | RETAINED | RETAINED | RETAINED |
BTC/USDT + ETH/USDT perpetuals
Case readiness
- Independent external recordRETAINED
- Historical reconstructionAVAILABLE
- Evidence provenanceAVAILABLE
- Customer case evidenceAWAITING CASE INPUT
When the firm opens a case and provides the relevant execution evidence, Synapse selects the historical market window and begins the investigation.
The investigation may be episodic. The capability cannot be.
Supported venues
- BTC/USDT + ETH/USDT
- Current perpetual coverage across supported venues.
Other hypotheses can be tested depending on the incident and available evidence.
From scattered records to one repeatable investigation
The firm supplies the evidence relevant to the case. Synapse structures the investigation, identifies what is needed, and does the reconciliation work after that.
Ad hoc
With Synapse
Relevant evidence sits across systems and teams
Engineering
gateway.log
receive · 02:50:00.002
send · 02:50:01.002
order_id · ORD-1842
Operations
venue_ack.sql
ack_id · ACK-771
order_id · ORD-1842
venue · BYBIT
Risk / context
case_note.txt
Questioned execution
BTCUSDT_PERP
Case reference · 2409
Start with the question
Was this execution discrepancy caused by the broader market, the execution venue, or our trading infrastructure?
Investigation structure
Synapse identifies which records are needed to investigate the question. The firm supplies those records.
Required for this case
- Orders & fillsNEEDED
- Gateway / routing eventsNEEDED
- Venue acknowledgementNEEDED
- Internal market observationIF AVAILABLE
- Relevant timing evidenceNEEDED
You provide
Questioned execution + relevant records
Synapse provides
External reconstruction + correlated execution record + evidence gaps + next records required
Provide case evidence
Drop the relevant case files
Provide only the records relevant to the investigation.
Investigation record
BTCUSDT_PERP
BYBIT · BUY 1 BTC · MARKET · 02:50 UTC
REVIEWABLE
Execution path
Order → Gateway → Venue ack → ExecutionEvidence
Customer records + independent external market recordProvenance
Sources, identifiers and timestamps preservedResult
Findings bounded to the supplied evidenceTeams manually reconcile identities, timestamps, market context, and system events to reconstruct what happened.
- Recurring
- Every questioned execution can trigger the same forensic work.
- Non-differentiating
- Necessary work, but not the firm's trading edge.
- Mission-critical
- The explanation still has to be defensible when the case matters.
- Repeatable
- The same investigation workflow can be applied to future cases.
- Reviewable
- Evidence, correlations, findings, and unresolved gaps remain inspectable.
- Reusable
- Mappings and investigation logic carry forward instead of being rebuilt each time.
Your trading stack, in the same investigation
Map once, reuse across investigations
Initial onboarding establishes how the records relevant to your investigations should be interpreted, across your trading and execution environment. Once those mappings are in place, later cases reuse the same investigation logic instead of rebuilding it from scratch.
OMS, EMS, parent and child orders, acknowledgements, rejects, partial fills, and executions
Routing decisions, child orders, transport events, venue acknowledgements, and execution-path evidence
Internal market observations and the state your systems recorded around the trade
Timestamps, clock domains, processing stages, latency measurements, and other system evidence when relevant to the incident
Raw fields from your trading systems. Names and schemas vary by firm.
Synapse maps those fields into a normalized schema used by the investigation system.
The normalized representation lets the same investigation workflow operate across different customer schemas.
Mappings are updated when your schemas or systems change.
Use deeper evidence when the question requires it
Some investigations can be resolved with orders, acknowledgements, and fills. Others may require internal market-data observations, feed receipt, routing events, processing timestamps, or infrastructure evidence to explain what the system actually saw and did.
What a standing capability replaces
Ad hoc / rebuilt per incident
Standing Synapse capability
Reassemble market historyExternal record already retained
Reconcile identifiers and timestampsReusable mappings and correlation
Reconstruct execution pathRepeatable investigation workflow
Preserve supporting evidenceProvenance maintained with the case
Recreate the process next timeSame workflow reused
The investigation still has to be done. Synapse turns the recurring forensic work around it into maintained infrastructure.
Keep control of your proprietary trading data
Synapse does not require the firm's strategy or alpha logic. But the execution evidence needed for an investigation can still be proprietary.
Synapse scopes each investigation to the evidence it needs while leaving control of the data boundary with the firm.
Your trading environment
Evidence domains Synapse may use when required by the investigation.
- Orders & executionsIdentify the questioned order, acknowledgements, fills, and execution outcome.SELECTED
- Routing & gatewaysReconstruct how the order moved through the customer execution path.SELECTED
- Internal market viewEstablish what the firm's systems actually observed when that matters to the question.SELECTED
- Timing & infrastructureTest processing delay, latency, sequencing, and clock relationships.SELECTED
Synapse does not require standing access to the firm's entire trading environment.
Case evidence scope
BTCUSDT_PERP · BYBIT · 02:50 UTC
- Evidence scopeCASE-RELEVANT ONLY
- Native schemaMAPPED, NOT REPLACED
- Customer controlPRESERVED
- Retention boundaryALIGNED TO FIRM POLICY
- Deployment boundaryALIGNED TO FIRM REQUIREMENTS
The firm controls what case evidence is provided and the boundary within which proprietary records are handled.
Customer-controlled and isolated deployment models can be supported where required.
The more relevant, well-correlated evidence available, the more specifically Synapse can support and bound the investigation's conclusions.
Conclusions bounded by the evidence
Synapse does not turn incomplete evidence into a confident answer. It shows what the record supports, what remains unresolved, and what evidence is needed to continue.
Synapse can still test the broader-market and execution-venue hypotheses using the retained external record. Attribution inside the customer execution path remains unresolved until the required customer evidence is available.
When the answer has to travel beyond the desk
Some execution decisions have to be explained to people who were not there when the trade occurred.
Synapse preserves the evidence, correlations, findings, provenance, unresolved gaps, and the boundary of what the record actually supports.
Risk · Compliance · Investment committees · Auditors · LPs · Regulators
Bring us an execution you had to explain
Send a BTC/USDT or ETH/USDT perpetual trade on Binance, Bybit, OKX, or Hyperliquid where the fill, timing, slippage, or cause was questioned internally or externally.
Review a historical caseNeed another instrument or venue?
Tell us what your desk trades. We’re expanding coverage with design partners and can prioritize additional markets around real investigation needs.