Market
Spot
Buy and sell Token Credits against USD on a central limit order book with price-time priority. Three TC/USD pairs at pilot launch, six at full V1, plus TC/TC cross-pairs and synthetic Convert.
Pilot pairs
TC-OPUS47/USD (Claude Opus 4.7), TC-GPT55/USD (GPT-5.5), TC-GEMINI3/USD (Gemini 3 Pro).
Full V1 pairs
Adds TC-SONNET46/USD (Claude Sonnet 4.6), TC-GPT5/USD (GPT-5), TC-LLAMA4/USD (Llama 4 Maverick).
Cross-pairs (V1)
Direct TC/TC books for relative-value plays. Convert previews a synthetic route via USD when direct depth is thin.
Matching
Rust matching engine, price-time priority. Lot size 1 TC = 1,000,000 provider-native tokens.
Settlement
Net T+0 between Tokexchange accounts. Centralized ledger; no on-chain settlement in V1.
Reference price
Published retail price of the underlying model on its primary backing rail, in USD per 1 TC. Versioned, timestamped, used as no-arbitrage anchor.