SignalPlus

What it is

An options desk in a browser tab. You connect the exchange accounts you already have, and SignalPlus assembles them into one book — live inventory, PnL broken down by greek across expiries and strikes, a volatility lab, scenario analysis, and an order ticket that can work a multi-leg structure and hedge the delta out of it afterwards. Charts are TradingView's, embedded.

The name is the first thing to get past. "Signal" in this catalogue usually means somebody selling you a view, and that is out of scope here. SignalPlus is not that: it sells no calls, no entries, no targets and no subscription to a channel. Its six site sections are the dashboard, the automation licence, a content property, the company and two contact pages, and the tutorial runs to forty-five pages of how to wire up keys and work orders. What it does emit is your own risk on your own positions. The one place it publishes opinion — a news feed on a separate host — carries a standing line that it does not constitute investment advice, and its items are summaries of third-party reporting rather than trades to put on.

Options is the whole point, and the venue list is the reason to look. Most terminals that claim options mean Deribit. SignalPlus publishes dashboards for Deribit, Bybit, OKX, Binance and Coincall, and ships key-setup guides for Bullish as well — six venues that actually list options, which is close to the whole tradable universe. Block liquidity is a seventh connection: Paradigm's network is embedded in the dashboard, and on Bybit it is the only block route, because the documentation says Bybit's native RFQ is unsupported and you must go through Paradigm. On OKX the RFQ is described as forthcoming, which is a fair warning that the six dashboards are not six identical products.

Two things are sold here that this card is not about. A market-making and delta-hedging robot, licensed by API to firms standing up an options operation, and a structured-product pricer sold to issuers. Both are quoted by enquiry, both are bought by somebody other than the trader in front of the dashboard, and neither is described on this card beyond saying it exists.

Pricing

The dashboard is free and the vendor is emphatic about it — "completely free-of-charge with no strings attached" on the dashboard page, "all free of charge" on the homepage. There is no pricing page on the site, because there are no plans, no seats and no tiers to put on one. The iOS app is free to download as well.

The automation suite is the part with a price, and it is not published. The automation page describes the robot, lists what it does, and ends with an email address to inquire at. No figure, no range, no unit. If you are sizing a market-making operation around it, that conversation starts from scratch.

A free terminal is paid for somewhere, and here the mechanism is documented. SignalPlus attaches a partner broker identifier to the orders it sends to Deribit, and its own page says plainly what that achieves — Deribit recognises them as partner-sourced, and rebates are credited to SignalPlus. Your fees are the exchange's; the flow is what is being monetised. Note the exact scope of that statement: the broker-ID page covers Deribit and only Deribit. No equivalent page exists for Bybit, OKX, Binance, Bullish or Coincall, which is not at all the same as those venues carrying no tag.

Data & coverage

The volatility lab is the reason most people open this. It plots term structure, the smile, the surface, implied against realised, a volatility cone, seven-day realised-volatility momentum, historical implied volatility by tenor and by expiry, and time-lapse implied volatility snapshots. The homepage calls two of those the "Model" smile and the "Model" surface, which implies a fit rather than a pass-through of exchange marks.

But the vendor never says whose model it is. Neither the volatility lab page nor the analysis widgets page states whether the greeks and implied vols shown are SignalPlus's own calibration or the venue's published marks, and the two are not interchangeable — a surface fitted in-house will disagree with Deribit's mark IV, and which one your PnL attribution is computed against matters. This is the single most useful question to put to them before you rely on the numbers, and it is not answered anywhere in the documentation.

The risk book is seven widgets, and they are the ones an options trader would actually ask for: live risk and PnL granular to individual greeks and instruments, PnL attribution over time broken into its components, break-even against underlying price for the current portfolio, seven-day theta, running theta, and strike analysis for concentration across expiries and strikes. Scenario analysis sits alongside for stress-testing before the event rather than after.

Virtual accounts are real paper trading, not a demo mode. You create as many as you like, anchor each to a chosen exchange so it borrows that venue's order book and settlement mechanics, and set an adjustable starting balance. The documented use is simulation and strategy observation, including booking OTC trades against the same risk and PnL tooling.

Integrations

Venue keys, and what they are allowed to do. On Deribit the full setup asks for Block Trade, Block RFQ, Account and Trade all at read_write; if you only want RFQ, the documentation tells you how to narrow that to Block RFQ at read-write with Account and Trade left at read, which is the better default and is easy to miss. Nothing in the guide asks for withdrawal permission. Guides in the same format cover OKX, Bybit, Binance, Bullish, Coincall and Paradigm.

The keys live on SignalPlus infrastructure, not in your browser. The Deribit guide publishes four SignalPlus IP addresses to add to the venue key's allowlist and offers a static proxy IP on request. The delta hedger confirms it from the other direction — it keeps running while you are away and switches itself off only after seven days without a login. That is what makes the automation work, and it is a custody decision: for as long as those keys are live, a party other than you can trade your account.

Execution is algorithmic rather than a plain ticket. Smart Dealing builds and works multi-leg structures, re-quoting a limit against mark on a thirty-second cycle, slicing large orders and filling the parts in sequence, and — the detail that matters on a risk reversal — sequencing the options legs to fill before the futures hedge so the structure is never half on. There is a Balance Trade algo the docs compare to an iceberg or a TWAP, a separate TWAP, and a set of screen algos alongside.

Dynamic Delta Hedge checks account delta in under five seconds, and when it leaves the band you set, hedges back toward a target using perpetual futures. Perps are the only hedging instrument it supports. You configure upper and lower limits, a target and a tolerance band, and confirmations arrive over Telegram.

Off-screen trading is a first-class part of the product, not an afterthought — RFQ, a voice OTC workflow, and an axe board for advertising interest, including a variant for fixing futures swaps. RFQ alerts reach you by Telegram.

There is an API, but it is narrow. What is documented is an RFQ API, on its own host with a testnet twin, described as largely plug-compatible with Deribit's own RFQ API — so it is a way to automate block workflow, not a general trading or market-data API for the dashboard. No MCP server is advertised on the site or in the tutorial, and no webhook interface either; notifications go to Telegram.

Limitations

You cannot see inside without signing up. The marketing site is a client-rendered app and the product itself is behind a login, so everything on this card came from vendor documentation rather than from the running product. For a tool whose value is what the numbers say, that is a real gap and one an account would close in an afternoon.

The model behind the greeks is undocumented. Restated here because it belongs in this section as much as in the last one: a terminal that shows you a volatility surface and does not say how it is built is asking for trust it has not shown its work for.

Your keys are theirs to hold. Account and trade permissions on a server you do not control is the price of a hedger that runs overnight. It is the opposite trade-off from a terminal that keeps keys in the browser, and it is the right one for automation and the wrong one for anybody whose policy is that keys never leave the desk.

The six venues are not six equal integrations. Bybit has no native RFQ and has to be routed through Paradigm; OKX's RFQ is still described as forthcoming; Bullish and Paradigm have key guides but no product page of their own. Check the specific workflow you need on the specific venue you trade before assuming parity.

Delta hedging is perpetuals only. No dated futures, no spot. If your hedge belongs somewhere else, the robot cannot put it there.

The hedger is not a daemon. Seven days without logging in and it turns itself off. That is defensible as a safety default and it is still a hard operational constraint — the thing you built to run unattended will stop if you actually leave it unattended.

Some email domains will not work. The signup guide warns that qq.com, 163.com and 126.com addresses are not supported by some of its exchange partners, which is an odd constraint to discover after registering.

And the account gets you nothing on its own. SignalPlus needs no identity documents because the exchange underneath it does. Every venue on the list is a full KYC account you must already hold before the dashboard has anything to display.

Alternatives

For the block half alone, on your own account and without a third party holding keys, Paradigm is the network SignalPlus embeds — with institutional onboarding, no US or Canadian persons, and no analytics of any kind. SignalPlus is the version of that liquidity you can reach with an email address.

If you want the options analytics without handing over trading keys at all, Laevitas sells greeks and a calibrated surface across roughly the same venue set as data, in market data, and has no order ticket.

If options are a sideline and what you actually sit in front of is perpetuals, Velo is the cheaper screen in this category — but its options coverage is two Deribit instruments, which is the gap SignalPlus exists to fill.