Kraken Prime与SoFi合作：机构级最佳执行机制解析
Kraken Prime and the SoFi collaboration: what best execution looks like at scale
揭示了加密基础设施与传统金融（银行/支付）结合的具体运作机制，对理解机构级订单路由与流动性聚合有参考价值，建议关注此类合作对流动性的实际影响。
Payward, the parent company of Kraken, and SoFi Technologies announced a strategic partnership today connecting banking, payments and digital asset markets.
Kraken 的母公司 Payward 与 SoFi Technologies 今日宣布建立战略合作伙伴关系，旨在连接银行、支付和数字资产市场。
Payward is joining the SoFi Exchange Network’s real-time settlement rails, listing its bank-issued stablecoin, SoFiUSD, on Kraken, with SoFi routing its digital asset order flow through Kraken Prime for trade execution, with qualified custody capabilities to follow as the relationship grows. Kraken Prime’s institutional and business clients will also get access to SoFi’s Big Business Banking and its SEN settlement network, giving them a regulated banking partner that settles fiat in real time, 24 hours a day.
Payward 将加入 SoFi Exchange Network（SoFi 交易所网络）的实时结算轨道，在 Kraken 上列出其由银行发行的稳定币 SoFiUSD；同时，SoFi 将通过 Kraken Prime 路由其数字资产订单流以进行交易执行，并随着双方关系的深化提供合格的托管能力。Kraken Prime 的机构和企业客户也将获得访问 SoFi 的大企业银行业务及其 SEN 结算网络的权限，从而拥有一个能够全天候实时结算法币的受监管银行合作伙伴。
This post is about the role Kraken Prime plays, and how prime brokerage connects to a retail-facing app.
本文主要介绍 Kraken Prime 所扮演的角色，以及主经纪商业务如何连接到面向零售用户的应用程序。
What prime brokerage does
主经纪商的作用
A prime broker is a firm that sits between an institutional or corporate client and the market, handling execution, custody and financing through one relationship. In traditional finance, that’s the model Goldman Sachs or Morgan Stanley run for hedge funds.
主经纪商是位于机构或企业客户与市场之间的公司，通过单一关系处理交易执行、托管和融资事宜。在传统金融领域，这是高盛或摩根士丹利为对冲基金提供的模式。
A fund doesn’t need a direct account with every venue it wants to trade on; the prime broker aggregates access, manages collateral, and reports on positions across venues in one place.
基金无需在与之交易的每个场所都开设直接账户；主经纪商会聚合访问权限、管理抵押品，并在一个地方汇总报告跨场所的头寸情况。
Crypto’s version of that model exists for a reason: without it, a trading desk looking to route flow to multiple venues has to prefund each one, reconcile balances separately, and manage counterparty exposure venue by venue. That’s a lot of operational friction to carry just to get a reasonable price.
加密领域的这种模式之所以存在是有原因的：如果没有它，希望将订单流路由到多个场所的交易台必须预先向每个场所注资，分别对账余额，并逐个场所管理对手方风险。为了获得合理的价格而承担如此多的运营摩擦成本是不合理的。
Kraken Prime, which launched in 2025, is a good example of how a prime broker addresses this problem. It combines services like trading and custody into one platform, so institutional clients – or a partner like SoFi – can deal with just one counterparty instead of managing that fragmentation on their own.
于 2025 年推出的 Kraken Prime 很好地展示了主经纪商如何解决这一问题。它将交易和托管等服务整合到一个平台中，使得机构客户——或像 SoFi 这样的合作伙伴——只需与一个对手方打交道，而不是自行管理这种碎片化局面。
To make this work, Kraken Prime utilizes a smart order routing system to read pricing and depth across supported venues in real time and routes each order to wherever it fills best.
为了实现这一目标，Kraken Prime 利用智能订单路由系统，实时读取支持场所的定价和深度信息，并将每笔订单路由至成交效果最佳的场所。
Kraken Prime’s role in the collaboration
Kraken Prime 在此次合作中的角色
Millions of SoFi members already buy and sell crypto inside the SoFi app. By collaborating with Kraken, those orders now route through Kraken Prime, which works to get the best available price across a range of venues rather than filling every order against a single order book.
数百万 SoFi 会员已经在 SoFi 应用程序内买卖加密货币。通过与 Kraken 合作，这些订单现在将通过 Kraken Prime 进行路由，后者致力于在多个场所范围内获取最佳可用价格，而不是将所有订单针对单一订单簿进行成交。
This means SoFi now has access to an execution layer with considerably more liquidity than any single-venue setup. For the end customer, that shows up as better pricing on trades, without any change to how the app itself works.
这意味着 SoFi 现在可以访问一个执行层，其流动性远超任何单一交易场所的设置。对于终端客户而言，这体现为交易价格的优化，而应用程序本身的工作方式没有任何变化。
That’s the mechanical answer to what “best execution” means in practice: not a single venue that’s always right, but a routing decision made order by order, across a pool of liquidity that’s deeper than any one venue could offer on its own.
这就是实践中“最佳执行”机制上的含义：并非依赖某个总是正确的单一交易场所，而是基于订单逐个进行路由决策，利用比任何单一场所单独所能提供的更深的流动性池。
It’s the difference between a prime broker and a plain exchange account: the exchange gives a client access to its own book, while the prime broker gives a client access to a market.
这就像是主经纪商与普通交易所账户之间的区别：交易所为客户提供对其自身订单簿的访问权限，而主经纪商则为客户提供对整个市场的访问权限。
Part of a broader pattern
更广泛模式的一部分
Since moving into the institutional space, Kraken has built relationships with some of the most established names in traditional finance: Deutsche Börse on FX and derivatives infrastructure, Nasdaq on an xStocks-powered equity token gateway, Franklin Templeton on tokenizing its ETFs, and now SoFi, a nationally chartered bank with 15.8 million members.
自进军机构业务以来，Kraken 已与传统金融领域一些最知名的机构建立了合作关系：在外汇和衍生品基础设施方面与 Deutsche Börse 合作，在由 xStocks 支持的股票代币网关方面与 Nasdaq 合作，在将其 ETF 代币化方面与 Franklin Templeton 合作，以及如今与拥有 1580 万会员的全国性特许银行 SoFi 的合作。
Each of these relationships is a different entry point into that same convergence: tokenized equities through Nasdaq, fund infrastructure through Franklin Templeton, FX and derivatives through Deutsche Börse, retail banking distribution through SoFi.
这些合作关系中的每一个都是进入同一融合趋势的不同切入点：通过 Nasdaq 实现代币化股票，通过 Franklin Templeton 实现基金基础设施，通过 Deutsche Börse 实现外汇和衍生品，通过 SoFi 实现零售银行分销。
Digital asset infrastructure is increasingly running underneath products that already look and feel like traditional finance. SoFi customers buying crypto in the app they already use for their paycheck won’t see Kraken Prime at work.
数字资产基础架构正日益运行在那些外观和体验已与传统金融无异的产品之下。SoFi 客户在他们已用于接收薪水的同一应用程序中购买加密货币时，并不会察觉到 Kraken Prime 在背后运作。
What they’ll get is a better price on a trade they were already making, one small piece of a much larger shift already underway.
他们获得的是原本就要进行的交易的更优价格，这是更大规模转变中微小的一步，而这一转变早已 underway（进行中）。
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The post Kraken Prime and the SoFi collaboration: what best execution looks like at scale appeared first on Kraken Blog.
本文最初发布于 Kraken Blog，标题为《Kraken Prime 与 SoFi 的合作：规模化下的最佳执行是什么样》。
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