ICO's & new listings
The venue's newest markets, quoted from the moment they have a book.
This is where a coin lands when it has only just started trading. It sits third in the watchlist, above every established sector except the Layer 1s and Layer 2s, because a market's first weeks are when it moves most — and it is the sub-market clients open first on the days something new lists.
Why the spread is wider here
A new listing has a thinner book than BTC/USD, and crossing a thin book genuinely costs more. That is priced honestly rather than hidden: these markets sit in the small-cap tier at 34 basis points round trip against 20 on the majors, and the ticket shows the figure that applies before you commit. The spread is derived from the venue's own book, so as a market matures and its book deepens, what you pay falls with it.
It is also where the unclassified go
Any market the sector map does not recognise is filed here rather than dropped. A curated map always lags an exchange that lists new coins every week, and in practice that unclassified tail IS the new listings — so the label stays honest as the venue grows. Anything that turns out to be an established coin is moved into its real sector instead.
New markets carry the widest risk and reward on the desk, and the two are the same fact seen from either side: a thin book moves further on less volume, so the conditions that produce the largest gains here produce the fastest losses. Size the position for both, not for the one you are hoping for.