MERCATUS Crypto Direct — Discount Model
Crypto OTC transaction-cost model for deals priced as a discount off market reference using the gross/net convention. Defaults to BTC at $65,000 with 100-coin sample volume. Models buyer pay-per-coin, seller receive-per-coin, broker spread, and the crypto-specific cost stack.
Free updates to all future v2.x releases included
Buy NowDelivered by email within 1–24 hours.
Most within 1–2 hours (US Eastern Time).
The workbook structure
The MERCATUS workbook is organized into a consistent set of tabs. Every tab carries forward the discipline and data that the next tab depends on.
License — proof of ownership
License tab. Confirms your purchase, terms of use, version number, and free-updates entitlement. Also controls tier visibility for distributed copies.
Summary — deal-at-a-glance
Summary tab. All key positions visible on a single page. Updates automatically as you enter values on the working tabs — gross deal value, total expenses, all-in cost, P&L, intermediary chain status, settlement architecture.
Read Me — five-minute orientation
Read Me tab. Walks you through what each tab is for, the terminology and glossary, and how the pricing model is applied. Read this first; saves hours on every deal you model afterwards.
Simple — fastest deal modeling
Simple tab. Minimal entry for fast modeling. Enter the values that matter, see the result. The Simple tab gives you the headline numbers without forcing you through the full Buyer/Seller granularity.
Buyer — full cost stack
Buyer tab. Full buyer-side cost stack: deal terms, the eleven common-backbone cost items (refining, custody, paymaster fees, regulatory costs, and more), user-defined cost rows for deal-specific items, intermediary chain with one mandate per side and facilitator brokers below.
Chain View — settlement visualization
Chain View tab. Full settlement-flow visualization from buyer through the intermediary chain to seller. Every party in the chain visible. Useful for sanity-checking that fees coordinate correctly across SPA, IMFPA, and sub-fee agreements before any bank diligence review.
Also included: Seller tab (mirror of Buyer for the sell side), Intermediaries tab (broker-chain detail with one mandate per side), Reference tab (glossary, standards, and cross-references).
How the pricing model works
In the Discount Model for crypto OTC, deal pricing uses the gross/net convention applied against a market reference (typically spot or a published index). Gross discount is what the seller absorbs. Net discount is what the buyer realizes. The spread funds the intermediary chain. The Discount Model is built for the dominant pricing pattern in broker-mediated crypto OTC.
From input to output
Enter your gross/net quote and the reference price (defaults to BTC at $65,000) on the Simple tab. The model computes buyer pay-per-coin, seller receive-per-coin, broker-pool spread, and applies the crypto-specific cost stack (gas, on/off-ramp, custody, KYC/Travel Rule, source-of-funds analytics, sanctions screening). Glossary covers NCNDA + fee-agreement architecture for crypto OTC.
The common-backbone cost items
Every transaction has eleven common cost categories the workbook computes automatically: refining and quality verification, custody and storage, paymaster fees, legal counsel fees, regulatory compliance, settlement venue fees, FX conversion, escrow, and three more. You add deal-specific costs as user-defined rows. The model rolls everything into the all-in cost per unit and net P&L.
Free updates to v2.x
Every purchase includes free updates to all future v2.x releases. When a new version of this worksheet is published, you receive the updated file at the email address you provided at checkout.
Sample output
The screenshots above show the workbook populated with the default sample deal. The Summary tab synthesizes everything that the Buyer, Seller, Intermediaries, and Chain View tabs compute — gross deal value, total expenses, all-in cost, P&L, and the settlement architecture.
When you enter your own deal values on the Simple, Buyer, or Seller tabs, the Summary updates in real time. The architecture is encoded once; the math runs automatically. You spend your time on the deal, not on rebuilding the model for each transaction.
Frequently asked questions
What format is the worksheet?
Microsoft Excel (.xlsx) file. Opens in Excel 2016 or later, LibreOffice Calc 7+, or Google Sheets (some formula behavior may differ in Sheets).
When is the worksheet delivered after purchase?
Within 1–24 hours of payment, by email from This email address is being protected from spambots. You need JavaScript enabled to view it.. Most purchases are delivered within 1–2 hours during business hours (US Eastern Time).
Does it contain macros?
The workbook uses Excel formulas extensively but no macros that require enabling. No security risk. Open and use.
Can I customize the cost items for my specific deal?
Yes. The eleven common-backbone cost rows are pre-built; user-defined rows let you add deal-specific items. The Summary tab rolls everything together automatically.
What if my deal does not match the default pricing model?
Each variant comes in both Discount Model (gross/net) and Fixed Price Model (unit-price) versions. Pick the variant that matches your deal's pricing convention. The variants share the same underlying architecture so once you know one, you know both.
Are updates included?
Yes. Free updates to all future v2.x releases are included with every purchase. You receive each new version at the email address you provided at checkout.
What if I have technical questions or problems with the file?
Email This email address is being protected from spambots. You need JavaScript enabled to view it.. We respond within one business day.
All sales final?
Due to the digital nature of MERCATUS Worksheets — once delivered, the file cannot be returned — all sales are final and non-refundable. For technical issues with your file we will work to resolve them.