In 2005, Walleye was originally set up as an options market making firm in Minnesota by Irving Kessler, Peter Goddard, and three others.

[3][4] The founders of Walleye intended for it to perform electronic trading that used data and fast computers to earn profits for its clients.

[3][6] Goddard oversaw the development of a system called Deephaven that enabled Walleye analysts to query large amounts of fast-moving data in real time which gave its clients competitive advantage.

Walleye changed its strategy with aims to shed its Midwestern image and become the best midsize multi-strategy platform.

[7][5] In 2023, Walleye launched Dockside Platforms which connects investors to smaller Money Managers that charge lower fees and offer more liquidity and transparency.