- Non-custodialFunds sit in the order, not with an operator.
- PermissionlessNo key needed to list, quote or trade.
- Exact priceMakers fix the price and the size.
- Price safetyEvery fill is checked against the taker's price.
- VerifiableAnyone can rebuild the book from the public log.
- Low costMore quotes, less cost per quote.
Quote more prices, update them more often.
- Modify an order in place: a new price or size, the same order.
- Move up to four orders of one side together in one batch.
- Earn a share of the taker fee, paid only on what fills.
- Proceeds can stay in the book, ready for the next quote.
Fill at the price you see.
- Every order you pick fills at its own price, or it is skipped.
- A stale list costs gas, never money.
- Swap across markets in one transaction.
Public orders to build on.
- Every order and fill is an on-chain event, so any app can rebuild the book.
- Fill orders and AMM pools in one transaction.
Anyone can list a market.
- Pick a token pair, set its price step and lot size, and the market is open. No approval needed.
- Including tokenized assets.
A lean contract and open matching.
- The contract keeps only the orders and the funds behind them.
- Every order, cancel and fill is a public event, so anyone can rebuild the book.
- Takers choose the orders they fill; the contract checks each price and settles.
The challenge of spot liquidity
AMMsPrice moves with size
An AMM prices from a curve, so the bigger the trade, the worse the price.
Operator-run order booksAn operator holds the book
Operator-run order books can hold your assets and rank and reject orders out of sight.
On-chain order booksCostly on chain
Keeping the whole book on chain adds price-level and index writes to every order, so quoting stays expensive.
| Design | Non-custodial | Permissionless | Exact price | Price safety | Verifiable | Sublinear cost |
|---|---|---|---|---|---|---|
| Open Limit Order Protocol | ||||||
| Constant-function AMM | ||||||
| Concentrated liquidity | ||||||
| Operator-run order book | ||||||
| Operator matching, on-chain settlement | ||||||
| On-chain order book |