01 / Perp
Perpetual futures
High-leverage perps with funding rate. Worst-first partial liquidation. Insurance fund and ADL waterfall — explained, not hidden.
BTC-PERP · 1H
+2.4%
EST. 2015 — REIMAGINED FOR 2026
The exchange, rebuilt to show its work.
CEX-grade speed with on-chain-grade verifiability.
A deterministic Rust matching core, a double-entry ledger, and a tamper-evident audit chain. Built for traders who measure.
BTC-USDT · L2 order bookLIVE
Bid / AskSizeTotal
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Book settling
67,843.50———
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REBUILT, NOT PATCHED
From a working past
to a verifiable present.
The legacy stack served. It also accumulated assumptions a new generation of traders won't carry forward. It wasn't patched — the core was torn out and rebuilt on engineering most exchanges only talk about.
LEGACY · BEFORE
A managed
monolith.
Web2-style managed runtime · app-level balances · mutable records · coarse risk · trust-us posture.
NEW CORE · AFTER
A deterministic
Rust engine.
Memory-safe Rust · WAL-durable replay · double-entry conservation · blake3 audit chain · cross-margin with worst-first liquidation.
01 / EngineMechanism
BeforeMonolithic managed stack
AfterMemory-safe Rust, single-threaded low-latency matching
02 / LedgerConservation
BeforeApp-level balances
AfterDouble-entry transfers — every move is conserved
03 / IntegrityTamper-evidence
BeforeMutable records, in-place edits
AfterAppend-only blake3 hash-chain + least-privilege roles
04 / RecoveryDeterminism
BeforeBest-effort recovery
AfterWAL-durable replay → bit-identical state
05 / RiskCross-margin
BeforeCoarse, account-by-account
AfterCross-margin + worst-first partial liq + insurance + ADL
06 / TrustShow the receipts
Before“Trust us.”
AfterShow the receipts — conservation gates, auditable tape
07 / IdentitySessions
BeforeIdentityServer4 (EOL), symmetric 2FA
AfterPasskeys + step-up + risk-based sessions — no skeleton key
08 / CustodyThreshold
Before2-of-2 keys on closed-source crypto
Aftert-of-n threshold signing, audit-gated before mainnet
09 / EscrowTwo-phase
BeforeFlags in a database
AfterTwo-phase on one ledger — hold → release/refund, no double-spend
MEASURED ON CANARY HARDWARE
Numbers that
hold up.
Performance figures are measured on canary hardware, under representative load, single-instrument. Methodology is published next to every metric — credibility is the differentiator.
Order-ack p99
9µs
p50 · 5 µs · single-instrument canary
Sustained throughput
1.1M ops/s
synthetic load · 30-min run
Deterministic recovery
2.9s
WAL replay from genesis · 4 GB log
Ledger conservation
0 drift
gate-enforced · property, not benchmark
in-process matching path, single instrument, canary hardware·Methodology published. Numbers update from one config when the canary publishes a new run.
THE ENGINE
One order,
five proofs.
A single order touches five stages before it counts. Follow it down the pipeline — each stage hands over its proof.
IngressRPC · Capability
WALfsync · durable
MatchRust · 1-thread
LedgerDouble-entry
AuditBlake3 chain
01 · INGRESS
Capability-model authenticated RPC. Every request carries an account-scoped capability — no client can read or write another account. Orders are fee-stamped and validated at ingress before they ever reach the matching loop.
01IngressValidated at the door — account-scoped capability, fee-stamped before matching.
02WALLogged before anything moves — fsync'd write-ahead log, the engine's source of truth.
03MatchMatched deterministically — single-threaded Rust core, no GC pauses, bit-identical replay.
04LedgerBooked as a conserved pair — double-entry debit and credit, gate-checked, zero drift.
05AuditSealed into the chain — blake3-hashed with every prior event, verifiable from outside.
VERIFIABILITY
Tamper one block.
Watch the chain break.
Every fill, transfer, and balance change is hashed into an append-only blake3 chain. Off-box hash-tip export keeps the chain externally verifiable. Click any block to see how a single edit cascades.
↑ Click any block (except genesis) to tamper. Downstream hashes break — visibly.
Block 00 · init
GENESIS
b1165923
55c04291
55c04291
Block 01 · fill
BTC-PERP +0.45
81ae307e
9dc30b18
9dc30b18
Block 02 · fill
ETH-PERP +1.20
8dd2160e
af981868
af981868
Block 03 · fill
BTC-PERP −0.10
f3475c4c
3b4af49a
3b4af49a
Block 04 · tfr
USDC dep +5,000
4cec5030
7b7e09da
7b7e09da
Block 05 · fill
BTC-PERP +0.25
4dcdd8fc
24f722ca
24f722ca
Block 06 · fill
SOL-PERP +12.0
e28cd308
0376f4fe
0376f4fe
Block 07 · fill
ETH-PERP −0.40
511d46f0
78a842be
78a842be
PRODUCTS
Threeways
to trade.
Perpetual futures, spot, and a unified cross-margin account. Each product shares the same deterministic engine, the same conservation gates, and the same audit chain.
Open perpetuals
02 / Spot
Spot trading
Direct spot pairs with deep books and the same low-latency core. Settlement is bookkept the moment a fill clears the matching loop.
ETH-USD · L2
3,847.22
03 / Margin
Cross-margin
One unified margin account across positions. Worst-first partial liquidation, plain-language maintenance rules, transparent insurance + ADL.
UNIFIED · 8 positions
+118%
HYBRID DEX / CEX
The performance of a CEX.
The verifiability of a DEX.
Determinism, double-entry, and an auditable tape are not the destination — they are the foundation that enables progressive decentralization. Transparency proofs, settlement options, and self-custody are the path.
WORLD A · CEX
Performance
Sub-millisecond matching · deep books · cross-margin · institutional reliability.
WORLD B · DEX
Verifiability
Conservation by construction · tamper-evident audit · path to settlement options + self-custody.
RoadmapTransparency proofs · settlement options · self-custody — phased and clearly labelled.
TOKEN & FEES
A utility token,
and fees that add up.
The token is a utility — fee discounts, staking-for-discount, referral. Fees are resolved at ingress, WAL-stamped on the order, and conservation-locked through the referral distribution.
TOKEN · UTILITY
$INOM
A utility token powering the exchange — no price/returns framing, no presale-as-investment. Strictly: fee discounts · staking for discount tier · referral mechanics.
- DiscountPay maker/taker fees in $INOM for a tier-by-tier discount, capped.
- StakeStake $INOM to unlock the next fee-discount tier — utility, not yield.
- ReferReferral distribution is conservation-locked through the ledger — provably correct.
SoonToken activates post-launch · date confirmed nearer to activation.
FEES · TIERS
Maker / Taker
Tier mechanics shown — exact rates confirmed at launch. The schedule is published in full at /fees.
Tier30D volumeMaker / Taker
T0 · Standard< $1M0.020% / 0.050%
T1 · Active$1M – $10M0.012% / 0.040%
T2 · Pro$10M – $100M0.005% / 0.030%
T3 · Market-makerBy desk−0.005% / 0.020%
ROADMAP
Now, next,
then convergence.
Honest phasing — anything not in Now is labelled Planned or Vision. The credibility of the roadmap depends on not blurring shipped from intended.
Phase 01
◉ LiveNow
- Deterministic Rust matching engine · WAL-durable
- Double-entry ledger · conservation by construction
- Append-only blake3 tamper-evident audit chain
- Cross-margin perps + spot · insurance + ADL
- Capability-model authenticated RPC
Phase 02
○ PlannedNext
- Public verifiability surfaces · transparency proofs
- Settlement options · expanded asset coverage
- Token utility activation · staking + referral
- Institutional API tier · co-located gateways
Phase 03
◌ VisionFuture
- Progressive self-custody · on-chain settlement options
- The DEX/CEX convergence — CEX speed, DEX trust
- …and one more thing.
…AND ONE MORE THING
Something else is being built.
No taxonomy. No category. Not yet.