Architecture

The components the Exchange is built from, and what runs today.

The Nexus Exchange is a central-limit order book with a native matching engine, risk system and oracle. Orders rest in a book, match on price-time priority, and settle against margin held by the venue. It works like a centralised derivatives exchange, not like an AMM or an intent-matching protocol.

The order book, matching, margin and liquidation logic are native parts of the Exchange engine, not a smart contract deployed on a chain. That design lets the venue target CEX-class acknowledgement latency, and traders and applications reach all of it through one API.

The components

Four components do the work. Each owns one responsibility and has its own page in this section.

Component	What it owns	Where it is documented
API	Every way in and out: order entry, cancels, amends, account and market reads, the WebSocket stream. It holds no trading state of its own.	APIs & rates, API Reference
Matching Engine	The order books, price-time matching, and the fills that come out of them.	Order types, Discovery bounds
Risk Engine	Margin, liquidations, auto-deleveraging, funding, and the insurance fund.	Margining, Liquidations, Funding rates
Oracle	The index and mark prices that margin, funding and liquidation are all computed against.	Price oracles

Two properties of this design explain behaviour a trader will see.

The Matching Engine and the Risk Engine talk both ways. The Risk Engine does not only observe the book; it acts on it. When an account breaches maintenance margin, or an oracle move fires a trigger, the Risk Engine submits closing orders and cancels resting ones. So a fill can appear on your account that you did not submit. See Liquidations.

An oracle update does more than write a price. It moves the mark, which fires triggers and drives liquidation scans. A quiet market can therefore see a burst of triggered orders and liquidations without any new order arriving.

What runs today

Matching, margin, liquidation	In the Exchange engine
Collateral	Synthetic USDX on testnet, credited by the faucet. Real USDX is planned to enter and leave through a deposit bridge on Ethereum
Markets	Perpetual futures, quoted and margined in USDX. GET /markets is the authority for what is listed

The venue you trade today is the engine. The components above are its parts, and Rate & connection limits lists the numbers that bound an integration.

Anything beyond that is roadmap, not a description of the venue. See the Roadmap. Nothing on this page is a commitment to a date.