SMART CONTRACTS The smart contracts provide security for customer deposits as well as cryptographic verification of all trades, funding payments and liquidations.
WEB UI The web UI is the standard trading interface through which users interact with the exchange.
API The API enables algorithmic traders and market makers to interact directly with the exchange and powers the data and communication in the WEB UI.
TRADING ENGINE The trading engine processes all orders, matching and executing trades whenever orders overlap.
ORDER BOOK SERVICE The order book service contains all of the open buy and sell orders on the exchange and provides them to the API and trading engine.
AUTO DELEVERAGING (ADL) SERVICE ADL service will automatically close profitable positions against under-collateralized positions in the event these positions cannot be closed via the order book.
LIQUIDATION SERVICE (LS) & INSURANCE FUND (IF) LS monitors open positions, identIfies positions which fall below their maintenance margin and liquidates those under-collateralized positions on the platform.
INDEX PRICE SERVICE The index price consists of reference prices on large spot trading venues and is used to calculate funding payments and trigger liquidations.