Orderly Network

Orderly Network is an omnichain infrastructure layer that provides builders with a shared central limit order book (CLOB) and settlement system for launching perpetual futures decentralized exchanges. Rather than operating a single front-end trading venue, Orderly functions as back-end plumbing: any team can integrate its APIs and smart contracts to deploy a branded perp DEX within days, while immediately tapping into shared liquidity accumulated across every other application built on the same layer.

The Problem Orderly Solves

Launching a credible perpetual futures DEX has historically required two things that are nearly impossible to bootstrap in parallel: deep order-book liquidity and a loyal user base. Without liquidity, spreads are wide and the product is unusable. Without users, there is no volume to attract market makers. Orderly breaks this dependency by pooling liquidity across every application built on its infrastructure. A new DEX integrated with Orderly inherits the full depth of the shared order book from the moment it goes live, giving traders CEX-grade execution without the builder having to source any liquidity independently.

Architecture

Orderly operates across three layers. The asset layer handles vault management, deposits, and withdrawals across every supported blockchain. The engine layer runs an off-chain matching engine and order book that aggregates all order flow from all integrated applications. The settlement layer is an L2 rollup that acts as the authoritative ledger where matched trades are settled on-chain. User funds remain on the origin chain and are never transferred to a centralized custodian; assets move only when a trade is actually executed, and the settlement rollup provides an auditable, on-chain record of every trade.

This architecture enables gasless trading and sub-second order matching while preserving self-custody throughout. Market makers post quotes once and provide liquidity to every application on the network simultaneously, which concentrates depth rather than fragmenting it across isolated venues.

Omnichain Reach and the Solana Integration

Orderly launched support for Ethereum, Arbitrum, Base, Polygon, Mantle, and other EVM chains during its early growth phase, then extended omnichain coverage to Solana in late 2024. The Solana integration, announced under the name Orderly Unity in October 2024 and live on mainnet by the end of that year, was described as the first time EVM and non-EVM orders had been combined into a single perps order book.

Solana traders deposit assets into an on-chain vault on Solana and receive the same trading experience as users on any EVM chain, executing against the shared global order book without their funds leaving the Solana network. The mechanism routes order flow through the engine layer and settles through the rollup, abstracting away the cross-chain complexity entirely. With Solana live, Orderly reached 17 or more supported chains, giving traders on any of those networks access to 50-plus perpetual markets.

Products

The core offering for builders is an SDK and REST/WebSocket API suite that handles order submission, account management, and data streaming. Builders set their own front-end fees and retain all revenue generated by their interface. There is no revenue-sharing obligation to Orderly.

In September 2025 Orderly introduced Orderly One, a no-code perp DEX launchpad that reduces the time to deploy a branded perpetual exchange from days to minutes. The product targets DAOs, funds, and trading communities that want to capture exchange revenue without engineering resources. A complementary OmniVault product lets liquidity providers earn yield through strategy-based vaults. In April 2026 the protocol activated permissionless listings, allowing any perp DEX built on Orderly to independently list and manage new perpetual markets without requiring approval from the Orderly team.

Metrics

By August 2025 Orderly had processed a cumulative $37.2 billion in trading volume, with August 2025 being the protocol's single best month. Total value locked grew 168.9 percent over that period to $51.3 million by the end of August 2025. The broader ecosystem had surpassed one million users across all integrated applications. Separately, at the time of the Solana integration announcement the protocol referenced $83 billion in total trading volume, reflecting continued growth through late 2024 and into 2025.

ORDER Token and VALOR Mechanism

The ORDER token serves dual roles as a governance token and a staking instrument. Holders who stake ORDER receive voting rights over protocol decisions and begin accumulating VALOR, a non-transferable metric that represents their staking position weighted by amount and duration. VALOR is redeemable exclusively for USDC, funded by the protocol treasury, which receives 60 percent of net fee revenue. Settlement batches occur every 14 days at uniform rates. ORDER holders who redeem VALOR early have a portion of their tokens burned through the esORDER mechanism, which creates a deflationary dynamic and spreads sell pressure across vesting periods. Staking also boosts a holder's share of trading rewards and market-making rewards distributed by the protocol. A governance proposal in April 2026 moved to retire the buyback wallet and burn 3.25 million ORDER tokens as part of a revenue model simplification.

Security

Orderly has received a CertiK security rating of 87 out of 100. The protocol employs regular smart contract audits, a bug bounty program, multi-signature wallets for treasury management, and incident response procedures. The off-chain matching plus on-chain settlement design limits the custodial attack surface: user funds sit in on-chain vaults and are not exposed to the matching engine or any centralized hot wallet.

Team and Backing

Orderly was co-founded by Ran Yi and Terence Ng and incorporated in 2022. The project originated with infrastructure built on NEAR Protocol before expanding to EVM chains and later to Solana. In June 2022 the team raised a $20 million seed round led by Three Arrows Capital, with participation from Pantera Capital, Sequoia Capital China, Laser Digital, GSR Ventures, and more than 40 other institutional investors. Total disclosed funding stands at $25 million across three rounds.

Solana Ecosystem Fit

Orderly addresses one of the persistent limitations of Solana's DeFi landscape: fragmented perp liquidity across isolated venues. By routing Solana order flow into a shared omnichain order book alongside Ethereum, Arbitrum, Base, and other networks, Orderly gives Solana-native traders access to deeper markets than any Solana-only perp DEX could sustain independently. For teams building on Solana, the shared infrastructure model removes the need to compete on liquidity bootstrapping and allows differentiation through product design, fees, and community instead.