Reya Ditches AMM Model in Favor of Orderbook System

Reya, a decentralized exchange focused on perpetual contracts, has transitioned from its automated market maker (AMM) model to an orderbook system. This change affects 12 markets, which are now in reduce-only mode, allowing traders to close existing positions but not open new ones.

The migration started in mid-August 2026 and aims to improve the trading environment for perpetual contracts. AMMs were found to introduce adverse selection, where passive liquidity providers get picked off by faster, better-informed traders, leading to wider spreads and worse pricing.

The orderbook model allows professional market makers to actively quote prices and manage risk with more precision. To support this shift, Reya has revamped its fee structure, reducing taker fees from 4 basis points to 3 bps, with further reductions available for high-volume traders. Maker fees remain at 0 bps, with rebates planned for future implementation.

Reya's platform currently operates on an Arbitrum Orbit rollup and is transitioning towards a zk-rollup architecture on Ethereum, aiming for sub-millisecond execution speeds paired with ZK verifiability.