Order Book

VDEX operates a central limit order book with bids and asks sorted by price. Orders can be placed in integer multiples of the asset tick size. Orders are matched in price-time priority.

The clearing house verifies margin during order creation and matching. If margin is insufficient to cover the full order, it will be reduced until a partial match can be executed.

VDEX orders execute peer-to-peer via Virtual Rollups, not through a centralized backend or blockchain. Transactions are not batched and are executed in the order received. This prevents MEV attack vectors where orders are placed and processed jointly.