Orderbook

The Kana Perps orderbook and matching engine are powered by Econia, which is a high-performance on-chain order book built on the Aptos blockchain. This enables us to combine the benefits of CEXs (efficient price discovery and minimal slippage) with the strengths of DEXs (decentralisation, permissionless access, and user custody of assets), fostering a trading experience that combines efficiency, fairness, and decentralisation.

The order book aggregates liquidity from multiple sources, such as market makers, centralised exchanges and direct trades from the Kana Perps platform. It stores them all in a single digital on-chain marketplace. This helps greatly improve liquidity and price discovery, enabling traders to get better price quotes on their orders regardless of high or low volume.

By leveraging Aptos’ Block-STM engine, which employs parallel execution and optimistic concurrency technology, we provide our users with atomic order settlement, meaning that the entire order execution process—from order placement to matching and settlement—happens in a single transaction.

This enables the Kana Perps platform, which has a theoretical limit of over 500,000 transactions per second owing to the Aptos network and atomic settlement, where price matching and order settlement are merged into a single transaction, to execute multiple trades simultaneously. This has enabled us to eliminate the multi-step delays common in other DEXs and enhance both speed and security.

We have previously built a spot trading exchange powered by Econia orderbook, which has been live on the mainnet for over a year. This demonstrates our ability to deliver transaction processing and trading speeds comparable to centralised exchanges, laying the foundation for the Kana Perps platform.