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Documentation Index

Fetch the complete documentation index at: https://staging-docs.orderly.network/llms.txt

Use this file to discover all available pages before exploring further.

On most perpetual exchanges, listing a new market is a platform decision — the team evaluates the asset, sets up the infrastructure, and takes on the risk. This works for high-demand assets, but it also means the platform becomes the bottleneck: every new market competes for the same listing queue, the same shared Insurance Fund, and the same risk budget. Permissionless Listing removes that bottleneck. Qualified Builders can list new perpetual markets themselves, on their own timeline, without waiting for Orderly to evaluate and approve each one. Builders can configure supported price sources, including custom oracle sources, and list supported real-world asset (RWA) markets with defined trading sessions. In return, the Builder takes direct responsibility for the market they introduce — funding the Insurance Fund, supporting liquidity, and managing risk for that market independently.
Disclaimer: A permissionlessly listed market is created and operated by a Builder, not by Orderly. Orderly does not vet, operate, or backstop these markets.

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Standard Listing vs. Permissionless Listing

There are two ways to list markets on Orderly. While the standard model is built for platform-wide stability, Permissionless Listing is built for Builder-level autonomy.
FeatureStandard ListingPermissionless Listing
Who manages itOrderlyIndividual Builder
Insurance FundShared across the platformDedicated per Builder
Listing ProcessEvaluated & approved by OrderlySelf-serve after eligibility and setup
Risk ParametersStandardized & conservativeCustomizable by Builder
Standard listing is well-suited for established assets. But for long-tail assets or markets that a specific Builder’s user base demands, Permissionless Listing provides a faster, more flexible path.

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How Permissionless Listing Works

Permissionless Listing decouples the risk of new markets from the rest of the platform. The key design principle: a Builder’s market should only be able to affect that Builder’s own risk exposure.

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Per-Builder risk isolation

Each Builder that lists a market must set up and manage their own accounts:
  • Insurance Fund (IF) account — A dedicated sub-account that covers liquidation losses for all of the Builder’s listed markets. The minimum required balance is $50,000 per active symbol (e.g., 3 active markets = $150,000 minimum). If the IF drops too low, the system will automatically restrict trading or trigger delisting.
  • Market Maker (MM) accounts — Optional sub-accounts for market-making. Builders can bind one or more MM accounts to their listed symbols to provide liquidity.
The IF is completely separate from Orderly’s platform IF and from any other Builder’s IF. If a liquidation loss occurs, it draws only from that Builder’s IF. If the IF is fully depleted, auto-deleveraging (ADL) is scoped to that specific market only. The risk controls are designed to keep losses scoped to that Builder’s market rather than the broader platform. This is why all permissionlessly listed markets are Isolated Margin only. If these markets allowed Cross Margin, a sudden crash on a long-tail token could cascade into a user’s BTC or ETH positions. Isolated Margin ensures that each position’s risk is self-contained — the worst case for a trader is losing the margin allocated to that specific position.

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Per-Builder symbols

Multiple Builders can list the same underlying asset independently. If Orderly already has a standard PERP_BTC_USDC market and Builder A lists their own BTC perpetual, these are completely separate markets — separate order books, separate liquidity, separate Insurance Funds, separate risk parameters. Builder B can also list BTC. None of these interfere with each other. On the trading page, each market is displayed with the symbol and the Builder’s name (e.g., BTC woofi) to clearly show who is operating it.

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Controlled launch sequence

New markets don’t go straight to full trading. They follow a phased launch:
  1. POST_ONLY — The market is live but only accepts limit orders. This gives Market Makers time to build liquidity on both sides of the order book before real trading begins.
  2. ACTIVE — Once ±2% order book depth reaches $100,000 on both bid and ask sides and holds for 10 minutes, the market automatically opens for full trading including market orders.
If conditions deteriorate after launch — insufficient depth, Insurance Fund running low, funding rate anomalies — the system can automatically force the market into REDUCE_ONLY mode (only position-closing allowed) or initiate delisting entirely. These circuit breakers apply per-market, not platform-wide.

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Price sources and custom oracle feeds

Index prices are aggregated from the sources selected by the Builder when configuring a market. Supported source types include CEX price feeds, on-chain oracles, Builder-provided oracle feeds, and Builder-owned oracle connections using their own provider credentials. Builders can mix multiple source types for the same market. Each selected source is assigned a weight, and the weighted sources are used to calculate the market’s Index Price. At least one valid source is required, and two or more are recommended to reduce single-point-of-failure risk. Custom oracle feeds allow a Builder to provide their own Index Price feed to Orderly. A Builder can keep a feed private for their own listings or make it public so other Builders can select it. If a Builder selects a public feed operated by another Builder, they take responsibility for the availability and quality of that source. Currently supported platform oracle sources include Pyth and Stork. If all configured sources become unavailable, the market is automatically placed into reduce-only mode.

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RWA market support

Permissionless Listing also supports real-world asset (RWA) perpetual markets, subject to Orderly’s supported RWA list. RWA markets require a market_session, which defines when the market is open, closed, or affected by holidays and early closes. RWA support currently covers US markets only, including regular US stock hours, extended US stock hours, and US futures hours. Support for additional markets, including Hong Kong (HK), China (CN), and Korea (KR), is planned to be added gradually. The trading session is configured at the market level, not at the price-source level, so the same source framework can support both crypto markets and RWA markets. When an RWA market is closed, the frontend can show a Market Closed state and use the latest valid price according to the configured session rules. Market sessions and holiday calendars are maintained by Orderly.

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Real-time monitoring

Builders receive real-time Telegram notifications throughout the market lifecycle — from launch status updates to risk alerts when IF balance, order book depth, or funding rate thresholds are breached.

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Who Can List

Permissionless Listing is available to Builders in the Diamond Tier of the Builder Staking Program. Each Builder can have up to 5 active markets by default (adjustable by Orderly). Builders configure price sources, trading parameters, and Insurance Fund setup through the Builder dashboard.

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How Community Listed Markets Differ for Traders

Permissionlessly listed markets appear on the frontend as “Community Listed”. They work like standard Orderly perpetuals in most ways — same matching engine, same order types, same settlement — but with several important differences:
Standard Orderly marketsCommunity Listed markets
Who operates itOrderlyIndividual Builder
Insurance FundShared platform IF, managed by OrderlyDedicated per-Builder IF, funded by the Builder
Margin modeCross Margin and Isolated MarginIsolated Margin only
What happens if IF is depletedPlatform backstopADL applied only to positions in that market
LiquidityPlatform-coordinatedDepends entirely on the Builder’s market-making
Risk controlsPlatform-wide standardsMarket-specific, can be restricted independently

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What this means in practice

  • Orderly is not responsible for the performance, liquidity, or risk management of permissionlessly listed markets.
  • Risk is isolated to that market. A liquidation on a Community Listed isolated-margin position is designed not to affect margin allocated to other markets.
  • Liquidity varies. Community Listed markets depend on the Builder’s own market-making setup, which means spreads and depth can vary significantly compared to standard markets.
  • Markets can be restricted or delisted. If a Community Listed market’s liquidity, funding rate, or Insurance Fund health deteriorates beyond thresholds, the system will automatically restrict or delist it. This protects traders from continuing to trade in unhealthy conditions.
  • A risk disclosure is shown before your first trade. The first time you trade a Community Listed market, a disclosure explains the differences so you can make an informed decision.

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What’s Next

Permissionless Listing is a step toward more builder-led market infrastructure. Related capabilities and upcoming programs include:
  • Permissionless Vault — Enable anyone to deploy and manage Strategy Vaults without manual onboarding. Now live.
  • Public MM Program — Open market-making participation beyond Builder-managed MM accounts, allowing broader liquidity provision for Community Listed markets.