Reya exchange profile

Reya combines off-chain order matching with on-chain validation and settlement on Reya Network. Its perpetual-futures guide makes the chain authoritative for positions and balances and describes collateral as held by smart contracts. That architecture creates two distinct stages for a trade: a fast match and a subsequently validated execution.[1]

The developer changelog records the launch of both spot and perpetual order books on mainnet on 28 September 2026. Later releases distinguish crypto, equity, index and commodity markets. These categories describe the underlying exposure; a perpetual on a stock or commodity should not be represented as delivery of the underlying asset.[2]

A listed market is not necessarily open. Since the October change, PREOPEN instruments can appear with parameters and indicative prices while showing zero volume, zero open interest and an empty book; orders are refused until the status becomes TRADING. Separately, a market hidden in the interface can remain available through the API. Market counts therefore need a clear definition.[2]

Protective stops cover the whole live position at firing, rather than a fixed quantity entered at creation. One stop-loss and one take-profit may be armed for an account and market. Their trigger uses the mark, and the resulting child follows its chosen IOC, GTC or GTT instruction. These are price-limited orders: triggering does not ensure the position is fully closed.[10]

When one protective leg fires, its paired leg is cancelled even if the child fills nothing. An IOC remainder can therefore leave an open position without either original protection. The user must deliberately re-arm protection. A manually cancelled leg leaves its sibling armed, while a user cancel-all removes both armed protection and fired children within its scope.[10]

A matching-engine FILLED message is not final settlement. If the on-chain signature, price, balance, margin or other validation fails, the match is busted and does not become a trade. Reya publishes confirmed spot and perpetual executions separately from failed settlements. The order-status stream is not retrospectively corrected by a bust, so trade records should be built from confirmed executions rather than assumed from the first order response.[12]

Fees are charged per fill in rUSD. A hypothetical 10,000 rUSD taker execution at the regular base rate costs 3 rUSD; two equal-notional fills cost 6 rUSD. That illustration excludes funding, execution-price movement and exit costs.[6]

Maker rebates of up to one basis point remain described as a later phase, rather than part of the current zero-maker schedule. The development page also marks funding-rate history and an additional order-book liquidation flow as unavailable. A roadmap item should not be used as an account entitlement or as a feature on which an integration already relies.[27]

Funding is recalculated every five seconds and accrues into position PnL. Positive rates mean longs pay shorts; negative rates reverse the direction. The underlying calculation uses a daily rate, while the API reports an hourly percentage. That unit distinction is essential: a displayed value of 0.01 means 0.01% per hour, not a decimal rate of 1%. Hypothetically, 10,000 rUSD of constant exposure at that unchanged hourly rate accrues 1 rUSD over an hour.[16]

The mark is the valuation reference for margin, unrealised PnL and liquidations. Reya recalculates it each second using available book-derived and external-reference inputs. It can differ from the index and from the latest execution. A settled fill must respect both the signed price limit and the permitted deviation from the mark. Numerical parameters used in the documentation’s examples are not live defaults for every market.[18]

Current market definitions expose minimum quantity, quantity step, tick size, initial and liquidation margin parameters, maximum leverage and a global open-interest cap. That cap applies across all accounts in the market; extra collateral in one account cannot override it. The documentation does not expose every price-model setting through the API, so the live reported mark and actual acceptance outcomes are more useful than reconstructing a price from sample constants.[15]

September mainnet contract documentation continues to identify rUSD as a one-for-one wrapper of USDC and srUSD as the passive-pool share token. These identifiers matter in contracts and API records even where the interface uses different labels. The contract list also distinguishes the core margin system, the deposit/withdrawal periphery, the passive pool and the account-ownership NFT.[20]

Direct contract exits require native ETH on Reya for gas and the bridge fee; interface gas sponsorship does not cover these wallet calls. The standalone legacy bridge website is deprecated. A connector’s enabled state alone does not prove that delivery is working, and a successful source transaction is not completion until the destination tokens arrive.[19]

Reya’s March 2026 RLP announcement describes depositing USDC into a pool backed principally by Ethena USDe/sUSDe, with a small redemption buffer. Returns combine liquidity activity and the underlying yield source, rather than arising from simply holding ordinary USDC. It renamed the displayed rUSD label to USDC and srUSD to RLP. This display change must be reconciled with the technical identifiers retained in later contract documentation.[23]

The pool’s economic exposure is therefore different from a wallet’s redeemable USDC wrapper. RLP represents ownership of a liquidity pool, with variable value and strategy risk. An account holder should identify which balance or token is actually being withdrawn before applying a conversion rule.[23]

The owner wallet controls its accounts; additional signer wallets can be authorized or removed through the appropriate environment’s API Keys page. Despite that interface label, Reya does not issue a conventional bearer API key: each request is signed using a keypair that the user generates and retains. Authorizing its public address is different from handing a private key to the platform.[13]

Current mainnet risk documentation says margin requirements are added across markets without modelling cross-market correlations. Long and short exposure nets within an individual market, and each account shares collateral across its positions. This is narrower than treating any two economically related positions as an automatically hedged portfolio. Opening or increasing exposure requires initial margin; falling below liquidation margin makes the account liquidatable.[7]

For a hypothetical 20,000 rUSD position with a 5% initial-margin parameter and 4% liquidation parameter, the respective requirements are 1,000 and 800 rUSD. These are illustrative inputs, not a quoted current market configuration. Equity includes unrealised PnL and funding; the raw deposit balance alone does not measure the remaining buffer.[7]

The protocol fund is not evidence of an individually insured deposit or an unlimited compensation promise. The current waterfall transfers positions; the separately planned order-book liquidation flow should not be described as already live.[8]

The audit index identifies a September 15, 2026 review of perpetual-order-book contract changes by Alexandru-Vlad Niculae, with specified reviewed and remediation revisions. It also provides ABDK and Pashov reports. The index establishes that these reviews are published, not that every current interface, dependency or later deployment is covered. Audits do not replace the account owner’s need to understand signer authority and exit dependencies.[22]

Reya provides a public trading interface and developer access, but a current binding territorial schedule and exact contracting entity were not established from the materials retrieved for this profile. Older linked legal PDFs could not be inspected successfully. This leaves a specific legal-document gap: public technical availability is not evidence of worldwide eligibility, a particular licence or a specific complaints jurisdiction.[3]

The technical access distinction is clear: public market-data requests do not require a wallet signature, whereas account actions require the relevant authority. The current permitted collateral set should be read from the asset definitions rather than assumed from an old token list. Mainnet and the integration-testing environment are separate, so credentials and asset availability must be checked in the intended environment.[15][14]

When settlement falls behind, Reya can pause matching while leaving order entry open for non-crossing instructions and cancellations. Crossing creates or amendments, including reduce-only requests, are rejected until matching recovers; rejected amendments leave the existing order intact. Triggers may remain armed but do not fire during the matching pause. This is a specific failure mode in which being able to load the interface does not mean an immediate close can execute.[11]

Stale funding and stale marks have different effects. The funding guide says stale funding blocks new position changes while liquidations and ADL continue; the missed interval is not later charged in full. The oracle guide separately says a stale mark can block transactions that need it, including liquidations and withdrawal margin checks for an affected account. There is no single universal “outage freezes everything” rule.[16][17]

For delayed bridge delivery, the withdrawal guide directs users to official Discord with the source transaction hash, wallet address and destination chain, and to have the existing message traced before submitting a duplicate bridge transaction.[19]

The transfer ledger is a history of collateral movements, not a complete history of economic profit. Funding, realised PnL and ADL can change balances without producing a corresponding transfer entry. Pagination uses an opaque cursor, with at most 100 records per page. A complete reconstruction requires the relevant history pages and position records; the inspected material does not establish a jurisdiction-specific certified tax statement.[21]

No entity-specific financial authorization is asserted here. The public brand, developer organization and references to a foundation do not by themselves identify the current customer counterparty or the permissions attached to that entity. The unresolved operator field is retained explicitly rather than converted into an assumed jurisdiction.[3]

Reya’s August 7, 2026 infrastructure announcement says its mainnet sequencer moved to Conduit on a customized Arbitrum Orbit setup, without requiring users to migrate positions. It distinguishes that completed step from a future zk-verifiable execution design. Those are separate milestones; a roadmap description should not be treated as proof that all planned security properties are already deployed.[24]

The homepage separately advertises more than 10,000 traders and more than US$135 billion traded. These are operator claims without a matching active-user period in the inspected presentation. They cannot be equated with current active people or with one of the shorter third-party volume windows.[3]

Operator

Reya interface and protocol; current contracting entity not established

Exchange model

Hybrid

Service scope

Spot and perpetual order books, with off-chain matching and on-chain settlement.

Client types

Not established

Pricing publication

Public pricing

Other names

Reya DEX; Reya Network

Funding scope

USDC/rUSD collateral; margin, pool and wallet exits use distinct workflows.

Custody and asset handling

Smart contracts hold collateral; owner wallets authorize additional trading signers.

Client eligibility

Current binding territorial eligibility was not established from the legal materials retrieved.

Support

Official Discord for withdrawal tracing; public operational and developer documentation.

Authorisation and registration scope

Current contracting entity and entity-specific financial permission remain unestablished.

Exchange metadata checked 20 Oct 2026Source 3Source 1Source 2Source 6Source 13Source 19

Reya Chain Points measure contributions through trading, staking and community activity. The FAQ describes weekly allocations and says points are non-transferable and non-tradable. Referrals can generate an additional points allocation; eligibility can be removed for abusive farming. An allocation score is not a cash balance or a fixed promise of token value.[25]

The token-allocation document assigns future airdrop timing and allocations to governance and the Reya Foundation. It describes a one-year lock for the Reya Labs team and investors followed by three years of monthly vesting. These distribution terms identify roles in the ecosystem; they do not establish that a particular legal entity is the customer’s exchange counterparty.[26]

Programmatic users can build market-data tools, trading clients and automated strategies through the documented REST and WebSocket interfaces. The development material establishes user-directed automation, not an independently verified platform AI adviser or a copied-trader mandate. Implementation access should be evaluated by the actions its signer can perform.[28]

Signer authorization is managed separately for each environment. Removing an authorized signer and cancelling orders are distinct operations; an application should reconcile already accepted instructions when its credentials or strategy change. The TypeScript SDK exposes enable and disable functions for an additional API wallet, and each signer maintains its own nonce sequence.[13]

The account-level cancel-on-disconnect mechanism is a countdown that must be refreshed. A WebSocket closing neither activates it immediately nor disarms it. Expiry cancels ordinary orders but preserves protective stops and their fired children. Accepted triggers also survive service restarts. Closing a browser or stopping a bot therefore cannot be assumed to cancel every outstanding instruction.[11]