The XRP Ledger provides a native spot order book and automated market makers. Traders use independent wallets and interfaces; there is no single exchange company behind every market. The issuer address identifies each trust-line token, and that issuer’s permissions and redemption terms remain relevant even when a trade settles successfully on the ledger.[1][5]
Markets & services
Sections ↑Reference table01
Execution components
| Item | Published terms |
|---|---|
| Order book | Offers recorded directly on the ledgerSource 1Source 3Source 2 |
| AMM | Native pools can supply liquidity alongside offersSource 1Source 3Source 2 |
| Routing | Execution may combine books, pools and XRP auto-bridgingSource 1Source 3Source 2 |
| Settlement | The submitted transaction’s validated outcome determines the resultSource 1Source 3Source 2 |
Reference table02
Asset identity
| Item | Published terms |
|---|---|
| Native asset | XRPSource 5Source 3 |
| Trust-line token | Currency code plus issuer addressSource 5Source 3 |
| Same ticker | Different issuers create different assets and obligationsSource 5Source 3 |
| AMM compatibility | Current guide covers XRP/trust-line tokens; MPT support is described as a planned extensionSource 5Source 3 |
Reference table03
Offer amounts and residuals
| Item | Published terms |
|---|---|
| TakerGets | Asset and quantity the maker offers to sellSource 6 |
| TakerPays | Asset and quantity the maker wants to receiveSource 6 |
| Ordinary offer | Can execute immediately and leave a remainderSource 6 |
| Sell flag | Can continue selling the full input even after the minimum desired receipt is reachedSource 6 |
Reference table04
Execution flags
Reference table05
Executable depth
| Item | Published terms |
|---|---|
| Inventory | The full nominal offer amount is not separately lockedSource 2Source 13Source 12 |
| Multiple offers | Can compete for the same account balanceSource 2Source 13Source 12 |
| Funded fields | API-funded amounts are more useful than gross displayed sizeSource 2Source 13Source 12 |
| Changes | Spending balances or issuer freezes can make offers unfundedSource 2Source 13Source 12 |
Fees & commercial terms
Sections ↑Reference table06
Network fees and reserves
| Item | Published terms |
|---|---|
| Standard minimum fee | 0.00001 XRP, or 10 dropsSource 8Source 7 |
| Higher fee | Load and special transaction rules can increase the amountSource 8Source 7 |
| Base account reserve | 1 XRP on mainnetSource 8Source 7 |
| Standard owner increment | 0.2 XRP per applicable owned objectSource 8Source 7 |
Reference table07
Paid charges versus retained balance
| Item | Published terms |
|---|---|
| Transaction fee | XRP is destroyed when chargedSource 8Source 7Source 10 |
| Owner reserve | Restricts spendable balance while the object existsSource 8Source 7Source 10 |
| Object deletion | Can release the relevant owner-reserve requirementSource 8Source 7Source 10 |
| AMMCreate | Special minimum transaction cost equals the owner increment: currently 0.2 XRPSource 8Source 7Source 10 |
Reference table08
AMM pricing
Reference table09
AMM fee auction
Reference table10
Issuer transfer charge
| Item | Published terms |
|---|---|
| Economic treatment | Fee tokens are burned, reducing the issuer’s outstanding obligationSource 9 |
| Sender and recipient | Sender pays extra; recipient receives the specified amountSource 9 |
| Exemptions | XRP and transfers directly to or from the issuer do not incur this token feeSource 9 |
| Other charges | Pool and interface charges are separateSource 9 |
Deposits, withdrawals & settlement
Sections ↑Reference table11
Trust lines and available XRP
| Item | Published terms |
|---|---|
| Token setup | Correct issuer/currency relationship is requiredSource 5Source 7Source 13 |
| Reserve exception | Documentation allows the first two trust lines without extra reserve for an account funded with only 1 XRPSource 5Source 7Source 13 |
| Normal funding | Adding more XRP can bring normal owner-reserve requirements into playSource 5Source 7Source 13 |
| Order reserve | A resting offer can require its own owner incrementSource 5Source 7Source 13 |
Reference table12
Trust-line limits
| Item | Published terms |
|---|---|
| Incoming payments | Trust-line limits constrain passive receiptSource 5 |
| Intentional DEX purchase | Can take a token balance above the stated limitSource 5 |
| New relationship | DEX activity can create a zero-limit trust lineSource 5 |
| Practical consequence | A low limit is not a hard cap on all token exposureSource 5 |
Reference table13
Offer lifecycle
| Item | Published terms |
|---|---|
| Expiry | Stops an offer being executableSource 2Source 6Source 13 |
| Ledger object | Expired offers may remain until removedSource 2Source 6Source 13 |
| Reserve | A remaining object can continue to consume owner reserveSource 2Source 6Source 13 |
| Replacement | OfferCreate can identify an older offer to cancel as part of submissionSource 2Source 6Source 13 |
Reference table14
Liquidity operations
| Item | Published terms |
|---|---|
| Creation | Initial assets fund a new poolSource 3Source 10Source 5 |
| LP tokens | Represent a proportional pool claimSource 3Source 10Source 5 |
| Withdrawal | Received assets depend on pool balances and withdrawal methodSource 3Source 10Source 5 |
| Funding desk | Fiat purchase or redemption is handled separately by the selected issuer/providerSource 3Source 10Source 5 |
Custody & asset handling
Sections ↑Reference table15
Control and responsibility
| Item | Published terms |
|---|---|
| Account key | Authorises transactionsSource 2Source 3Source 5 |
| Offer | Expresses exchange conditions without reserving every offered tokenSource 2Source 3Source 5 |
| AMM object | Holds pooled assets under native ledger rulesSource 2Source 3Source 5 |
| Issuer | Determines the external claim and applicable redemption processSource 2Source 3Source 5 |
Reference table16
Issuer controls
| Item | Published terms |
|---|---|
| Authorisation | Some tokens require issuer approval to hold themSource 5Source 12 |
| Freeze | Can restrict token movement and tradingSource 5Source 12 |
| Deep freeze | Adds tighter restrictions under its documented conditionsSource 5Source 12 |
| Credit exposure | Ledger settlement does not prove backing or enforce off-ledger redemptionSource 5Source 12 |
Reference table17
AMM clawback conditions
| Item | Published terms |
|---|---|
| Required feature | AMMClawback must be enabledSource 11Source 3 |
| Issuer authority | Applies only under the transaction’s asset and account conditionsSource 11Source 3 |
| Returned assets | The non-clawed asset can be returned to the LP holderSource 11Source 3 |
| Network conditions | Eligibility depends on the enabled feature and the relevant token’s control settingsSource 11Source 3 |
Reference table18
Liquidity-provider exposure
| Item | Published terms |
|---|---|
| Relative prices | Change the pool’s asset mixSource 3Source 9 |
| Fee income | Can be outweighed by asset-price changes and divergence lossSource 3Source 9 |
| Both-asset withdrawal | Does not incur an AMM trading fee under the documented methodSource 3Source 9 |
| Other costs | Network costs and relevant token controls still matterSource 3Source 9 |
Client eligibility & restrictions
Sections ↑Reference table19
Separate access conditions
| Item | Published terms |
|---|---|
| Public ledger | Uses account and transaction rulesSource 5Source 4 |
| Wallet/interface | Has its own terms and supported featuresSource 5Source 4 |
| Token issuer | May require approval or separate redemption onboardingSource 5Source 4 |
| Permissioned domain | Adds credentials accepted by its domain ownerSource 5Source 4 |
Reference table20
Permissioned and hybrid matching
| Item | Published terms |
|---|---|
| Pure permissioned offer | Trades within its specified eligible domainSource 4 |
| AMM routing | Not available to pure permissioned offers/paymentsSource 4 |
| Hybrid offer | Can also trade on the open DEX and with AMMsSource 4 |
| Credential change | Expiry or revocation can affect an offer’s eligibilitySource 4 |
Support & contacts
Sections ↑Reference table21
Execution diagnostics
| Item | Published terms |
|---|---|
| Transaction result | Inspect validated metadata and actual delivered amountsSource 6Source 2Source 5 |
| Missing remainder | Check IOC/FOK flags and reserve availabilitySource 6Source 2Source 5 |
| Apparent liquidity | Check funded quantities and issuer controlsSource 6Source 2Source 5 |
| Redemption complaint | Identify the actual token issuer and its contractual routeSource 6Source 2Source 5 |
Authorisations & registrations
Sections ↑Reference table22
Permission boundaries
Operator & entity scope
Sections ↑Reference table23
Who provides the service
| Item | Published terms |
|---|---|
| Network | Maintains the native exchange stateSource 1Source 5 |
| Interface developer | Provides a particular user experienceSource 1Source 5 |
| Token issuer | Issues its own asset and external obligationSource 1Source 5 |
| Universal counterparty | No single incorporated operator is established for all XRPL DEX tradingSource 1Source 5 |
- Operator
- XRP Ledger protocol; independent wallet providers, token issuers and trading interfaces
- Exchange model
- Decentralised
- Service scope
- Native spot order books and AMMs, including execution through compatible payment and offer transactions. Documented permissioned domains add credential-based matching conditions where the required amendments are enabled.
- Client types
- Retail clients; Professional clients; Institutional clients
- Pricing publication
- Public and quoted pricing
- Other names
- XRPL DEX; XRP Ledger DEX; XRP Ledger native exchange; XRPL order book
- Headquarters
- Not applicable to the protocol; individual service providers have separate locations
- Covered jurisdictions
- XRP Ledger protocol; issuer, interface and user jurisdictions vary
- Pricing scope
- Standard minimum network cost is 10 drops (0.00001 XRP), subject to load and transaction type. AMM fees range from 0% to 1%; issuer transfer rates and interface charges can add costs. XRP reserves are distinct from burned transaction fees.
- Funding scope
- XRP covers transaction costs and reserves; trust-line tokens require the correct currency and issuer. Mainnet base reserve is 1 XRP and the standard owner increment is 0.2 XRP, with documented exceptions. There is no common fiat funding desk.
- Custody and asset handling
- Signing keys control the account; committed AMM liquidity is held in native ledger objects. Trust-line issuers may impose authorisation, freeze or enabled clawback controls. A successful ledger trade does not establish issuer solvency or redemption rights.
- Client eligibility
- Open-ledger access, wallet/app terms and token-issuer eligibility are separate. Permissioned domains require accepted credentials, subject to amendment availability; fiat redemption may require issuer onboarding.
- Support
- Wallet/interface support handles its own software; the token issuer handles redemption. Validated transaction metadata, funded amounts, flags and reserve balances help explain execution.
- Authorisation and registration scope
- The native protocol is not a single incorporated financial intermediary. Any financial permission, compensation cover or complaint route must be established for the actual interface, issuer or domain operator.
Exchange metadata checked 27 Oct 2026Source 1Source 2Source 3Source 4Source 5Source 6Source 7Source 8Source 9Source 10Source 11Source 12Source 13Source 14
Additional Information
Sections ↑For a hypothetical token with a 0.5% transfer rate, delivering 1,000 units between non-exempt holders requires 1,005 units from the sender: the extra five are burned. That calculation excludes the trade’s spread, pool fee, app charge and XRP network cost. It also says nothing about whether the issuer will redeem the received tokens at their advertised value.[9][5]
Sources & further reading
- XRP Ledger native order books and AMM overview XRPL.org · Accessed 27 Oct 2026
- Order lifecycle, reserves and IOC/FOK/passive flags XRPL.org · Accessed 27 Oct 2026
- AMM pools, LP votes and token transfer fee distinctions XRPL.org · Accessed 27 Oct 2026
- Permissioned DEXes and credentialed trading domains XRPL.org · Accessed 27 Oct 2026
- Trust lines and issuer flags XRPL.org · Accessed 27 Oct 2026
- XRPL OfferCreate fields and execution flags XRPL documentation · Accessed 27 Oct 2026
- XRPL mainnet account and owner reserves XRPL documentation · Accessed 27 Oct 2026
- XRPL fee voting and minimum transaction cost XRPL documentation · Accessed 27 Oct 2026
- XRPL token transfer fees and burned balances XRPL documentation · Accessed 27 Oct 2026
- XRPL AMMCreate requirements and special transaction cost XRPL documentation · Accessed 27 Oct 2026
- XRPL AMMClawback transaction and conditional issuer authority XRPL documentation · Accessed 27 Oct 2026
- XRPL token freeze and deep-freeze controls XRPL documentation · Accessed 27 Oct 2026
- XRPL Offer ledger objects and funded amounts XRPL documentation · Accessed 27 Oct 2026
- XRPL AMM ledger objects and trading-fee units XRPL documentation · Accessed 27 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.