Reya, the decentralized exchange focused on perpetual contracts, is pulling the plug on its automated market maker model. As of 13:00 UTC on September 10, 12 markets shifted to reduce-only mode, meaning traders can close existing positions but can’t open new ones.
The move is part of a broader, phased migration from an AMM-based trading system to a central limit orderbook. The transition didn’t start this week. Back in mid-August 2026, Reya began retiring markets including ZRO, JTO, and TON as early phases of the migration. Open positions in those retired markets were automatically settled, a design choice aimed at keeping the process orderly rather than leaving traders scrambling to unwind manually.
Why AMMs had to go
AMMs work beautifully for simple token swaps. For perpetual contracts, they introduce a well-documented problem: adverse selection. Passive liquidity providers in AMM pools tend to get picked off by faster, better-informed traders, which leads to wider spreads, worse pricing, and a liquidity environment that repels institutional players rather than attracting them.
The orderbook model allows professional market makers to actively quote prices, adjust spreads in real time, and manage risk with far more precision.
New fee structure sweetens the deal for market makers
Alongside the infrastructure overhaul, Reya revamped its fee schedule effective around August 14. Taker fees dropped from 4 basis points to 3 bps, with a further reduction to 2 bps available for traders who hit higher volume thresholds. On the maker side, fees sit at 0 bps, with rebates planned for future implementation.
The backing of firms like Framework, Coinbase, and Selini Capital suggests Reya has the institutional relationships to attract sophisticated market participants.
The bigger picture: zk-rollup ambitions
Reya currently operates on an Arbitrum Orbit rollup but is transitioning toward a based zk-rollup architecture on Ethereum. The goal is sub-millisecond execution speeds paired with ZK verifiability, which means the platform can prove the integrity of every transaction cryptographically without sacrificing performance.
Reya’s platform currently supports over 70 markets and features yield-bearing assets like srUSD. The roadmap also includes spot markets and Real World Asset perps.