Author: Alea Research
Compiled by Deep潮 TechFlow
DeepChain Overview: On-chain order books have long struggled to compete with automated market makers, primarily due to a core issue: market makers can never cancel orders fast enough to keep up with market movements. RISEx aims to solve this fundamental problem by transforming the entire order book into a regular state within the Ethereum Virtual Machine, enabling trades, lending, and vault operations to be completed synchronously within a single transaction. For traders, this could mean on-chain trading finally approaches the experience of centralized exchanges; for DeFi protocols, collateral is no longer idle, and the ceiling on capital efficiency is directly lifted.
What is RISEx?
RISEx runs on RISE, an optimistic scaling solution for Ethereum, targeting block times under 50 milliseconds, execution times under 3 milliseconds, and order cancellation delays under 1 millisecond. Currently, approximately 15 cryptocurrency perpetual futures markets are listed, with top-tier coins supporting up to 25x leverage. Fees are structured at a single tier: 0.03% for takers and 0.01% for makers. The base collateral asset is USDC, bridged from Ethereum via LayerZero.
RISEx uses a partial liquidation mechanism. The health factor is calculated as the total margin balance divided by the total maintenance margin, and liquidation is triggered when it falls to or below 1.
RISEx is currently in invite-only mainnet phase, requiring either an direct invitation code or a waitlist referral. RISE MarketCore is a shared order book infrastructure that will, in the future, enable permissionless listing of new trading pairs for spot and perpetual markets. According to the official RISEx FAQ, RISE and RISEx share the same team and the same token; however, the token does not yet exist.
Why couldn't on-chain order books be implemented before?
Market makers cancel orders far more frequently than actual trades occur. In a blockchain environment with block times of just a few seconds, by the time each cancellation is confirmed, the market has already moved, forcing market makers to bear adverse selection risk on every expired quote. Their response is either to widen the bid-ask spread or exit entirely. Automated market makers prevailed in the previous cycle precisely because they do not require order cancellations.
In the past, two designs circumvented this limitation. Off-chain matching engines ran order books on servers, settling only on-chain. Hyperliquid took a different path: HyperCore executes the order book within the consensus layer, separate from HyperEVM.
Both separate the exchange from the DeFi ecosystem. RISE eliminates this limitation at the chain level, targeting a block time of under 50 milliseconds, execution under 3 milliseconds, and order cancellation under 1 millisecond.
What does synchronized composability bring?
In the past, two designs circumvented the constraints of order cancellation delays. One used an off-chain matching engine that ran the order book on servers and settled only on-chain. Hyperliquid took a specialized approach by executing the order book within HyperCore, part of the consensus layer, separate from HyperEVM. Both separated the exchange from the DeFi ecosystem.
The RISEx order book exists as standard Ethereum Virtual Machine state, allowing any contract to read from and write to this state within a single transaction. This enables three capabilities:
Market makers can borrow funds from lending markets and atomically deposit the borrowed funds as margin.
Collateral can remain productive, continuously generating yield as a liquidity provider position or as a lending deposit, rather than sitting idle in the exchange's core. RISEx calls this AutoYield.
Developers can deploy modular sub-accounts to automate strategies, place orders, or create new order types without requiring exchange approval.
Hyperliquid cannot provide the first capability because HyperCore and HyperEVM are two separate state machines, and fund transfers between them are settled asynchronously.
RISEx’s FAQ states that USDC is the base collateral asset, and portfolio margin “will unlock any ERC20 as collateral upon launch.” The RISEx landing page lists portfolio margin and AutoYield as user features.
In conclusion
RISEx is still in the invite-only mainnet phase and requires an invitation to access. Key items to monitor include: the portfolio margining feature is still under development, so pay attention to the specific discount rates announced for each collateral type; the name of the third-party audit firm, the scope of the audit, and the audit date; and whether open interest can be maintained after the competitive rewards program ends.
Hyperliquid has demonstrated that on-chain order books are viable and controls liquidity. RISE provides the execution layer, enabling order books to exist in a shared state. RISEx now aims to prove that the collateral engine is robust enough to make trading on a shared state truly worthwhile.