Decentralized Trading
Dive into Orion's Seamless Liquidity Universe
Orion is at the forefront of revolutionizing the decentralized trading landscape. By leveraging DeFi-specific tools and proprietary technology, we bridge the gap between centralized and decentralized liquidity, ensuring traders experience unparalleled depth and flexibility.
Orion is like a mega shopping mall that brings together all your favorite stores (like Binance, KuCoin, and Uniswap) under one roof. Instead of visiting each store separately, you can shop from all of them at once. Orion uses special tools, like digital contracts and efficient trading routes, to make sure you always get the best deals quickly. Plus, you always keep your money in your own secure wallet, so it's safe while you shop. It's a faster, smarter, and safer way to trade in the crypto world.
Harnessing True Decentralization with Smart Contracts
Orion Terminal deploys smart contracts to permanently record transactions on the blockchain. The ORN utility token, powered by Orion Protocol's smart contract, not only provides utility but also staking opportunities on Orion.
Seamless Asset Transfers with Atomic Swaps
Orion's Bridge facilitates the movement of cryptocurrencies from one Layer 1 to another, enabling atomic swaps on the Orion Trading Terminal.
Complex Swaps: Unlocking New Trading Avenues
Orion's virtual order books and liquidity pairs open the door to innovative swap and trading opportunities. Experience optimal spreads and asset swaps through complex swaps, which combine multiple simple swaps in a single click.
Your Assets, Your Control with Non-Custodial Wallets
Orion's non-custodial wallet integration ensures you maintain custody of your assets at all times. Dive into deep liquidity with just a single wallet connection, eliminating the need for multiple exchange accounts.
Trade with Precision: Limit Orders and Minimum Trading Amounts
Leverage the right pricing opportunities with limit orders on Orion. Our order book aggregation provides limit orders, ensuring you get the best deal.
Guarding Your Trades: Price Protection Mechanisms
Orion's liquidity aggregation technology is designed to ensure that users get the best possible price for their trades. One of the core mechanisms in place to achieve this is the Safe Deviation (SD).
Understanding Safe Deviation (SD)
The essence of SD is the "deterioration" of available prices, whether they are bids or asks, based on the direction of a given trade. This deterioration is achieved by adjusting the prices using a specific coefficient. The primary purpose of SD is to ensure trade execution, especially when a user has set their slippage to 0.
Application of SD Across Different Platforms
CEX USDT Pairs: For pairs involving USDT on Centralized Exchanges (CEX), the SD is considered to be 0. This is because there's typically ample USDT liquidity across various price levels on most pairs, ensuring execution without the need for SD.
CEX Non-USDT Pairs: For pairs that don't involve USDT on CEXs (e.g., ETH/BTC), an SD of 0.4% is applied. This is because complex swaps involving these pairs require multiple steps, increasing the risk of price deviations during execution.
DEXs: On Decentralized Exchanges (DEXs), a standard 0.15% SD is applied for simple swaps. For complex swaps, which can involve multiple steps, the SD is multiplied by the number of steps. For instance, a complex swap with two steps would have an SD of 0.3% (0.15% x 2).
Challenges with SD
While SD is a robust mechanism, there are instances where it might not suffice. For example, a recent complex swap involving BNB -> BUSD -> USDT failed because a significant trade on PancakeSwap drastically changed the reserves of the BNB-BUSD pool just moments before the swap was executed. The SD of 0.15% wasn't sufficient to account for this rapid change, leading to the trade's failure.
Internal Logic of SD Application
The application of SD is based on three price benchmark levels:
Unexecutable Trades: These are trades that are unlikely to be executed due to their price. For instance, an attempt to buy BTC for just 10 cents.
Executable but Not Safe: Trades that can be executed but are considered risky. For example, if BTC's market price is $24,000, an order between $20,000 and $24,000 would be executable but deemed unsafe. Such orders are typically held in the internal order book until they can be safely executed.
Executable and Safe: Trades that are close to the market price and can be executed immediately. For instance, a purchase of BTC at a price very close to $24,000 would be executed right away with the applicable SD.
It's important to note that the above mechanisms do not include Orion’s fees, such as the actual commission and network fee. These fees are added on top of the user's order and are based on the order volume, not on available reserves or price levels.
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