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Vertex operates using a unique blend of a central limit order book (CLOB) and an automated market maker (AMM) system, enhancing available liquidity as pairwise LPs from the AMM populate the order book. Its design minimizes gas fees and Miner Extractable Value (MEV), utilizing the sequencer’s off-chain order matching latency of 10 - 15 milliseconds to match inbound orders and submit them in batches of transactions to settle on-chain to Arbitrum.
To deliver order execution at a speed comparable to centralized exchanges, Vertex's order book functions off-chain. The platform's AMM liquidity is merged with that from automated traders, creating a unified liquidity pool. Its cross-marginalized trading experience allows users to manage positions from a single portfolio, where account health is derived from the liabilities of positions held across Vertex’s spot, perpetual, and integrated money markets.
Given the time-sensitive nature of the trading experience Vertex offers, reliable and timely data are critical. The latency and delays in data updates are common amongst most oracles and data solutions, which would hinder Vertex’s ability to deliver a competitive trading experience. In addition to solving data latency and reliability issues, Vertex also needed the ability to quickly and efficiently integrate new markets. The combined need for rapid integration into new markets and high-quality price data made it clear to Vertex that identifying or developing an appropriate data provisioning service would be essential for maintaining its agility and growth potential.
Before partnering with Stork, Vertex explored various oracle solutions and even considered in-house development to bridge the existing market gap. Traditional oracle services were insufficient due to significant delays in pricing updates and the limited market support they provided. The cost and engineering time required to develop in-house, paired with market demand for trusted data sources, led Vertex to seek out an oracle service provider that provided ultra-low-latency price data and eliminated any friction from integrating new markets.
Partnering with Stork enabled Vertex to address its latency and market support challenges comprehensively. Stork's competitive advantages in ultra-low-latency price data, robust support for USDC markets, and proactive response in supporting new markets collectively fulfilled each of Vertex’s requirements. This support was instrumental in solidifying Vertex's essential trading functions, particularly in funding fee calculations and liquidations.
Stork's flexibility in accommodating new markets and providing robust, reliable data feeds proved pivotal in enabling Vertex to rapidly expand its market offerings without incurring burdensome delays or compromising data reliability. The responsiveness and dedicated support of Stork’s team during the onboarding process yielded a seamless and efficient integration into Vertex’s infrastructure.
With its critical technical challenges addressed, Vertex has been able to double down on its focused commitment to delivering an unmatched trading experience for its users.
Fueled by the reliability and speed of Stork’s oracle service, Vertex observed immediate improvements in funding fee calculation and liquidations, thereby elevating trading performance to rival that of centralized exchanges. Vertex not only improved its operational efficiency but also enhanced its core user experience, in turn setting a new standard for trading experiences in the DeFi ecosystem.
Since its partnership with Stork, Vertex has introduced 56 new markets and shown consistent month-over-month growth. With a cumulative trading volume of $200B, Vertex ranks third in average daily trading volume (ADV) on the Token Terminal Derivatives dashboard over the past 90 days. Looking ahead, Vertex is focused on rolling out new features and expanding into new ecosystems.
