Reya V2 Shifts to Orderbook Model, Enters Reduce-Only Mode for 12 Markets
Reya, a decentralized exchange specializing in perpetual contracts, has transitioned from its automated market maker (AMM) model to a central limit orderbook system. As of September 10, 2026, at 13:00 UTC, 12 markets have entered reduce-only mode, allowing traders to close existing positions but prohibiting the opening of new ones. This change is part of a phased migration aimed at enhancing trading infrastructure and liquidity.
The shift from AMMs, which are effective for simple token swaps, addresses issues such as adverse selection that can deter institutional participation. The new orderbook model enables professional market makers to provide more precise pricing and manage risk effectively. Reya began this transition in mid-August 2026, retiring several markets and automatically settling open positions to streamline the process for traders.
In conjunction with the infrastructure overhaul, Reya has revised its fee structure, reducing taker fees from 4 basis points to 3 bps, with further reductions for high-volume traders. Maker fees are currently set at 0 bps, with plans for rebates in the future. The exchange's backing by firms like Framework, Coinbase, and Selini Capital indicates strong institutional support, which may attract more sophisticated market participants.
Reya is also moving towards a zk-rollup architecture on Ethereum, aiming for rapid execution speeds and cryptographic transaction integrity. The platform currently supports over 70 markets, including yield-bearing assets, and plans to introduce spot markets and Real World Asset perpetual contracts in the future.
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Source: KLEA News