Documentation Index
Fetch the complete documentation index at: https://docs.vela.monolithsystematic.com/llms.txt
Use this file to discover all available pages before exploring further.
Is Vela live?
Is Vela live?
Yes. Vela is in public beta as of April 2026. The exchange is live at vela.monolithsystematic.com with 16 spot markets, a full trading UI, and a working API.Beta means the on-chain components (deposit contracts, fraud proof enforcement, forced inclusion) are not yet deployed. See Trust Model for what this means in practice.
Are deposits safe?
Are deposits safe?
ETH and USDC deposits are settled on-chain via the VelaSettlement smart contract on Ethereum Sepolia. Your funds are held by the contract, not the operator.Other assets (BTC, SOL, etc.) are trust-based during the beta period — held by Monolith Systematic LLC and tracked in Vela’s state layer.See Deposit Funds and Trust Model for the full picture.
What wallets are supported?
What wallets are supported?
Any Ethereum-compatible wallet that supports
personal_sign (EIP-191) works with Vela. Tested wallets include:- MetaMask (browser extension and mobile)
- Coinbase Wallet
- Rainbow
- Rabby
- Frame
What is the credit system?
What is the credit system?
The credit system allows market makers to quote across multiple markets using a single collateral deposit. A market maker depositing 10,000 USDC with a 5× credit ratio can maintain up to 50,000 USDC of open order value across all markets simultaneously.An atomic auto-cancel mechanism ensures the credit utilization invariant is never violated: if a fill would push utilization past 100%, the lowest-priority resting order is atomically cancelled in the same engine tick.See MM Credit System for the full mathematical treatment.
Is the source code available?
Is the source code available?
Yes. The Vela engine is open source on GitHub at github.com/arpjw/vela. The repository includes the full six-crate Rust workspace: types, engine, state, api, committer, and zkvm.The matching engine benchmarks are reproducible:
cargo bench --bench engine.What is the white paper?
What is the white paper?
The Vela Exchange white paper is Monolith Research, Vol. 2 by Arya Somu (Monolith Systematic LLC). It covers the full architecture, MM credit system mathematics, optimistic-ZK design, benchmarking methodology, and comparison to Pulse, dYdX, Vertex, and Serum.Available on SSRN: Abstract ID 6579199.
How fast is the engine?
How fast is the engine?
Benchmark results on the Vela matching engine:
All benchmarks use Criterion.rs and are reproducible from the open-source repository.
| Metric | Result |
|---|---|
| Match latency (p50) | 1.38 μs |
| Match latency (p99.9) | 5.1 μs |
| Throughput | 725k ops/sec |
| vs. Pulse baseline | 5.8× faster |
| p99.9 tail reduction | −73% |
What order types are supported?
What order types are supported?
Vela supports two order types:
- Limit — executes at your specified price or better
- Market — executes immediately at the best available price
- GTC (Good Till Cancelled) — rests until filled or cancelled
- IOC (Immediate or Cancel) — fills what it can, cancels the rest
- FOK (Fill or Kill) — fills completely or cancels entirely
- Post-Only — guaranteed maker; rejected if it would match immediately
What are the fees?
What are the fees?
Vela uses a maker-taker fee model:
Fees are applied to the quote asset (USDC) on each fill. Maker rebates are credited directly to your balance.See Fee Framework for the full model.
| Role | Fee |
|---|---|
| Maker (resting order) | −1 bps (rebate) |
| Taker (aggressive order) | +5 bps fee |
How do I become a market maker?
How do I become a market maker?
All accounts can place limit orders and use the basic order book. The full market maker experience — credit system, private L3 feeds, MM dashboard — is available to any connected account.For institutional market maker programs (enhanced rebates, higher credit ratios, dedicated support), apply via the MM Dashboard or reach out through GitHub.
What is optimistic-ZK?
What is optimistic-ZK?
Optimistic-ZK is Vela’s approach to verifiable execution. Batches of state transitions are published to a data availability layer. An independent prover can re-execute any batch and generate a fraud proof if the engine produced incorrect results.“Optimistic” means batches are assumed correct by default — verification only happens when challenged. “ZK” refers to the fact that fraud proofs can be made succinct using zero-knowledge techniques (on the M7 roadmap).The key advantage: the proving cost is zero unless fraud occurs, enabling Vela’s high throughput while preserving verifiability.See zkVM and Fraud Proofs for the full design.
When is mainnet?
When is mainnet?
Mainnet development is in progress (M6 milestone). M6 includes on-chain deposit contracts, withdrawal settlement, and forced inclusion. See the Roadmap for current milestone status.No date is promised. The roadmap shows direction and priority, not schedule.
What markets are available?
What markets are available?
16 spot markets are live in beta, all quoted in USDC:BTC-USDC, ETH-USDC, SOL-USDC, AVAX-USDC, MATIC-USDC, LINK-USDC, UNI-USDC, ARB-USDC, OP-USDC, AAVE-USDC, DOGE-USDC, PEPE-USDC, WIF-USDC, JUP-USDC, PENDLE-USDC, EIGEN-USDCAdditional markets will be added based on trader demand and liquidity.
Can I use the API without the UI?
Can I use the API without the UI?
Yes. The full REST and WebSocket API is documented at API Reference. All functionality available in the UI is also available via the API.Authentication uses ECDSA signatures — you’ll need an Ethereum wallet or signing library to authenticate. See Authentication for implementation examples in JavaScript and Python.