> ## 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.

# FAQ

> Frequently asked questions about Vela Exchange.

<AccordionGroup>
  <Accordion title="Is Vela live?" icon="circle-question">
    Yes. Vela is in **public beta** as of April 2026. The exchange is live at [vela.monolithsystematic.com](https://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](/security/trust-model) for what this means in practice.
  </Accordion>

  <Accordion title="Are deposits safe?" icon="shield">
    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](/getting-started/deposit) and [Trust Model](/security/trust-model) for the full picture.
  </Accordion>

  <Accordion title="What wallets are supported?" icon="wallet">
    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

    Hardware wallets (Ledger, Trezor) connected through MetaMask also work, though signing may be slower.
  </Accordion>

  <Accordion title="What is the credit system?" icon="gauge-high">
    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](/market-making/credit-system) for the full mathematical treatment.
  </Accordion>

  <Accordion title="Is the source code available?" icon="code">
    Yes. The Vela engine is open source on GitHub at [github.com/arpjw/vela](https://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`.
  </Accordion>

  <Accordion title="What is the white paper?" icon="file-lines">
    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](https://ssrn.com/abstract=6579199).
  </Accordion>

  <Accordion title="How fast is the engine?" icon="bolt">
    Benchmark results on the Vela matching engine:

    | 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%         |

    All benchmarks use Criterion.rs and are reproducible from the open-source repository.
  </Accordion>

  <Accordion title="What order types are supported?" icon="list">
    Vela supports two order types:

    * **Limit** — executes at your specified price or better
    * **Market** — executes immediately at the best available price

    And four Time in Force options:

    * **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

    See [Order Types](/trading/order-types) and [Time in Force](/trading/time-in-force).
  </Accordion>

  <Accordion title="What are the fees?" icon="receipt">
    Vela uses a maker-taker fee model:

    | Role                     | Fee             |
    | ------------------------ | --------------- |
    | Maker (resting order)    | −1 bps (rebate) |
    | Taker (aggressive order) | +5 bps fee      |

    Fees are applied to the quote asset (USDC) on each fill. Maker rebates are credited directly to your balance.

    See [Fee Framework](/engine/fee-framework) for the full model.
  </Accordion>

  <Accordion title="How do I become a market maker?" icon="chart-bar">
    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](https://github.com/arpjw/vela).
  </Accordion>

  <Accordion title="What is optimistic-ZK?" icon="shield-check">
    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](/architecture/zk-vm) for the full design.
  </Accordion>

  <Accordion title="When is mainnet?" icon="calendar">
    Mainnet development is in progress (M6 milestone). M6 includes on-chain deposit contracts, withdrawal settlement, and forced inclusion. See the [Roadmap](/resources/roadmap) for current milestone status.

    No date is promised. The roadmap shows direction and priority, not schedule.
  </Accordion>

  <Accordion title="What markets are available?" icon="chart-candlestick">
    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-USDC

    Additional markets will be added based on trader demand and liquidity.
  </Accordion>

  <Accordion title="Can I use the API without the UI?" icon="terminal">
    Yes. The full REST and WebSocket API is documented at [API Reference](/api-reference/http). 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](/api-reference/authentication) for implementation examples in JavaScript and Python.
  </Accordion>
</AccordionGroup>