What is RISEx?

RISEx operates on RISE, an optimistic rollup solution built on Ethereum, targeting block times under 50 milliseconds, execution latency below 3 milliseconds, and order cancellation delays under 1 millisecond. Currently, approximately 15 cryptocurrency perpetual contract markets are listed, with major tokens supporting up to 25x leverage. Under a single fee tier, taker fees are 0.03% and maker fees are 0.01%. The base collateral asset is USDC, bridged from Ethereum via LayerZero.

RISEx employs a partial liquidation mechanism. A health factor equal to total margin balance divided by total maintenance margin triggers liquidation when it falls at or below 1.

RISEx is currently in invite-only mainnet phase, requiring either an invite code or a referral spot on the waitlist. RISE MarketCore serves as shared order book infrastructure, with future plans to open deployment for spot and perpetual markets without permission, enabling instant listing of new trading pairs. According to RISEx’s official FAQ, RISE and RISEx share the same team and a common token, though the token has not yet been issued.

Why Did On-Chain Order Books Fail Before?

Market makers cancel orders far more frequently than they actually execute trades. In on-chain environments with block times measured in seconds, each order cancellation confirmation occurs after price movement has already taken place, forcing market makers to bear adverse selection risk on every expired quote. As a response, market makers either widen bid-ask spreads or exit entirely. Automated market makers succeeded in prior cycles precisely because they do not need to cancel orders.

Two previous designs circumvented this constraint. Off-chain matching engines run order books on servers and settle only on-chain. Hyperliquid took a different path: HyperCore executes the order book within the consensus layer, separate from HyperEVM.

Both approaches fragmented exchanges from the broader DeFi ecosystem. RISE eliminates this limitation at the blockchain level, aiming for block times under 50ms, execution under 3ms, and cancellation delays under 1ms.

What Does Synchronous Composability Bring?

Two prior designs bypassed the cancellation delay constraint. Off-chain matching engines operate order books on servers and settle only on-chain. Hyperliquid pursued a specialized architecture, executing the order book within HyperCore inside the consensus layer, isolated from HyperEVM. Both approaches severed exchanges from the wider DeFi ecosystem.

RISEx’s order book exists as standard Ethereum Virtual Machine (EVM) state, allowing any smart contract to read and write this state atomically within a single transaction. This enables three core capabilities:

Market makers can borrow funds from lending protocols and atomically deposit them as margin.

Collateral remains productive—earning yield as liquidity provider positions or lending deposits—rather than sitting idle in exchange core balances. RISEx refers to this as AutoYield.

Developers can deploy modular sub-accounts to automate strategies, delegate trades, or create novel order types without needing exchange approval.

Hyperliquid cannot offer the first capability, as HyperCore and HyperEVM operate as two independent state machines, with fund transfers between them settled asynchronously.

The RISEx FAQ states that USDC is the base collateral asset, and portfolio margin will unlock support for any ERC20 as collateral upon launch. The RISEx landing page lists portfolio margin and AutoYield as user-facing features.

In Conclusion

RISEx remains in invite-only mainnet phase, accessible only through referrals. Key items to track include: portfolio margin functionality still under development, with attention needed on published discount rates per collateral type; identity and scope of third-party audit(s), along with audit dates; and whether open interest can be sustained post-competition rewards cessation.

Hyperliquid proved on-chain order books can function and holds significant liquidity. RISE provides the execution layer, enabling order books to exist in shared state. RISEx now must demonstrate that its collateral engine is robust enough to make trading on shared state truly viable and valuable.

Author: Alea Research, Translated by: DeepTide TechFlow